While insurance companies are very much aware of the fintech many of them see fintech innovations as a big challenge to embrace. The industry in the recent past has experienced a lot of change driven by technological innovations, like the internet of things , Big data analytics, Block chain which are dynamically disrupting the insurance arena.
In the advent of innovation there have been industry leaders and late comer’s or laggards and the insurance industry is not exception to this scenario. The high value deep pocketed insurance companies are taking advantage of digital technologies to change the way they function.
Here in Kenya companies like BridgeCap Insurance Agency have taken advantage of the development in insurtech by setting up a digital platform where the uninsured population can access affordable Medicare conveniently wherever they are by use of mobile phone dubbed Endelea Plan
Every industry has its leaders and its laggards and the insurance industry is not an exception to this. Deep pockets are helping some insurers to take advantage of digital technologies to change the way they function.
In Kenya industry leaders need to be proactive as the innovation of insurance sector continues to develop, this is essential in order to:
- Create new products which are customized to meet changing customer expectations
- Develop a cyber security strategy to ensure that customer sensitive data is protected as per the established privacy regulations
- Maximize the use of Internet of things (Iot) to adopt connected devices to collect data to prevent losses and set up better pricing models in various aspects of insurance
- Develop and adopt cloud computing, Artificial intelligence to improve and speed up claims settlement to improve customer satisfaction