Insurers must embrace technology or risk being left behind
These themes are reflected in a PwC report, released in September 2018, which suggests that closer collaboration between humans and machines will help insurers to develop the necessary technology and data capabilities to improve claim operations, where machines will support humans, but will not replace them.
The AUCC synopsis suggests that insurers need to realize that this digital revolution is upon us and unless they embrace it they risk being left behind. The PwC report also highlighted that technological change is the number one global trend which will impact the local insurance industry. Insurance executives surveyed suggest that insurers need to replace outdated legacy systems, and focus on automating repetitive, business rules-driven functions as part of this process, for the future when “Insurers who are client-centric, innovative, technologically up-to-date, and supportive of their talent, will lead the charge to increase insurance penetration levels in Africa”.
ClaimVantage is an international provider of InsurTech solutions to improve the claims process through digital transformation. ClaimVantage has helped global insurers, such as Zurich and MLC, to replace their old legacy systems with silos of data, with a more streamlined ecosystem that allows claims professionals to view all policy, claim, and benefits information electronically in one central location, which in turn improves the customer experience.
Local Business Development Manager, John Murphy, and ClaimVantage CEO, Leo Corcoran will be exhibiting throughout the event and will be available to discuss InsurTech solutions for you and your business.