For insurance companies to accomplish a successful digital transformation, win the confidence of more customers and succeed in both medium and long-term goals, they have to deliberately embark on digital transformation initiatives. Driving change in IT calls for concerted effort in enterprises eager to render value to customers.
According to Alexio Manyonde, CIO, Zep-Re the insurance industry players must approach the IT component of digital transformation in ways that purpose to make considerable impact to people and businesses. As with any imminent technology, there is a dire need for InsurTech. Why, due to risk of adverse culture, legacy systems (empires), poor customer knowledge. Plus, the notion of the insurance industry lagging behind current thinking and trends.
Additionally, tvents.cio.cohrough the adaptation of InsureTech, ideas such as; the increase of market penetration, growth of the innovation hub, increase in innovative social insurance and the growth of innovative partnerships will all experience an upsurge, leading to an economy bolstered by the strength of technology.
Considering that the insurance industry is currently struggling in field that ought to be fueled by Fintech investments and InsureTech startups, CIO East Africa and Zep-Re has partnered with various industry players to host the premier InsureTech Forum in Nairobi, Kenya.
Although reckoned as a hotbed of digital innovation, several insurers within the COMESA region are yet to tap into the possibilities of driving their insurance entities to the next level.
In response to the status frontrunner, insurers concur that the sector players must embrace change and rethink business models to move towards a compliant, secure and digitally-enabled operating model to enhance customer, employee, partner and other stakeholder experiences. This would allow start up’s, to envisage the ways in which they impact the industry with fresh and disruptive ideas. Where, they could even work with ZEP-RE in the East African region.
According to Stanley Chege, the CIO at Madison insurance, the emerging digital tools and capabilities are lined to help streamline new product development, digital experiences and the transformation of key functions — from marketing, distribution, underwriting and claims to finance and accounting.
“Industry players who fully embrace digital transformation have a head start in achieving significant competitive advantages,” said Peter Mwangi, Research Analyst with the Association of Kenya Insurers who is part of the Advisory Board of the forthcoming InsureTech Forum.
The Board purposes to craft an agenda derived topical issues that are lined today changing client needs and as well meet tomorrow’s customer experience and in retrospect drive operational agility to respond to changing marketplace expectations.
While echoing the need for transformation in the insurance sector, the InsureTech Forum Advisory Board members were in concurrence that in order to succeed in the journey of digital transformation, insurers must understand what’s possible and take decisive action to deliver value now and ignite long-term growth in the sector.
Last year, during the premier Fintech Summit organised by CIO East Africa, Dr. Julius Kipgentich, Group CEO Jubilee Insurance underscored the need for insurers to collaborate on both large-scale digital transformation programs and targeted deployments of digital tools and capabilities in order to make an impact as is the case in the banking industry.
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