Insurance modernisation critical for business success
HARARE, Even prior to the onset of the COVID-19 pandemic last year, insurers were under pressure to modernise their legacy systems as customers started expecting more agile solutions capable of benefitting from advances in digitalisation, the cloud, and even machine learning technologies. Global events over the past 17 months have accelerated
Insurers embrace disruption with reskilling of talent
HARARE, Over the past 16 months, the ways people work and live have been fundamentally impacted. The expectations are that even following the COVID-19 pandemic, organisations across industry sectors can no longer revert to their traditional approaches. Insurers have already taken this to heart and have redoubled efforts to modernise and digitalise
Reimagining insurance from the outside in
HARARE, In the wake of COVID-19, insurance customers are looking for more than most insurers typically offer. They are looking for protection from all forms of controllable adversity.
To meet these new customer demands, insurers need to move from traditional risk indemnification models to proactive risk mitigation and management. This means changes in both
HARARE, Insurers looking toward digital innovations to drive operational improvements in their processes would do well to consider the benefits of intelligent automation (IA). For example, the recent partnership between SilverBridge and Astute Financial Services Exchange which delivers a fully automated intelligent claims processing solution that provides maximum risk oversight while enabling claims
The evolution towards continuous underwriting
One of the next-generation practices that insurers are looking to adopt to further differentiate themselves and add value to the customer experience is that of continuous underwriting. Essentially, this equips them with the means to collect meaningful data from a variety of sources before, during, and after the risk evaluation timeframe. It therefore
How can insurance brokers survive the hard market?
HARARE, “The effects of the hard markets on the broking sector are well publicised and often discussed. However, there’s a whole generation of insurance professionals that are seeing this for the first time and it is creating a challenging business environment for many of us, as brokers, and our clients.”
Introducing the BIBA webinar on ‘Knowledge
The COVID-19 pandemic has disrupted the face-to-face engagement process many insurers (and their customers) have become accustomed to. Events of the past 12 months have accelerated digitalisation and modernisation initiatives to ensure organisations can maintain operational effectiveness with the potential to grow in a more connected environment. The personalised, omnichannel customer journey has
HARARE, Insurers should view the changing regulatory environment as an opportunity to redouble their focus on innovation, introducing more product flexibility, and enhancing customer experience with a data-driven understanding of their unique requirements. This will see an enabling transformative shift that will redefine the industry for a digitally-led landscape.
Regulatory technology is emerging
The evolution towards continuous underwriting
HARARE, One of the next-generation practices that insurers are looking to adopt to further differentiate themselves and add value to the customer experience is that of continuous underwriting. Essentially, this equips them with the means to collect meaningful data from a variety of sources before, during, and after the risk evaluation timeframe. It therefore
Old Mutual expects third wave due to slow vaccine rollout, sets aside a fund to cover Covid-19 claims
HARARE, Financial services group Old Mutual expects a substantial drop in its full-year profit, after setting aside nearly R4bn worth of provisions to cover Covid-19-related claims.
Headline earnings per share (HEPS), the main profit measure in SA that excludes exceptional items, will drop by between