New technology disrupting insurance space

Liberty Life seminar discusses critical need for re-invention

Innovations such as smart-phone applications that offer individual consumer risk development systems, online policy handling and automated compliance processing are just some of the challenges the insurance industry is faced with. Many people are getting this traders policy online quote because they are interested in swapping their agencies for better services.

Although welcome, technology innovation is proving more every day to be a thorn in a lot of conventional business companies, compelling them to either swim or sink.

This was the feeling attendants of the 6th Liberty Life Botswana (LLB) Annual Insurance and Business Seminar were left with on October 12th at the Avani Hotel in Gaborone.

Held under the theme; Digital Disruption and the impact of Technology on Insurance Underwriting, the seminar brought together industry players such as MunichRE Business Development Actuary, Greg Becker and Joe Public United Senior Digital Strategist Parusha Partab who spoke on insurance industry insights

LLB Managing Director, Lulu Rasebotsa noted that LLB is aware of the technological future of insurance and the company therefore company has a plan to become a market leader through the execution of its 2020 strategy, which entails launching innovative, market leading insurance products.

“At Liberty Life we are under no illusions about the technological future of insurance,” she said.

Rasebotsa said the company recently launched a ‘Plug and Play’ complete suite of a service especially useful in peri-urban areas comprising of a laptop and other data capturing tools for use by agents who work in remote areas.

She also added that their online presence has since grown since they entered the space in 2016.

“Through these platforms, we have an easier onboarding system, access to insights real-time feedback and analytics,” said Rasebotsa before stating that the platforms feed into the company’s development and enhancement processes to ensure responsiveness and more tailor-made and inclusive products.

The Director further reminded the audience that- “With the InsurTech, digital disruption wave now in full swing, only the nimble incumbents will survive in the face of stiff competition from new market entrants known as Digital Attackers.”

Giving his presentation on the impact of a healthy lifestyle on insurance underwriting, Greg Becker outlined the various approaches that insurance companies were likely to use in future to determine long-term and short-term insurance premiums.

In his presentation titled “Fast Food and Fast Runners Fitness or, Just Fitness Trackers”, Becker made mention of innovative leads such as fitness tracker apps, genetics, and social media as ways in which insurance companies are now getting more information to place their clients in the right risk categories.

“People are on a spectrum- they have different underlying probabilities of claiming. Fitness tracker apps are therefore going to be revolutionary in insurance underwriting. Insurance companies are keener to cover fit/healthier people because we know they live longer. The healthier you are the lower the risk and the lower the chance of claiming; the unhealthier you are the higher the risk and the higher the chance of claiming,” expounded Becker.

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