CIIG moves to ensure digitization of insurance sector

Rev. Marfo-Ahenkora added, “And so what this lecture sought to do was to give us a platform to discuss and get some experts to speak on the issue so that at our various companies we’ll begin to give digitization the right platform and attention.”  

Dr. Gideon Amenyedor, the Executive Vice President of Vanguard Assurance, spoke from the perspective of an Insurance Company and provide an Ghanaian example of digitization of Insurance beyond selling insurance online, Vanguard Assurance Telematic Insurance and also shared a more advanced form of digitization that will call on collaboration between insurace companies and other industries including drone suppliers, mobile industry, IoT etc.  Chief Executive of KEK Reinsurance Brokers Africa, Shaibu Ali, allayed fears that digitization is counter to brokerage businesses. 

He said, “the commercial lines are not exposed because everybody in his right senses would still want to deal with the human being who would sit down and then give advice and everything, negotiate and then arrive at a final conclusion.

But 25% is valuable enough for us to make sure that we don’t lose out on it.” Mr Ali added.

Chief Executive Officer of Ghana Chamber of Telecommunications, Kenneth Ashigbey, on his part, has urged insurance companies to exploit technology to boost the current penetration which is under two percent.

Nature of insurance

The nature of general and life insurance is shifting as changing consumer behaviours and technological innovations threaten to disrupt established business models.

As new opportunities emerge, those insurance companies that advance fast enough to keep up with them will gain enormous value; the foot-draggers will fall further behind. To succeed in this new landscape, insurers need to take a structured approach to digital strategy, capabilities, and their transformation roadmap.

Principals in the insurance space are therefore determined to do more to reach an era of electronic transaction from policy underwriting to claims payment.

Source: https://www.myjoyonline.com/business/2018/March-9th/ciig-moves-to-ensure-digitization-of-insurance-sector.php

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