You might have heard the new buzz term in insurance, “Insuretech”. This is a term used to describe new technologies that bring innovation to the insurance sector.
The ever-changing economic landscape and the coming-of-age evolution of the car insurance industry, it is best to keep abreast of any changes for your financial benefit.
Before technology, a lot of the insurance functions were manual, from car inspection to assessments. Now all of that can be done with many insurers going digital, you now can do your own vehicle assessment by just taking pictures of your car and uploading them on an app. iWYZE has the wyzeHUB, where you can do it all without a call, you know can download documents, update your contact information and many more without the need to call in.
Imagine a digitalised world of car insurance where driving behaviour monitoring tools could assess how you drive and save you on your monthly insurance premiums? That future is here. Insurance companies are always looking for ways to streamline their car insurance packages and digitalisation is quickly growing as a means of doing just that. Digitised automation tools help to provide a streamlined process and can also provide users with valuable insights.
We have collaborated with Pineapple, an Insuretech as globally such collaborations between traditional insurers and Insuretechs are becoming increasingly apparent. This is motivated by the need for a more customer-centric service offering for consumers and their ever-changing needs. We want to provide our customers with insurance that is easy, accessible and completely digitalised.
Becoming the first insurer to own a drone, in 2020, was a mammoth task for iWYZE and it’s an accomplishment that we’re proud of. Now that we have another opportunity to change the game, we’re excited to explore the endless possibilities.
Technology usage in the insurance industry has come a long way with digitalisation in insurance permeating almost every process. From policy pricing, claims management and customer service to underwriting and even risk analysis, technology has disrupted many key functions.
Insurers have no choice but to adapt to the changing times in order to remain relevant. Insurers used indicators such as age, creditworthiness and past accident records of drivers to determine risk, some still do. The future of technology will allow for insurers to directly monitor driver behaviour on apps enabling real-time risk assessments.
Need quick and easy insurance?
Contact us 0860 93 94 93 or get a quick online quote on www.iwyze.co.za
SOURCES:
https://www.oldmutual.co.za/news/insurance-in-a-digital-age-adapting-to-change/
