Short-term insurance sector urged to adopt new technology...African InTech Expert

Robert Boccia, Executive: IT at Lion of Africa Insurance, has opined that in a world in which technology is rapidly creating multiple consumer engagement platforms, short-term insurance companies especially in South Africa need to ensure that they are equipped with technology capabilities that can accommodate the various ways in which their clients are interacting.According to him "short-term insurance companies need to adapt to new technology trends, such as mobile technology and social media, in order to deliver personal client service". He says this is primarily achieved through the development and implementation of new products and communication systems.

“The constant research and development of new tech products is essential in the competitive financial services sector, as companies need to have the ability to tap into vast stores of internal and external data, as well as reshape the information into useful insights for managerial decision-making. “In order to enhance the end-customer experience, insurance companies must constantly improve underwriting and pricing decisions, and put measures in place to manage claims more effectively.”

According to Boccia, short-term insurance companies are the primary drivers of thought leadership in the insurance space and it is up to them to enhance customer experience through the integration of various new technologies.

“Policy holders expect a holistic experience from their insurers. This means they want to be able to interact in person, online and more and more often, on social and digital platforms. Insurance companies therefore need to adopt an integrated approach in their project planning by embracing global technology trends and tailoring them for various local markets.”

According to Boccia, by using technology to improve back-end capability, integration with client communication and the use of business intelligenceand predictive analytics, insurers can drive massive value in the claims management arena, whilst at the same time, improving customer service.

“Furthermore, exposing employees to the modern architectural designs of these products will significantly enhance the efficient management of the process. Architecture must take on a new level of importance for insurance companies. For example, we are investing in modern architectures such as various plug and play components that provide ease of use for consumers, ” says Boccia.

Boccia also recommends predictive analytics to assess the development and implementation of product scenarios accurately across the entire value chain.