INSURANCE Institute of Zimbabwe (IIZ) general manager Davison Choeni says InsurTech is enhancing customer experiences as the industry moves to embrace technology.
Insur Tech is a technological movement that is reshaping the insurance industry by introducing new methods of policymaking, underwriting and administration.
In an interview with NewsDay Business, Choeni said emerging technologies like InsurTech were enhancing customer experiences in the industry.
“Self-service portals like InsurTech solutions often provide user-friendly platforms that allow customers to manage their policies, file claims and obtain quotes online, making the insurance process more convenient,” he said.
“Companies like Zimnat have developed mobile apps that allow customers to purchase policies, file claims and access documents directly from their smartphones, improving accessibility and user experience.”
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He said the technologies also assisted with data analytics and predictive modelling, enabling insurers to analyse large datasets.
“Advanced analytics allow insurers to better understand risks and set more accurate premiums tailored to individual customers,” Choeni said.
“Old Mutual Zimbabwe utilises data analytics to better understand customer behaviour and tailor their products, such as life insurance, to meet the specific needs of different demographic groups.
"InsurTech utilises machine learning and automation to speed up underwriting decisions, reducing the time taken to approve policies and improving efficiency.”
Further, as climate change impacts economies worldwide, local insurers are aligning their strategies with sustainability goals.
The Insurance Council of Zimbabwe (ICZ) has introduced innovative products like the Farmer Basket, which leverages satellite technology to monitor rainfall and trigger payouts during droughts.
According to the ICZ, sustainability is no longer optional but a business imperative aimed at empowering communities to adapt to climate realities.
“Many insurers are using digital means to onboard customers, such as digital applications on mobile phones and computers. Additionally, they use online payment platforms for receiving premiums and paying claims. Digital platforms and tools are streamlining the claims process, making it faster and more efficient for customers to submit and track claims,” ICZ research analyst Kundai Jonga said.
“The Farmer Basket insurance product, for example, uses satellite technology to estimate daily rainfall within designated locations. The data is then indexed to trigger payouts in the event of below-average rainfall. AI-powered chatbots are also being used to provide 24/7 customer support, answer frequently asked questions and guide customers through various processes.”
He said the most recent trends shaping the insurance sector are mostly centred on climate change and the inherent risks that emerge from it and the potential impact this will have on the sector as with almost every other productive sector.
