Digital disruption transforms insurance
This article has been supplied as a media statement and is not written by Creamer Media. It may be available only for a limited time on this website.
According to Shingie Maramba, Business Development Manager at SilverBridge, South African insurers must embrace digital disruption and the associated technologies to remain competitive and provide customers with a more immersive experience.
“Even though digitalisation has been part of boardroom discussions for the past 12 months, 2019 will usher in an exciting new wave of innovation that will cement these imperatives at insurers who want to remain leaders in their segments. Similar to how cloud computing was phased in over a period of time, so too will digital solutions. The difference is that decision-makers will be more aware of the benefits to be had.”
Technology is permeating every aspect of the insurance industry. The days of IT departments being solely responsible for this aspect of business are becoming outdated. Instead, there is a digital mesh that connects all elements of the insurance business. This is not only on the front end that deals with customer-facing solutions but also the back-end that relies heavily on data capturing, analysis, and the ability to draw demonstratable business insights.
“Digital is not a means to an end but the entirety of the operation itself. Stakeholders expect a level of connectivity and data integration that was not possible previously. And they are unforgiving towards those insurers that cannot offer them the accessibility and customisability of solutions and products they expect. It is less about the bells and whistles and more about ensuring customers are satisfied with nuanced offerings catering for their needs.”
Intelligence for all
Even though the cloud is a fundamental element to the digitalisation process, the next step is to leverage the capabilities of artificial intelligence (AI) to extract value from data faster than before. Many analysts see AI as the next battleground for innovation. Considering how data (and its value) has increased in the past year, this importance becomes evident.
“Insurers are driven by data and its analysis. While employees will also deliver indispensable strategic value, AI can be used to audit, analyse, and assess data from a multitude of input channels and empower users for better decision-making. If anything, AI will enhance the offerings an insurer can deliver to its customer base and enable it to take its business to the next level.”
Building from this improved intelligence will see business design transformed and better geared towards digital disruption.
“This will contribute to the immersive experience customers are so desperately looking for. The traditional ways of process, product, and solution design simply do not meet the needs of the digital environment. Furthermore, people want this to be delivered to them seamlessly on the platforms they use. Access on any device irrespective of location will result in transformed infrastructure that can deliver on expectations.”
The coming 12 months will be incredibly intense from an operational perspective in South Africa. The transition from traditional to digital will start reaching a critical point. Insurers must keep up with this change and take their operations to the next level.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation