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The insurance world, increasingly becoming renowned for setting the bar in terms of innovation in Kenya. With the perception of technology trends and consumption habits rapidly changing around the world, it is turning into an exciting time. Several new and improved technologies are simultaneously hitting the market, transforming the way industries, insurance industry mostly, works and thrives in a fast paced technologically stimulated world.
The recent advancements of the insurance industry in the wake of technology have left a lasting impact on the way in which the economy operates, with major success, like the quickening of processes and lowering the rate of error, being attributed to the implementation of automation and AI chat bots.
It has become crucial, like an unsaid testament, that any insurance provider needs to keep a close eye on how their work is evolving, so they can be part of the digital wave, or be left out altogether.
According to Pew Research, millennials will outnumber baby boomers for the first time in 2019. This goes out to show, that industries around the world, and moreover the Kenyan insurance industry, is working hard to adjust to the needs of this relatively new customer base. An easy way to engage this new customer base, is through technology.
In Kenya, millennials are fast becoming huge spenders, with disposable income on the rise, insurance companies are aiming to be flexible enough to know what they need, and how to meet their needs. A common notion of understanding the millennials demands, is understanding that they are tech-savvy. Having grown up in a digital world, they are comfortable with technology, this urges insurance companies to embrace tech friendly features, such as apps, and automation features.
Since they are digitally adept, this alludes to the fact that they use their devices more than anyone else. Insurance vendors need to scramble and reach out to them via web, email, text and the ever expanding array of social media. Traditional communication is no longer enough.
Additionally, customer service has been raised to an even higher pedestal by millennials. Through the advent of AI chat bots by insurance companies, the millennials are able to attain the services they need, no more, no less. Further alluding to the fact that they are a large factor behind the adoption of technology by insurance companies.
This goes out to show, that with the need to adapt to a new generation, the driving force being technology, the insurance scene in Kenya is about to take a new turn, and one for the better.