by TINTSWALO BALOYI
JOHANNESBURG – AN expert has urged insurance providers in the continent to embrace technology to remain relevant in the market.
Failure to do so may result in them pushed out of business in the competitive industry, says Simon Carpenter, Chief Technology Advisor SAP Africa.
He says the traditional way of selling one insurance product at a time is swiftly becoming outdated, particularly among millennials who now form the majority of the insurance pool.
“Insurers therefore need to change the traditional way of doing business to remain relevant – or else they run the very real risk of simply disappearing,” adds Carpenter.
“As such, the most critical question that insurers need to ask themselves is how prepared are they for the digital economy and how quickly can their infrastructure be geared towards new ways of doing business.”
Carpenter says ultimately, remaining flexible and connected will make all the difference for insurers fighting to remain competitive.
As such, executives the sector will need to concentrate on ensuring they have the correct information platforms, people and partners.
He proposes a combination with imagination, a culture of experimentation and agility and the will to disrupt themselves in order to stay ahead in a dynamically different world.
– CAJ News