The document provides an overview of insurance, tracing its origins to the 18th century and explaining its purpose as a risk transfer mechanism that offers protection against unforeseen events. It discusses the necessity of insurance for individuals and businesses, emphasizes its regulatory framework to prevent fraud, and introduces 'insurtech' as a means to enhance financial inclusion through affordable insurance solutions. The conclusion encourages readers to purchase insurance to safeguard their lives and properties.

1. ​INSURANCE 101 AN OVERVIEW
Introduction
In the past present and future humanity has been, is, and will be faced with risks that may
hamper our normal lifestyles and the running of our businesses. The concept of insurance
started as far back as the 18th Century when Ship merchants decided to minimize their
losses during their voyage at sea by contributing to a pool and compensate any of them that
is faced with an eventuality during his/her voyage at sea. Today the concept has
metamorphosed and been applied to a variety of products and services, divided into two
main broad categories; Life and Non-Life (General) Insurances.
What is Insurance?
Insurance is a risk transfer mechanism. It is the concept of the contribution of many
(premium) paying for the losses of a few. The premium varies from one policyholder
depending on the risk exposure, The malta Training Centre, (n.d.). There are many
advantages why we should or must insure ourselves and propensity against unforeseen
eventualities, We will be looking at that in our subsequent writeups.
Do I, do You need Insurance?
Oh YES, we all need insurance coverage to protect ourselves and properties in the
occurrence of a loss that is accidental. Since the future is uncertain to have some assurance
about tomorrow insurance is the only solution. Insurers will put you back or your business to
the position it was before the happening of a loss through what is known as compensation.
Remember with insurance you can not benefit from insurance compensation, for example,
you insured your life, property, or business to the sum of one million if you suffer a loss your
insurer will compensate you to the limit of that amount, not more.
Insurance A FRAUD?

2. BIG NO, Insurance business activities are regulated internally and internationally to make
sure it works in the interest of the insured (the person who buys the insurance policy)
Remember no government will accept the running of a financial service that is aimed at
exploiting its citizens. For example, the regulatory body for Cameroon and French-speaking
African countries is Conference InterAfricaine des Marches D’assurances (CIMA), Ghana;
National Insurance Commission (NIC), Kenya; Insurance Regulatory Authority (IRA), The
UK; Prudential Regulatory Authority (PRA) part of the Bank of England just to name a few.
Insurtech the new Normal and the way forward
Many of us have been hearing of Financial inclusion in recent years. What is it and what are
its goals. Financial inclusion means that individuals and businesses have access to useful
and affordable financial products and services that meet their needs transactions, payments,
savings, credit, and insurance delivered in a responsible and sustainable way, The World
Bank (2018).
Financial inclusion can only be effective with the proper implementation of digital recognition.
Insurtech refers to the use of technology innovations designed to squeeze out savings and
efficiency from the current insurance industry model. Using new streams of data from
Internet-enabled devices to dynamically price premiums according to observed behavior,
Marshall, (2020). Financial inclusion through micro-insurance is going to benefit low-income
earners through the provision of affordable insurance policies in an ethical manner. We that
already happening in our societies as citizens can purchase affordable insurance covers and
pay using their mobile wallets.
Recommendation
It is our moral duty to protect ourselves, properties, and businesses from unforeseen
circumstances by buying insurance covers, YES we should.
Conclusion
Now we all know what is insurance is all about briefly, who needs insurance cover, also,
certain the insurance business is not a scam but rather a scheme to protect us, and know

3. Insurtech is the way forward let’s stay away from the mythological concepts of insurance and
buy all the policies recommended to protect our lives, property, and businesses.
Newton Bezeng
Founder BeNew Insurance
Email: newtonbezeng@outlook.com
Website: https://benew.business.site
Facebook: https://web.facebook.com/BeNewcholo
LinkedIn: https://www.linkedin.com/in/newton-bezeng-llb-mba-165a5336/
Twitter: @newtonbezeng
References
-The malta training centre, (n.d.), Module 1- Insurance principle and Legal Aspects.
https://docs.google.com/document/d/1QPnTvVLEaN5mg57_DCfkUsq1vVWdFyMLgYGAGo
M_J8Q/edit
The World Bank (2018). Financial inclusion.
https://www.worldbank.org/en/topic/financialinclusion/overview
Marshall, H. (2020). Insurtech. Investopedia
https://www.investopedia.com/terms/i/insurtech.asp