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The current wave and evolution of emerging technologies such as Artificial Intelligence (AI), deep learning and neural networks, have the potential to drive fundamental change in the way that customers interact with service providers.
With increasingly high client expectations, it is vital for any insurance organisation’s long-term success to invest in improving and refining their digital strategy. However, the question remains as to how far you are willing to go.
Traditional insurers have never faced as much competition for their customers’ attention as they do now. A whole litany of tech-centric startups are coming for their lunch and they’re doing so by making life much simpler for customers. In order to remain competitive, therefore, insurers need to focus on building stronger relationships with customers. And the best way to do that is through digital customer communication.
Traditional insurers are under greater pressure today than ever before. Even before the pandemic, South African insurers were facing a whirlwind of claims, raising questions about the long-term viability of the industry. COVID-19 only exacerbated that, as did the unrest which rocked the country in July. Additionally, a slew of upstart insurtechs are coming for the traditional insurers’ lunch.
The strongest deterrent against FSP compliance missteps is or should be: