ROLE OF THE INSURANCE SECTOR IN SUPPORTING THE ACHIEVEMENT OF VISION 2030

Abstract

Purpose: Vision 2030 is a unique transformative social, economical and political blueprint being adopted by nations globally to improve their stature and the quality of life for their citizens. There exists a total of seventeen global goals agreed upon by world leaders to strive for better nations by the year 2030, widely known as sustainable development goals. These were launched in the year 2015 at a world summit of the United Nations. Countries all over the world had started making progress towards their individual targets by the year 2030 before the 2015 meeting, and the global summit not only streamlined the process but made it a common goal to make better societies for their occupants. The insurance sector bears many responsibilities. The sector caters to risk taking, risk bearing and investments. This study’s main aim is to investigate the role of the insurance sector in supporting the achievement of vision 2030.

Methodology: In this study, a systematic search was carried using search engines such as Google Scholar, Google Books, Semantic Scholar, Science.gov and ResearchGate, using the keywords; “insurance”, “development”, and “vision 2030”. In total, 35 papers, published until between November 2012 and January 2022, were extracted from these databases. After removing duplicates, the titles and abstracts of these articles were reviewed based on the inclusion and exclusion criteria. The inclusion criteria relate to all books and researches that scrutinize the role insurance plays in attaining vision 2030 goals. The exclusion criteria included non-English articles and publications whose full text could not be accessed due to varying reasons. Subsequent to careful screening of these articles, books and publications a handful of them were picked to assist in this study.

Findings: This study found that the insurance sector, in many of the nations discussed is tasked with provision of offering sound policies to citizens, as one of major goals of the vision 2030 is to improve the quality of life. In most of the third world countries,  , the insurance sector is tasked with providing better governance solutions as well as insuring innovations that advocate for a better environment and climate change. The study also established that for the insurance sector to thrive while going hand in hand with development objectives, its prosperity heavily relies in its ability to adapt to technological changes and adapt new innovation such as artificial intelligence to operate smoothly in the future.

Recommendations: This paper recommends that Insurance companies, to effectively support achievement of the vision 2030 should consider some of the propose approaches by this study. First and foremost, technology is rapidly evolving, and insurers need to invest in artificial intelligence, because as we know it, the world will be much further advanced in 2030, such as intelligent credit rating systems using big data and analytics. This will enhance efficiency in service delivery to individuals as well as corporate clients.