The rise of the technology empire

The world is always changing as new trends and new challenges develop. In order to maintain its relevance and not become redundant, the insurance industry is making sure that it is keeping pace with these changes.

In the past, it was almost impossible to believe the vision that almost every aspect of our daily lives would be run by technology. However, this has become a reality, and the insurance industry has been working hard to mirror this adoption.

Pockets of brilliance

The challenge with the move towards embracing technology is that there needs to be a distinct balance. While technology will be a key industry differentiator in the future, the insurance industry cannot lose its human element.

Technology is manifesting in multiple aspects, and is going to shape the way we do things. To this end we are currently seeing pockets of technological advancements.

A key ability that technology will unlock is the ability to deliver a multi-channel experience, providing customers and intermediaries the opportunity to engage insurers via multiple platforms. The ability to bring those channels together seamlessly is a key tech challenge and we are seeing more companies moving from legacy and mainframe systems to more server-based technologies as a means of enabling this.

Profiling the client

One of the bigger challenges that has been prevalent in the insurance industry is the broker’s ability to compile a complete profile of a client. This challenge has been made easier by technology that can capture a lot of information a broker may not be able to find on their own.

There are a lot of benefits to include technology in a company’s operational strategy. It enables greater efficiency, ease of use, and increased accuracy. The automatic collection of data from multiple sources will also make it simpler for customers to interact with brokers and insurers without the constant need to provide information ‘manually’ on an on-going basis.

Mixing it up

According to research conducted by PriceWaterhouse Coopers, South Africa has one of the highest insurance penetration rates in the world. This could point to the fact that the South African industry is effectively using technology as a key selling point. However, companies still need to use a mixture of technology and doing insurance the old fashion way.

Our ability in South Africa to start and complete the value chain digitally is not necessarily at the level we want it to be and most insurers still have legacy systems. However, the majority have begun or have completed the transition to more server-based systems that will allow for multi-channel delivery.

Going forward

We need to digitise a lot more of the value chain. Most insurers have launched apps as a step towards achieving this.

Telematics is another area companies should be putting resources into. It would allow them to price more accurately as this technology will allow them to take individual driver behaviour into account when determining pricing. Accident management services will also change; i.e. the whole process of reporting a claim after an accident will be revolutionized with vehicles in the future able to report accidents as soon as they happen.

Focus on the client

There is definite potential for technology to improve the customer experience insurers and brokers can offer customers and clients alike.

Technology can play a key role in improving the customer experience by collecting data at a single source as opposed to asking the customer for information every time they contact a company. Technology also has the ability to share data across the value chain where required and will allow a quicker, more convenient customer service experience.

Social media has also become a major industry influencer; and listening to clients over social media has become key when dealing with complaints and compliments. We believe giving the customer a voice is always a good thing. Generally, listening to customers’ feedback allows us to improve delivery in areas requiring attention, allowing us to continuously deliver on our objectives to deliver a great experience to customers and brokers alike.