The New Insurance World Order

Insurance is fast transforming globally, a shift that has all stakeholders adjusting to this new world.

Dubbed A Demanding Future: The Four Trends That Define Insurance In 2020 by a Deloitte study, the report documents that while technology is transforming the insurance industry, customers are becoming just as disruptive. It further explores how customer needs and expectations are changing drastically and why the sector has to extend beyond its core products and services if it is to retain consumer loyalty and live up to the ‘new world of insurance.’

During the East Africa InsureTech Summit 2020 aka #CIOEAInstech, a virtually held regional insurance industry forum hosted by CIO East Africa, it emerged that while it is tasking to move technologically, it is equally tasking to keep up with the demands of this current insurance customer.

During her keynote address, Laura Chite, the CEO of CIO East Africa, noted that the new insurance ecosystem demands that insurers understand their customer demands leveraging the data collected. “Accelerating digital insurance with AI is the future of insurance,” she said, adding, “Disrupting the industry by leveraging Big Data is the new shift. Technology will help insurers keep up with the demands of the modern customer.”

The #CIOEAInsTech forum is an annual forum in its second year running that is aimed to disrupt the East African Insurance Industry, a space that is considered to have lag in the adoption of technology.