Electronic Transformation and the use of Artificial Intelligence, Shaping the Future of the Insurance Industry in the next three years..
In a way, the Short-Term Insurance Industry has already adapted to using AI and Insure Tech to conduct Insurance and to provide Service Delivery to clients, and it is already in use by Direct Writers in the South African market, technology will shape our future if we like it or not, it is like catching the bus or stay behind, and be irrelevant.
An Article on the South African Short Term Insurance Industry published by Research And Markets.com, Dublin Jan. 13, 2022, confirms that the industry has weathered the Covid 19 pandemic well, however in the market “rebounding, the make the following statement. “a paradigm shift towards the incorporation of Insure Tech and Fourth Industrial Technologies will be required going forward” these include the use of AI, machine learning, Internet of Things, Blockchain and even drones will develop innovative Short Term Insurance products to cater to consumer demands whilst increasing efficiency and lowering Cost”
We all knew this was coming from the days we went over from working by hand, typing out documents, to computerization, this all changed Service delivery.
However this pace of change has now rapidly picked up momentum, and in my opinion, the Insurance World has already made drastic changes, Covid 19, restricted staff to home offices, although the human touch was lost we became more efficient, instead of driving to a meeting taking an hour, have a meeting for an hour and driving back to office another hour, now a Team’s or Zoom Meeting is set up, and the same meeting only takes 1 hour instead of three out of your daily schedule.
Looking at Buildings on fire or assessing the damage, drones are being used already to provide you with top-quality photography saving time and money, enhancing efficiencies.
To remain relevant is to get on the bus, embrace AI and the Fourth Industrial revolution, and thrive in a new but different environment – with increased efficiencies.