How Embedded Insurance Is Redefining The industry
Daniel Ndirangu, Lead Solutions Engineer Vmware has challenged insurance companies in Kenya to innovate to meet the needs of the modern customer.
Speaking during the Africa Insuretech Forum, Ndirangu called on insurance companies to embrace digital channels. “Most applications in insurance companies are still rigid. They are still in the old way of doing things. Don’t get glued on traditional channels.”
Through digital channels, he said insurance companies will cope up with emerging issues such as cyber threats that traditional systems are prone to.
He urged insurance companies to ensure availability since the modern customer values convenient digital experiences.
Ndirangu said insurance companies should not look at digital transformation as an expensive undertaking since they will reap all the benefits that come with it.
He asked the sector to work together with technology vendors to get solutions that customers need.
The Kenya insurance industry currently is valued at $2.1 billion. With an insurance penetration currently estimated at 2.4 per cent, Kenya ranks fourth in Africa after South Africa, Morocco and Egypt.