Reach more people, insurance firms told

 

Riot police patrol a street in the centre of Iringa Municipality yesterday after leaflets were circulated calling on hawkers to stage a demonstration after they were barred for doing business in some parts of the town.  PHOTO | FRANCIS GODWIN 

 

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.