Tavio Roxo, CEO and Co-founder of OWLS™ Software, highlighted the need for insurance companies to upgrade their technology and adapt to the digital expectations of younger generations. He emphasized the importance of building trust through transparency, inclusiveness, and providing customers with an end-to-end digital journey. Tavio also discussed the rapid growth of mobile money transactions in Africa and the need for proper technology infrastructure to leverage this opportunity.
Amritha Reddy, Head of Fraud at TransUnion Africa, discussed the challenges and opportunities of the digital age in the insurance industry. She emphasizesd the importance of navigating the digital landscape while managing risks and maintaining a balance between risk management and client experience. Reddy highlighted the evolving fraud landscape and the need for organizations to focus on channel security and establish trust with consumers. She advocated for automation, robotics, and AI in fraud prevention and emphasizes the significance of transparency, data utilization, and consistent omni-channel experiences.
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Robin Wagner, head of the insurance practice for TransUnion, discussed the evolving business model of insurers and key trends driving this evolution. He highlighted the cost-of-living crisis, the decline in transactions to the bureau, and the challenges faced by insurers due to revenue-focused challenges and rising claims costs. Wagner emphasized the need for insurers to adopt advanced techniques, digitization, automation, and data utilization to enhance decision-making, reduce fraud, and improve the claims experience.
Overall, the commentators agreed on the importance of digital strategies, the continuous nature of the digital journey, and the need to adapt to evolving data needs. They stressed the significance of leveraging data to enhance operations, pricing accuracy, and fraud prevention in the insurance industry.