
Insurance in the DRC discussed at the CCIFC business lunch
On April 29, 2023, the Franco-Congolese Chamber of Commerce and Industry (CCIFC) organized a business lunch on Congolese people and insurance, a study conducted by Target Sarl, a market research firm.
Serge Mumbu presented the main findings of the second edition of the study on Congolese people and insurance in the DRC, in the presence of several industry players.
In his address, Serge Mumbu recalled that in 2019, Target had conducted the very first edition of this study in the 11 major cities of the DRC according to the old configuration. In the second edition in 2023, the firm extended the study to the 26 provincial capitals, doubling the sample in 2019.
Both editions of the study had the same objectives: Awareness of Insurance Companies, use and knowledge of different policies, intention to take out an insurance policy, and the best insurance company.
Results from the second edition show a decline in awareness of existing insurance companies in 2019, a very low awareness of new companies, and a very low conversion rate despite high underwriting intentions.
Today, insurance is still synonymous with motor insurance, and lack of financial resources is the main reason why people don't take out insurance policies.
A key barrier to the appropriation of the insurance culture by the Congolese people is communication
The President of the Association des sociétés d'assurance et de réassurance de la RDC (ASAR RDC), Vicent MWEPU, began by thanking Target for the study, which gave an objective idea of perceptions and underwriting intentions.
"Liberalization is 2019, but we're in 2023, 4 years in fact because people often talk about the insurance sector as if liberalization had been around for 20, 30, or 40 years", said Vincent MWEPU.
Admitting that the sector's reputation is low, the president of ASAR RDC said that the association is making every effort to raise the sector's profile, notably by taking part in major events, and a series of actions are planned for this year.
Vincent MWEPU added his thoughts to those of the audience, suggesting that insurance companies should invest in communication and choose their specific channels carefully.
Meanwhile, Serge MUMBU explained the importance of insights in guiding communication. "Generally, the sales team goes out into the field and brings you consumer feedback," he explained.
Several recommendations emerged from the study, focusing on three main factors: offers, communication, and distribution methods for insurance products.