Our Founder and CEO, Gbenro Dara, hosted guest speaker Matt Connolly, CEO of Sonr Global, in this month’s octamile webinar series. The webinar conversation revolved around “Digital Insurance Transformation for Africa’s Emerging Markets.
Matt is an experienced insurance consultant who has worked with leading insurance companies like lRGAX, Allianz, Generali, Munich Re and Tokio Marine to identify opportunities and succeed in today’s changing world.
With a primary focus on insurers, business leaders and brokers, here are the 4 talking points on how each market player can contribute to digitally transforming their businesses to suit the revolutionary trend in the sector.
How Digital Insurance Can Transform Businesses in Africa’s Emerging Market
1. Think Global and Leverage Partnership
During the conversation, Matt advised insurers to approach the sector with a global lens and leverage partnerships to increase adoption, customer engagement and accessibility of insurance services and solutions on the continent.
Insurance companies and business leaders must “…think global, think broad, look at the needs and align them to the companies that exist and focus on that kind of partnership.”
Innovation is moving from point A to B, and incumbents must see startups as partners and business opportunities for the sector’s growth.
“And you have a world of startups who are predominantly enablers to help these big incumbents move from A to B faster and
2. Technology Adoption Should Focus on Efficiency and Sustainability
Maximising underwriting, pricing and every other insurance journey should be the focus of insurers when stepping into the world of AI.
“Artificial intelligence and RPA are the technological trends that support process optimisation and is key to improving efficiency for the insurance value chain” -Matt.
This also includes improving employee and process efficiency, operations and unlocking new growth opportunities.
3. Creating New Customer Experiences with Technology such as Chatbot
For growth to happen, customer retention and attraction of new markets are some of the main objectives of every insurer in the insurance space.
Matt talking about AI tools, said, “Chatbots can help insurers manage customer service and improve call centre experiences for consumers.”, It can help create new experiences for the customer, ensuring the customers feel supported, loved, and cared for through different cycle of their journey from research, purchase and all the way to claims.
4. Continous Monitoring of the Evolutionary Trends to Stay Relevant
Undoubtedly, the Covid-19 pandemic played a major role in shifting consumer expectations for the insurance industry.
To stay relevant, insurers and businesses must use technology to keep up with the latest customer satisfaction trend.
“… things like immediacy, transparency, mobility, choice, have become second nature to me as a consumer, so I expect it from any party I deal with, whether as insurers or brokers.”
Matt ended the session talking about the vast opportunity for innovation and transformation in the African market “as there is a genuine need and opportunity to help those who are disadvantaged, uninsured and offer a safety net”.
In conclusion, as an entrepreneur, insurer, and business leader, avoid restrictive thinking regarding innovation. Think globally —Maximise partnerships and technology to meet up with evolutionary trends.