DAR ES SALAAM, July 16 -- ACROSS the world, the insurance industry is undergoing one of the most significant transformations in its history. What was once perceived primarily as a mechanism for transferring risk is rapidly evolving into an essential component of modern financial ecosystems.

Driven by advances in technology, changing customer expectations and increasing demand for financial inclusion, insurance is becoming more accessible, personalised and integrated into everyday financial activities. The transformation is particularly evident in both developed and emerging markets where insurers are redefining how products are designed, distributed and consumed.

Traditional models that relied heavily on physical branches, paperwork and...