By Victor Karega
In Summary
- Insurance technology allows insurers to increase revenue by automating service processes that were once exhausting and time-consuming.
Dar es Salaam. Insurance firms have been
challenged to consider adopting Insurance Technology and micro-insurance
as a way of netting people from the low income brackets as well
.
.
The call was made by Niko Insurance chief
executive officer Manasseh Kawoloka in his presentation during the
insurance agents’ workshop at the weekend.
“The use of technology in insurance improves every
aspect of agency’s data management and processes. The purpose of the
technology is to cut the amount of paperwork dealing with policies and
proposals, and effectively meet the needs of customers in much less time
than traditionally expected. Therefore, we need to take advantage of
the prevailing technology,” he said here.
The Niko boss pointed out that insurance agents
could quickly respond to the needs of customers, using state-of-the-art
Insurance technology that can instantly provide accurate information to
clients regarding insurance issues.
Insurance technology allows insurers to increase revenue by automating service processes that were once exhausting and time-consuming.
Eki InterTrade managing director Evarist Kipangula
told The Citizen that insurance market was experiencing a new wave of
increasing competition as players increase.
The local insurance market in Tanzania continues
to grow at an average rate of 20 per cent contributing just below 1 per
cent of the national GDP.
Stressing the need for insurance operators to pay
more attention to the development of retail insurance with a view of
penetrating the grass roots, Mr Kipangula stated that a lot still needs
to be done to bring insurance to the understanding of everyone.
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