Innovation to drive customer satisfaction in insurance sector

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Innovation to drive customer satisfaction in insurance sector

Experts believe that innovation is at the center stage of driving customer satisfaction in the insurance sector.

This comes after most consumers in a recent report by Celent survey on innovation indicated that they (consumers) expect a high degree of innovation from insurers and with growing digital lifestyle innovation through technology is inevitable.

“African insurers have a great opportunity to improve business models and solutions in order to improve their experience and increase customer satisfaction,” says Clinton Brown, SSP Business Development Manager.

This means that insurers who will portray progress towards use of innovation mainly new technological application in service delivery will win and maintain their customers’ royalty.

According to Brown , “ Insurers will need to look around require more buy-in from the consumer, especially if it requires a change of behavior and necessitates the consumer giving up their personal data in exchange for the benefit.”

But this, experts say will require insurers to look at the market and see what is lacking and introduce it, without shifting  customer interests which he is driven by the segment they fall it such as formal and informal sectors.

“An example is the population in our informal sectors that do not have pension schemes or any form of insurance,” Brown noted.

He adds, “Innovation will be most widely accepted and celebrated amongst your early digital adopters consumers, so focusing technological improvements on this target group will have the highest probability of success.”

Despite this,  most  insurers  have   not  taken  innovation as most  critical in relating with  customers, something that  has left the sector  behind other  sectors  in  terms of innovation.

“The level of innovation in this sector has been behind other sectors,” said John Bugunya, the chief executive of Prime Insurance Limited.

Bugunya formerly chief finance Officer at Bank of Kigali, Rwanda’s leading bank by Assets says that innovation in the sector is still low when compered to other sectors something that has seen the sector’s growth keep at snail pace.

“If we are to have meaningful impact on communities around us and increase the level of penetration, we need to innovate,” Bugunya noted

The survey indicated that there is need for insurers to adopt innovations such as online and mobile services, sales and product innovations through providing  services that address people’s needs.

 

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About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

More posts by | Visit the site of Ndaka

 

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