Urgency for change is becoming clearer and clearer. But, change towards what? Change towards more sophisticated IT capabilities with an obvious advantage in terms of agility, growth, and cost ratios. Insurers understand that to retain clients, they need to up their game in digital offerings.
Incumbents are struggling to keep up with the significant shifts demanded by technology. New, pure digital players such as Lami Insurance, have not only emerged but also achieved a significant market share in a short time—and even partially captured a market-shaping position.
In telco and entertainment, a new set of tech-powered market leaders have gone a step further and fully reshaped the industry—leaving incumbents struggling with rapidly declining market shares or even forcing them to exit the market.
So where does this leave the world of insurance? In a rapid move towards digitisation. “Brace yourselves, put on your seatbelts, get ready to move at a high speed of digital transformation,” said Laura Chite. She continues “Blockchain, AI, IoT, are important in the world in Insurance, as are processes, customer relationships and technology, are core to growth.”
As the network of insurance firms and solution providers continues to speedily grow, CIO Africa has queued to host the third industry-focused forum to connect the regional community and explore the latest innovation in a sector that’s rapidly scaling innovations and reshaping the insurance industry.
From implementing strategic innovation and harnessing the power of new data, to revolutionising the customer experience and effectively integrating new technologies, this forum will explore how the industry regulator, the insurance service providers and technology solution providers are adjusting and adopting the changes.