The brave new world of policy administration software systems

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Easier policy customisation, lower premiums, 24/7 client access and lower costs for insurance companies are among the many benefits that the rapid advancement of insurtech is bringing to the world of policy administration software systems.

“The South African insurance sector has been lagging other industries when it comes to putting customers in control and enabling them to interact with the company 24/7 via the internet or smartphone,” says Ernest North, Co-Founder of digital start-up Naked Insurance.  “The industry, partly due to the legacy systems of the traditional insurers, is one of the last to use technology to radically transform the way it operates.”   

Claire Wood, Managing Director of insurance software solution provider Innosys, says the industry is seeing progressive automation of the entire insurance process. “Insurers and their customers are becoming more comfortable with automated processes in other aspects of their businesses and their daily lives. This brings a willingness to be open to technology and automation in parts of the policy and claim life cycle where it wouldn’t previously have been considered,” she observes.

To read more about where policy administration software systems are headed, download the February issue of RISKAFRICA magazine now!

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