A 100% Angolan insurance provider

Angola

Márcio Canumbila, CEO of A Mundial Seguros (AMUSE), talks to The Energy Year about the company’s evolving market position in the Angolan insurance sector, how it is targeting the Angolan energy sector, the challenge of insurance literacy and the trends affecting the competitive dynamics of the insurance sector. AMUSE is a 100% Angolan insurance provider.

How is AMUSE’s market position evolving in the Angolan insurance sector?
AMUSE underwent significant restructuring in 2023. Our focus on restructuring has been comprehensive, encompassing aspects such as people, processes and procedures. This year marked a turning point for us as we made substantial investments in the “life” sector. The result has been remarkable, with our current market share exceeding 70%, propelling us to a leadership position in this domain.
This strategic move catapulted us from 14th place to 4th place in the overall market share rankings. Our primary goal for 2024 remains centred on the life insurance sector. We are committed to building on our success in this area and directing our efforts toward further solidifying our position as leaders in the market.

What is the greatest challenge in achieving a higher penetration rate in Angola?
One of the most significant challenges revolves around insurance literacy. Frequently, customers find it challenging to grasp the intricacies of our policies. Without clear and straightforward communication that enables them to understand our offerings, we risk a disconnect.
Unlike other purchases, insurance is unique in that it’s something we acquire but hope to never use. It’s vital to instil in people’s minds that insurance isn’t just an obligation; it’s a safeguard for the customer. This message is particularly challenging to transmit because of literacy.

How is AMUSE targeting the Angolan energy sector?
We have been actively working to enhance our footprint in the Angolan energy sector, and our presence has evolved significantly. Currently, we boast a team of qualified and capable professionals dedicated to meeting the demands of this sector. With the strategic initiatives we are currently defining, we aspire to triple our current position in the energy, oil and gas sectors by 2024.
The oil and gas sector operates within stringent and rigorous standards. Without a foundation of trust in the insurance sector, progress becomes challenging. Compliance with the sector’s exacting requirements is equally pivotal.
Given the international governance that shapes the oil and gas industry, adherence to globally recognised practices is non-negotiable for any partner. Thus, the bedrock of our capability lies in establishing and maintaining trust, coupled with adherence to regulations and industry standards.

What key trends are currently influencing the competitive dynamics within the insurance sector in Angola?
Technological advancements are having a significant impact on the insurance sector in Angola. To navigate this constantly changing environment, we have adopted a customer-focused approach and segmented our target audience into three distinct categories: large, small and medium-sized companies; individuals with comprehensive knowledge and maturity; and the emerging sector that requires education in insurance and finance.
For customers with greater expertise, we aim to leverage technology to enhance their experience. We are integrating insurance portfolios into internet banking to provide convenience and a comprehensive overview of their policies. As technology is the future, we are dedicated to integrating it seamlessly into an ecosystem that encompasses all aspects of consumption.
Building this ecosystem requires collaborative efforts, and we are fortunate to have strategic partnerships, notably with the largest bank in Angola. This partnership has played a pivotal role in our substantial growth within the “life” branch. Our commitment remains steadfast to technological innovation, financial literacy and strategic partnerships to meet the diverse needs of our clients.

What are the key goals that AMUSE aims to achieve in 2024?
For 2024 we have outlined three core objectives. Firstly, our commitment revolves around the continuous enhancement of our service procedures. Given that insurance is a unique commodity – purchased with the hope of not needing it, but essential when the need arises – swift and immediate response is paramount. The agility of our services is crucial in maintaining and building customer trust.
Secondly, we aim to amplify our communication efforts. Acknowledging we can improve on this aspect, we plan to enhance our communication strategies to better engage with our stakeholders. Lastly, diversifying our field of activity is a significant goal for 2024. We look to explore new opportunities and expand our impact.

What are the primary focus areas and priorities for AMUSE over the next five years?
Our priorities for the next five years revolve around three key pillars. Firstly, we place a strong emphasis on equity, aspiring to establish performance that earns the trust of the market. Transparency is the second pillar, and we recognise its fundamental role in aligning with the various standards. The third priority is communication, a focal point for our core business that reflects our overarching purpose.
Our vision for the future is to secure a position among the top three insurance providers, and I would venture to say even the top spot, which would bring us immense satisfaction. We are confident in our capabilities to achieve this goal.
Additionally, we aim to garner increasing recognition from customers. When individuals contemplate buying insurance, we aspire to be the first name that comes to mind. We want AMUSE to be synonymous with reliability and customer satisfaction.

Read our latest insights on:

• Angola