Alexandre N’Djoré : “Africa’s insurance market is the second fastest growing in the world”
With the Digitech Group and its Hyperion web platform, Alexandre N'Djoré offers insurance and reinsurance companies an insurtech solution for automated management with data processing. An urgent need that is boosting a sector that is lagging behind in Africa.
By Mérième Alaoui
He is a regular member of the delegation of star entrepreneurs who are making Côte d’Ivoire shine on the continent and abroad. With Digitech Group, Alexandre N’Djoré has created a platform for the management of insurance and reinsurance policies in Africa in order to compensate for the weakness of the sector. « We use new information and communication technologies to promote financial inclusion and facilitate the management of insurance and reinsurance policies, » explains Alexandre N’Djoré, CEO and co-founder with Zachariah George.
Hyperion, its application and management software package, brings together fully integrated, cloud-based web and mobile solutions to improve productivity and competitiveness. « The solution covers the management of premiums, claims, invoicing and all related statistical accounting processes. It provides the traceability that is invaluable to the industry.”
Africa’s Insurance penetration is low: around 3% excluding South Africa
Digitech has seen rapid success, with more than 60 million insurance policies in 15 countries in West and Central Africa by 2020, but « the aim is to cover all African countries ».
It raised €300,000 in seed funding in March 2022. Alexandre N’Djoré, former head of logistics at MTN Côte d’Ivoire, founded Digitech Group in 2016 after noticing a weakness in the insurance sector in Africa. He proposes to organize and network a fragmented and disorganized sector in record time. « The situation extends from the insurer, to the reinsurer, to insurance brokers and other intermediaries, and finally to the policyholder. We needed to improve insurance penetration, which is generally low in Africa (around 3% outside South Africa), » he says.
In Africa, the insurance market is the second largest in the world after South America, estimated at $75 billion
That’s why the market growth figures are staggering. « In Africa, the insurance market is the second largest in the world after South America, estimated at $75 billion. According to growth statistics, it will reach $115 billion by 2026.
He holds an MBA from Hult International Business School in Dubai and a Master’s degree in Supply Chain and Transport Engineering from the Ecole Supérieure de Commerce et d’Administration des Entreprises (ESCAE) in Abidjan. He has held a number of positions, including four years as Head of Catering at Air Ivoire.
An African success story through Digitech, which won the best Insurtech Award by the Federation of African National Insurance Companies (FANAF) in 2020.
