WHY INNOVATION IS KEY FOR THE ADVANCEMENT OF INSURANCE INDUSTRY

By Sharone Chebon

We have all heard of the phrase ‘adapt or die’. However, for businesses in Kenya to achieve success in today’s modern world, this remains a universal truth. Take, for example, the massive expansion in technological advancement in the past decade; because of this extreme growth, businesses have been forced to adapt and expand more than ever before.

Ahead of the ever-evolving customer market, innovation remains a potent tool for staying ahead. Hence, this aspect is also applicable in the insurance sector as insurers leverage technology to automate repetitive tasks which are generally associated with getting data from a back-end system or putting data into a back-end system.

Simply put, companies cannot afford to stay afloat if they do not embrace innovation and change. Here are some of the major technology-based innovations in the insurance industry that increase penetration and distribution in existing markets.

Artificial Intelligence (AI) and the Internet of Things (IoT): In this era, insurers have become increasingly dependent on emerging technologies and data sources to drive efficiency, enhance cybersecurity, and expand capabilities across organizations. Deploying artificial intelligence in an insurance business builds more confidence for it automates progressively complicated tasks, including addressing all forms of customer queries. On the other hand, a suite of Internet of Things (IoT) technologies can help reduce manual interventions in claims and pricing.

 At LIB, we appreciate that our customers have more advanced and complex needs. For this reason, insurers must strive to digitize services and optimize all interactions. It is vital to focus on improving customer experience by both streamlining processes with automation and providing customized services where needed and preferred. Anticipating customer needs, creating services that satisfy those needs, and going the extra mile to deliver beyond the customers’ expectation’s expectations is not only one of our core values, but is hard-wired in our operations.

Innovation has paved plenty of opportunities for the Kenyan Insurance market to grow and with this same pace, our products and services at LIB are tailored to suit all your needs.

The writer is the Business Development Officer at Laser Insurance Brokers (LIB)