Insurance is fundamentally a social good, but has remained mistrusted for quite a long time. At the same time, fraud remains a menace for insurers in Africa. This is despite collective measures by the stakeholders in the industry to collectively negate the vice. Capturing fraud in the market is arduous, as it involves use of adjustors, investigators and police force.
There is an opportunity to make this crucial yet sometimes opaque industry, more human: Adoption of technology.
For example, by integrating data-driven platforms, insurers are able to profile their customers’ risks more accurately, making better underwriting and claims decisions. A customer would wish to know if they can receive an insurance cover through their mobile phones, or online, seamlessly and with less bureaucratic restrictions. They would also want timely processing of claims.
Through AI/ML, one is able to detect anomaly that can prove useful in deriving patterns, using data analysis and the comprehensive cross-referencing of data points across internal and external databases.
At WazInsure, we offer customized solutions to enable insurers assess the key indicators of risk at both the insurance application stage and the claims stage. We are able to monitor extensive risk factors, enabling insurers to engage in proactive risk mitigation services, and to provide timely care interventions. This, in essence, deepen their relationships with customers.
We are pleased to be taking part in the SA Innovation Summit 2020 Inventors Garage, to not only build partnerships but also showcase our latest solution, ClaimWazi, an instant insurance claim solution for external car damages, that will deliver improved customer experience and reduce insurance expenses by as much as 30%.
According to Deloitte’s ’A demanding future’: The four trends that define insurance in 2020 report, incumbent firms can no longer rely on organic growth or internal innovation. Better customer retention, new revenue streams, and operational efficiency improvements are just some of the benefits that make insurtechs attractive partners for insurers. The winners will be those that can forge alliances with innovative start-ups; ally with insurtechs; and consolidate with their peers.
**Get your tickets for the South African Innovation Summit below and use the promo code ANA20 in order to receive a 20% discount on your tickets!
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