Zim insurers slow to adopt digital service models
HARARE, Zimbabwean Insurers have been slow to adopt digital service models but the tide is slowly moving forward, an official has said.
Zelina Francis, Business Development Director at Zimselector.Com, during the last session of a journalist mentorship programme said the country’s leading Insurers are slow in adoption of online services compared to global peers, despite significant opportunities to capture value.
“Traditional Insurers do not have innovation in their DNA. Despite significant opportunity to capture value in the short term, insurers have been slow followers,” she said.
She cited various issues resulting in low appetite to digitalise such as limited competition which has given them no particular need, costs and lack of local experienced skills.
“The size of their in-force books and capital requirements makes it difficult for new incumbents to compete and inflexible legacy applications that don’t lean themselves to customer facing services.” She added.
She added that complex processes that have historically required human intervention for instance risk assessment, underwriting, loss assessing are also hindering digital innovations.
Francis noted that to remain relevant and thrive, insurers must digitize their business models and find innovative ways to service existing customers and create new business.
She said the threats that emerge as a result of digital come in many forms, not least the nifty insuretechs who are creating innovative digital solutions, and the tech-savvy brand agnostic customers who are demanding better service at lower cost.
Launched in 2015, ZimSelector.Com is Zimbabwe’s first online comparison site for financial services, featuring partnerships with the most brands including Zimnat Group, Old Mutual Group, Nicoz Diamond, CBZ Bank & Insurance, CABS, CIMAS, NMB Bank Compare Quotes, and buy online in a matter of minutes, from any location at any time.
