Insuretech: Liberating an industry from the grips of a pandemic
For the insurance industry over the past two years, it’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-19’s blow to its growth and premium volumes – largely thanks to a paradigm shift towards the incorporation of Insurtech.
“The 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.”
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, it’s a mirror of global industry trends, with South African consumers hungry for digital service from their insurance companies. “South 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.
“This is resulting in the adoption of digital strategies to improve communication and improve satisfaction, with the ‘phygital’ trend becoming particularly prominent in terms of blending automation and human expertise, which is becoming the market norm.”
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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.