Africa InsureTech Forum 2022
Africa InsureTech Forum 2022: Leveraging technology and data analytics to streamline the insurance process
Alexio Manyonde – CTO ZEP RE (PTA Reinsurance Company)
Zep-Re participated in the dx⁵ Africa InsureTech Forum as a Platinum Sponsor in partnership with Netstar – a subsidiary of Altron.
The Insurance industry is undergoing a radical transformation. Companies are leveraging technology and data analytics to streamline the insurance process and reduce costs for consumers and increase coverage. This use of technology in the insurance industry has created an entirely new set of opportunities for incumbents and entrepreneurs alike. New technologies and applications, like blockchain, artificial intelligence, machine learning and data analytics, are being used to help insurers enable ‘smart risk management’. Ultimately this benefits consumers by lowering premiums through improved underwriting and claims processing decisions therefore reducing risk.
The event was targeted towards senior executives and decision-makers in the insurance industry including CEOs, CIOs, CISOs, COOs, CFOs, CMOs and other business professionals to share knowledge and experience in risk mitigation and management in the age of technology.
Zep-Re Keynote Speaking was handled by Prasanna Miapuram, Co Gounder Swiftant whose themes was How Embedded Insurance Is Redefining The industry. Integrated customer experiences can be seen on the horizon. With experts estimating that there will be up to one trillion connected devices by 2025 presenting an explosion of data. This especially accounts for connected consumer devices from fitness trackers, cars, smart watches to the ubiquitous smartphones. An avalanche of data that will redesign customer experiences. New product categories are expected to emerge, and it is expected that insurance will become more personalized.
Can You Use AI and Data To Fight Insurance Fraud was the theme of a panel discussion on which Franco Stols from our partner Netsar participated.
The combination of data and tech allows insurers full control. With an endless avalanche of data created each day, insurance companies must be overwhelmed. It makes it hard to put this data to good use. The challenge, however, is not the data. It is the analyses of data that can quickly go out of date. Using the right AI can help insurance companies detect fraud as it happens. It can also connect siloed data in such a way that they achieve new levels of control over fraud prevention.
The question How Can Automation Improve The Customer Experience? was addressed on the panel discussion that Alexio Manyonde participated. Research has shown most shoppers will pay more for a better customer experience. Creating these experiences can be costly and time-consuming. CX happens across channels with automation simplifying and streamlining processes. It will have a direct impact on customer interaction with the brand while unlocking an organization’s potential to enhance CX across channels.