Tomorrow’s insurance leaders must prepare for the adoption of technology to a scale that has never before been experienced. Dramatic changes are reshaping the very notion of the way insurance is done. In order to improve operational efficiencies, insurance companies are weathering the storm of a changing landscape, but where do they focus, and where do they put their stakes.
Dell put the pen to the paper and signed off as a sponsor on the recently concluded InsureTech forum. The forum highlighted how consumers have more complex needs than previously recognised, allowing them to be more knowledgeable about their choices than ever before. They want personalised offerings and tailored communications – that’s why insurers must digitize services and optimise all interactions.
Mohamed Al Basti, Senior Manager, systems engineering at Emerging Africa DELL, brought out in great detail the perfect storm of three converging factors: the struggle to achieve top-line revenue growth, changing customer needs and expectations, and encroaching technology giants and other new players taking market share from incumbents.
He further outlined how insurers need to strive if they are to succeed in the next wave of digital change. Making the transition to digital business models and customer experiences will not be possible without winning customers’, employees’ and intermediaries’ confidence that insurers are using digital technology in a way that benefits them.
Al Basti then went on to emphasise how the very foundation of insurance in a technology driven world will involve people no longer be bystanders when it comes to technology. The success of the next generation of products and services will rest on insurance companies’ ability to elevate the human experience by giving people agency in their relationships with technology.
The recently concluded InsureTech event hosted the vast insurance industry stakeholders, policy makers in the sector and the technology industry players to provide a platform that enables the insurance ecosystem to congregate and explore areas of collaboration, share insights and identify technology trends affecting their businesses.
Actionable insights were formed through hard-hitting talks that stimulated conversation. The entire insurance industry tuned in to catch a glimmer of the rapidly enhancing user insights, used as headway to the much needed technology foundation being laid out to see the insurance industry blossom.
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