3 Key Digitalization Opportunities for Insurers in Africa

One of the key constraints when it comes to efficient insurance distribution in Africa is low digitalization. Typically, most insurers use manual processes for onboarding, engaging, and selling insurance to customers. Additionally, the use of legacy systems can result in a significantly high cost of delivery. About 45% of insurers and 44% of brokers stated...

Top 4 Digital Trends in Insurance Industry in 2022

In the past few years, implementing advanced technology has become an integral part of the insurance industry. Today, a customer can buy a preferred policy with only a few clicks on their mobile phones and paper insurance cards are becoming a thing of the past. The digital trends in the insurance industry are poised to...

How Does Microservice Architecture Help Insurers? 

Insurance carriers across the globe have started looking into the ways to adopt digital transformation. One way to look at digitalization of the insurance space is through the architecture that the domain runs on.   Now, one way to look at the architecture that an insurance carriers wants to be built upon to meet the...

Launching a New Insurance Product? Know the Challenges

We are living in a time where exceptional customer experience has become the only mode of survival for a range of different industries. With businesses like Netflix and Amazon raising the consumer experience bar by providing services that promise speed, convenience, and personalization, customers have started expecting the same from every industry they interact with. ...

6 Ways Insurance Company Can Improve Claim Processing

In the low touch relationship that insurance companies and their customers continue to operate in, claims processing is hands-down one of the most important interactions.  So when the insurance company takes 1-2 business weeks – which sometimes extend to 28 days or comes down to 5 business days – to process a claim, both the...

4 ways automation impacts insurance operations

The insurance domain has been slow to adopt to new innovations given the regulations to conduct the business on set principles, complexity of the insurance contracts and significant prevalence of ‘push’ rather than ‘pull’ in sales. The industry however, is slowly opening itself to digitization and automation due to uber personal nature of customer interactions...

Automated underwriting | What the future hold for underwriters

Having realized the need for efficiency and evolving customer expectations, most insurers have been moving steadily towards greater digitization. Automated underwriting solutions with their potential to drive health of a business, have become a key focus area for businesses transforming their IT infrastructure. Underwriting has always relied on human expertise, but a combination of rising...

Insurance technology trends transforming the industry

The current pandemic has been providing lessons that can help reshape the future of insurance. Consumers are re-evaluating how they manage their own risks and as a result, many carriers are competing on pricing. Providing competitive price to customer while keeping cost of operations under check has emerged as a struggle that many face in...

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