Izak Smit, the Group CEO of PPS, delivered the opening keynote speech at COVER’s TechFest2023.
He emphasized the critical role of technology in the insurance industry and shared insights on PPS’s unique focus on the professional market segment. Izak highlighted the importance of technology in the delivery and distribution of insurance and stressed the need for continual investment and evaluation of IT platforms.
He also discussed the impact of technology on job displacement and emphasized the significance of embracing Insurtech for efficiency, improved business processes, and risk management. Izak underscored the importance of human interaction and judgment in the services industry, alongside technology.
OWLS™ Insurance Software
Proud providers to insurance companies, UMA’s,
administrators, intermediaries and financial services companies.
More than an enabler – Tavio Roxo, CEO and Founder of OWLSTM Software discussed the broader role of technology in the insurance industry transformation. He highlighted how technology can enhance interactions with policyholders and stakeholders, enabling consistent engagement. Tavio emphasized the importance of accurate data as the foundation for successful technological advancements and the need to build various functions on top of accurate data using different technology stacks. He mentioned the challenge of automating manual processes within insurance companies and the goal of integrating individual technologies into a centralized platform for operational efficiencies.
Clearly define business problems – Hanno van Aarde, CEO of Briisk focused on the importance of defining business problems and prioritization in Insurtech. He discussed the challenge of unclearly defined business problems and highlighted the significance of establishing specific desired outcomes for technology implementation. Hanno emphasized the need for technical experts to understand business requirements and consider profitability and return on investment. He emphasized the importance of prioritizing projects and avoiding becoming project delivery blockers.
Seamlessly connecting data sources and software – Jen McKay, Director of Linktank discussed the state of technology in the financial advice industry and the challenges and opportunities for smaller businesses. She highlighted the lack of practical planning and strategy in technology decisions among smaller businesses and the persistent integration problems. Jen emphasized the growing importance of client engagement and the need to seamlessly connect data sources and software. She mentioned the valuable investments of CRM (Customer Relationship Management) and practice management systems and the increasing importance of behavioural finance, client engagement, client portals, and a comprehensive view of the client.
The fragmented client journey – Christelle Colman CEO & Co-Founder of AMI Underwriting Managers shared her vision for transforming the insurance industry and creating exceptional digital experiences. She discussed a unique approach they took to gather suggestions for improvements by organizing a competition for brokers. Christelle highlighted the problem of the fragmented client journey and the need for an exceptional digital experience, simplified claim submissions, and improved communication. She mentioned solutions proposed by intermediaries, such as pre-populated forms and efficient communication channels like business WhatsApp. Christelle believed that focusing on communication and delivering a personalized experience through digital innovation would be a game changer for the industry.