Insurance is changing quickly with every insurer in the market investing in digital strategies and deploying solutions – portals, mobile apps, home or personal devices, and more—as they make digital strategy the heart of how they serve markets and customers.
Speaking at a panel to discuss the innovations enabling for the evolution in insurance during the #CIOInstechEA, Ashok Shah, Group CEO at Apollo Insurance noted that insurers must now embrace new designs and models to face the new digital reality.
“Digital transformation requires you to bring in new infrastructure and bring in new designs in insurance,” he said. “The industry must adopt digital transformation to survive.”
Forward-thinking peers and industry leaders who heed the journey of digital transformation and innovative growth will make for the insurance idols in the future, to showcase the best aspects of the digital future of insurance.
Also speaking at the panel was Jihan Abass, the CEO at Griffin Insurance and Co-Founder of Lami Platform intimated that although having come with a myriad of challenges, COVID-19 brought with it the very yarned for digital disruption in the insurance industry.
“COVID-19 has had a positive impact on the insurance industry,” she said. “It has enhanced the digitisation journey for insurance stakeholders.”
Along with this, the number of insuretech startups has seen a growth as entrepreneurs and investors seek to capitalize on this rapidly changing market.
“We must reinvent how we develop our products. When in the past, it was done without taking cognisance of our customers, we now have to reimagine the entire value chain and have the customer needs at the forefront,” said Elias Omondi from the Insurance Regulatory Authority (IRA).
As technologies like AI, the Cloud, IoT, Big Data and many more are integrated into insurance, executives must understand the factors that will contribute to the changing ecosystem and how it will reshape claims, distribution, underwriting and pricing.
With this understanding, they can start to build the skills and talent, embrace the emerging technologies, and create the culture and perspective needed to be successful players in the insurance industry of the future.
The pace of this change will then accelerate the digitisation of insurance tenets like brokers, consumers, financial intermediaries, insurers, and suppliers to becoming even more adept at using advanced technologies to enhance decision making and productivity, lower costs, and optimize the customer experience.
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