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Walter Muchinguri in Nyanga
The 2015 Insurance Institute of Zimbabwe Winter School opened here yesterday with emphasis on the need for insurance companies to digitalise in order to keep up with modern trends.
IIZ president Dr Lovemore Gomera in his opening remarks challenged delegates to embrace digital tools in their operations to create value that will accelerate economic growth and development. He said that this is key to the success of the country’s economic blue-print the Zimbabwe Agenda for Sustainable Socio-Economic Transformation.
“The Zim-Asset agenda can only succeed if all sectors of the economy can engage and collaborate more in order to create much needed capacity.
“To attain this, there is need for insurance companies to invest in robust technology systems that proffer economic solutions that benefit customers and the public at large.
“We need to ask ourselves, how do we package insurance in such a way that it benefits companies that will be operating in the Special Economic Zones?” he said.
FBC Bank’s executive director (retail, SME Banking and e-commerce) Agrippa Mugwagwa said that there should be a radical shift to digital platforms by the insurance sector if it is to remain relevant.
“As an industry you are very vulnerable to changes to do with technology because you have not been ahead of technological changes.
“You need to move away from old legacy systems because we are now living in a World of digital natives who demand service here and now, so you cannot afford to say that we will send you a quote later because they want their things to be done instantly,” he said.
Mr Mugwagwa, who was presenting a topic on digital marketing in the financial service sector-a road map for winning as insurance goes digital, added that insurers should also be aware that the digital age no longer allows them just to push their products onto the consumer but to be sensitive to their needs.
“The digital age has shifted power to the client they now have a say in what you offer them and what they want you to offer them and they can voice their concerns via social media tools such as Facebook,” he said.
He cited the example of Dell hell where technology company Dell was in the eye of a storm after one of its clients whom they failed to attend to took to social media with his complaints against the company and it drew widespread criticism of the company.
Mr Adriaan Rowan of Gen Re South Africa, who spoke on life insurance and pensions underwriting in the digital age: Technological disruption urged insurance companies to establish synergies with companies that already have a wider reach.
Online Reporter