When it comes to the way we think about insurance things have changed and evolved. As customers today have the world at their fingertips. If you’re an insurer and you’re not online you don’t exist as it’s all about experience and it’s all about connection. And when it comes to automation it’s all about on demand for customers.
Technology is disrupting South Africa’s insurance industry. Away from the decades of traditional means of insurance of product design, pricing and underwriting, distribution and admin, and claims management.
Towards the newer, more evolved methods necessary for maintaining pace in a fast changing, always-on and connected world. The rise of disruptive technologies, which is changing customer mind-set, is also changing this model, and insurance companies are being forced to change from product centric model to customer centric approach.
Call centres and one-on-one visits are being replaced with anywhere any-time response platforms for customers are taking top priority. Just look at the MiWay App and Santam insurance claims process. The ‘virtual technology’ is providing easier and instantaneous ways for clients and insurers to obtain and update information, even enabling seamless and accurate billing via mobile applications.
Insurers are coming around to the fact that customers prefer online interaction, and are realising the need to adapt their systems accordingly. Today’s customer uses the Internet to source quotes and research insurance companies to check for the best deals, to even getting in touch with some of these insurers through their social media pages.