The insurance industry is hundreds of years old. Ever since its inception it has been a complex yet steadily evolving industry. The field has come a long way in terms of technological advancements in the past few years. This progress has transformed the way insurance is sold and bought. Presently, numerous advancements within Insurtech are...

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...

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...

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...

A key finding of a Capgemini ‘World Insurance Report 2020’ was that the digital divide between the older populations and millennials is narrowing. Meaning, today almost every insurance customer is technologically and digitally savvy.  The effect of this in the modern-day insurance customers can be seen in them expecting the same experience that they get...

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. ...

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...

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...

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...

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...