Insurance Industry

Learn about insurance industry trends pt.2

In the previous article, we left open an important topic regarding the most important trends that have emerged since the appearance of Covid-19. As a promise is a promise, here we will continue to tell you more about the topic and other relevant issues:

6. Direct interaction with insurers: the last few months have seen a noticeable shift, with many customers choosing to contact their insurance company, especially for small things. The shift to digital channels offers great opportunities for a seamless customer experience from start to finish.

7. Mimic other markets, but with a South African twist: Insurance is very similar around the world, but varied markets have different levels of digital maturity. South Africa is lagging behind in digital maturity, which means we can look at other markets to anticipate upcoming trends, this is supported by Insurtech Insights in its article Digital Trends in The Insurance Industry.

Los grandes cambios serán productos que se distribuirán digitalmente y el proceso de reclamaciones totalmente automatizado.

8. Product innovation: We are likely to see increased product innovation around telematics offerings for those who work more from home, which may include cyber insurance and the Internet of Things (IoT). Partnerships with insurtech, online platforms and mobile network operators will be key to meeting the growing demand for digital solutions.

9. Rise of affiliate distribution channels: by relying more on alternative distribution channels with digital partnerships we will be able to reach niche groups. We are likely to see the most innovation in lower-value items that are often sold through these channels.

10. Tracking: We’ve been tracking driver behavior for years, but why not track other assets? With telemetry, it’s easy to put a tracking device on an expensive bicycle, a TV, and other things. Given the rise of IoT, we will see an increase in tracking, which will inevitably influence underwriting, the premiums people pay and claims prevention.

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