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The epidemic has solidified long-term paradigm adjustments. Second, the desire for online transactions is on the rise, which is a powerful demand driver for both consumers and businesses. As new, non-traditional insurance providers enter the market, insurers must offer digital engagement at all touchpoints.

Insurance businesses in Africa have reason to be optimistic, though, given the region’s strong economic growth. Unfortunately, the recovery has not yet been reflected in their general trajectory due to a variety of reasons.

The entry of more insurance companies into the market and the resulting decrease in premium rates are at the top of the list of those considerations. In addition to the drop in investment returns, insurers have seen a decline in their financial standing.

Furthermore, traditional insurers have been slow to adopt new technologies in the current era of digitization, which has been to their detriment. With the use of digital technology, insurers can reach out to new customers, keep their existing ones happy by communicating with them, and obtain customer feedback so they can make adjustments.