Insurance has been a big industry and continues to play a big role in risk management and general preparedness for the future.
Imran Chaudrey from Fortnite East Africa, gives suggestions on how the insurance sector can plug into technology and Industrial revolution
As we all know, digital transformation is being considered as the 4th Industrial revolution and everyone wants to get onto the bandwagon. The insurance sector also needs to start looking at technology solutions that will help it grow.
Imran Chaudhrey, the Country Manager at Fortnite East Africa, gives suggestions on how the insurance sector can plug into technology and Industrial revolution. If insurers don’t accept and embrace new technological solutions, then other players will come into the market to cause disruption.
Insuretech is a broad category of constantly changing technologies used in the insurance industry. Any technology that is used by an insurance company to increase the efficiency of its operations could be considered to be insuretech.
Technology savvy players are entering the insurance sector, bringing the full force of their innovation and they will alter the terrain on which incumbents compete.
“The rise of insuretech is a very interesting topic. We are seeing insurance as the most volatile space within the disruptability index and this means that if insurance players do not adopt to technology, they will be disrupted by new players coming into that space and bringing innovation and technology,” Imran noted in his presentation.
Watch the rest of the presentation on the future of Insuretech in the link provided.