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Insuretech: Liberating an industry from the grips of a pandemic

12:39 14 Dec in DocFusion News, Document Automation

For the insurance industry over the past two years, itโ€™s been touch and go, a seemingly slippery slope destined to end in distress.

Enter Insurtech* and the doom & gloom dissipates, making way for a clear, optimistic vision of the well-oiled, successful machine the industry can be.

In an article published on Bizcommunity this week, Insight Survey confirms the insurance industry is well on the road to recovery after Covid-19โ€™s blow to its growth and premium volumes โ€“ largely thanks to a paradigm shift towards the incorporation of Insurtech.

โ€œThe industry appears to on the road to recovery, driven not only by strongly rebounding economies and consumer spending, but a paradigm shift towards the incorporation of Insurtech to develop innovative short-term insurance products that cater to capricious consumer demands, whilst increasing efficiency and lowering costs.โ€

Globally, the Insurtech market is expected to grow massively, with a projected compound annual growth (CAGR) of 34.4%, to reach a total value of US$11.9 billion in 2027.

This growth, says Insight Survey, is mainly due to the ability of Insurtech to simplify the claims process, meet demand for digitalisation, enhance cost-effectiveness, and expand into new markets.

Locally, itโ€™s a mirror of global industry trends, with South African consumers hungry for digital service from their insurance companies. โ€œSouth African consumers are increasingly demanding the digital, self-service, and on-demand experiences from insurers that they have become accustomed to from other industries, during the Covid-19 pandemic.

โ€œThis is resulting in the adoption of digital strategies to improve communication and improve satisfaction, with the โ€˜phygitalโ€™ trend becoming particularly prominent in terms of blending automation and human expertise, which is becoming the market norm.โ€

DocFusionยฎ allows for the automation and optimisation of lengthy and complex policy and claims processes, creating a fast, smooth and error-free client experience.

๐—š๐—ฒ๐˜ ๐—ถ๐—ป ๐˜๐—ผ๐˜‚๐—ฐ๐—ต to discuss your digitalisation needs or ๐—ด๐—ฒ๐˜ ๐—ฎ ๐—ฑ๐—ฒ๐—บ๐—ผ & see how our software can elevate the quality of your policy documents to superior levels, and keep you ahead in the competitive world of insurance.

Get in touch, request a demo of our customer communication-enhancing software and we will show you how easy, painless and satisfying the road to customer satisfaction can be.

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