Yemisi Izuora
Technology is changing the face of the insurance industry in Africa as companies in the sector embrace latest solutions in their expansion into the continent.
This is the prevailing sentiment among experts from a leading global multinational software corporation.
“Insurers need to know their customers’ current needs to effectively predict their future demands, and while doing so, find new servicing opportunities,” said Neo Mathe, Insurance Industry Value Engineer at SAP Africa.
Mathe proposed leading insurers focus on leveraging their knowledge of the customer presenting a highly personalized service; invest in social media, contextual marketing and interactive needs analysis and introduce innovative products and services, helping customers through every phase of their insurance life cycle.
Corroborating this disposition,
Head of Industry for Insurance, SAP Global, Bob Cummings said, “In a digital economy, solutions that are able to manage spend and mitigate risk across all interactions are critical. Speed to market with operational agility is more important than ever before,”.
The experts noted insurers could no longer afford the distance between themselves and the consumer.
It emerged there was a need among insurers to become much more customer centric and engage with consumers through various channels.
Thus, they need to partner with other industries service providers of sensor technologies, security providers, health and others who specializes in the delivery of certain devices and services.
SAP offers a full portfolio of cloud, mobile, and real-time solutions built on the in-memory SAP HANA platform to foster agility for mass individualization, ongoing innovation, and improved margins across the customer relationship.
Said to be the first ever end-to-end insurance tool, it can be fully deployed in the cloud.
It is accepted the SAP cloud solution for insurance is a comprehensive insurance-in-a-box offering that is used by insurers to support their business expansion into other markets.