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Zimbabwe’s insurance sector is being called to embrace a digital future as the Insurance and Pensions Commission (Ipec) signals a clear pivot from regulation to innovation enablement. At the Insurance Council of Zimbabwe (ICZ) research and awards ceremony held on Wednesday, Ipec emphasized the urgent need for the industry to adapt its frameworks in line with the rapid evolution of artificial intelligence (AI) and machine learning (ML).
Speaking as the guest of honour, Ipec’s pensions manager Mary Takavarasha said the commission is deliberately shifting its role from being a gatekeeper to becoming an enabler of smart disruption. “These sandboxes allow insurers to test AI-driven products in controlled environments, ensuring consumer protection without stifling progress,” she said, referring to regulatory sandboxes introduced by the commission.
The ICZ-hosted competition, themed “The Implications of Artificial Intelligence (AI) and Machine Learning (ML) in Transforming Insurance Operations and Products and How the Industry Should Position for Innovation Disruptions”, provided a platform for research-driven insights into how the sector can leverage new technologies.
Takavarasha outlined how the findings from the competition must now feed into three strategic areas: crafting transparent and ethical AI governance guidelines, upskilling both regulators and insurers to audit AI-driven decision-making, and partnering with ICZ to pilot scalable, AI-based solutions in critical areas such as fraud detection.
“As we celebrate the winning papers and innovative ideas that have emerged through this competition, I encourage all stakeholders — regulators, insurers, technologists, and researchers — to leverage these insights to enhance product development, operational efficiency, and policy formulation,” she said.
AI and ML are not just technological jargon, she added, but “transformative tools reshaping insurance operations.” From automating claims processing to enabling dynamic risk pricing and advanced fraud detection, these technologies are unlocking efficiencies and new market opportunities. McKinsey estimates show early adopters have cut operational costs by as much as 30 percent, and there’s further potential for microinsurance innovation and climate-risk modelling tailored to Zimbabwe’s agriculture-heavy economy.
“But let us be clear, disruption is inevitable. The question is whether we will lead it or react to it,” Takavarasha said. “In a world where digital innovation is redefining risk, behaviour, and value chains, it is vital that we invest not just in technology but in the intellectual infrastructure that will guide its application.”
ICZ chairman David Nyabadza echoed the sentiment, stressing the need for a collective industry effort to fund and apply research-based innovation. “We realise that as individual companies they may not have the capacity to actually fund these on their own, but when we come together, we can then get that research, and then we can use it for the benefit of the whole industry,” he said.
Nyabadza highlighted a standout presentation that developed an algorithm with the potential to revolutionise key insurance processes. “It is a start, and now we can fund them to develop it even further,” he said, pointing to the potential of homegrown tech breakthroughs.
Takavarasha concluded by stating that the future of Zimbabwe’s insurance industry “will not be built on legacy alone, but will be shaped by bold decisions, evidence-based strategies, and the courage to adapt.”
Ipec reaffirmed its commitment to collaborate with the ICZ and broader ecosystem to support a digitally empowered, environmentally conscious, and future-ready insurance industry.
The competition’s overall winner was Augustine Mupeti from the University of Zimbabwe, followed by Courage Gomera as second runner-up and Varaidzo Maribha in third place—proof, perhaps, that the next wave of innovation may come from the lecture halls as much as the boardrooms.
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