At a time the financial sector is racing to embrace digital technology to boost sales and drive profits, the traditionally staid insurance industry is in danger of falling behind. Technology is upend workflow and process in the financial services industry. Tasks once handled with paper money, bulky computers, and human interaction are now being done entirely on digital interfaces.
Some banks like Steward Bank have closed most of their branches and now have agents around the country .Given how insidious financial services are across the globe, the disruption opportunity for fin-tech startups is massive.
As it stands, our economy is in bad shape. From market instability to catastrophic losses from natural disasters, insurance companies face many conflicting challenges.The worst part being that some of the insurance companies don’t know that they are now entering the Digital age. But the toughest challenge facing the insurance sector now is the adoption of digital technology.
EcoSure Funeral Cover is here making funeral cover the norm for all Zimbabweans on their mobile phone. Insurance protects you when the unexpected occurs, and EcoSure Funeral Cover has always got you covered.
When Ecosure launched most people in the insurance sector did not see it as a force.From as little as $0.50 cents to $5 to cover funeral expenses .According to the latest numbers EcoSure now has more than 600 000 subscribers ,making it the biggest insurer in Zimbabwe.
For starters almost all insurers are lagging behind in telematics, or social media sources, to increase the amount of information they have about customers to reduce claims and theoretically make insurance cheaper for all.
Usually the introduction of new technology has been costly and it required huge capital, but the times have changed and there are now many technical solutions that are available to insurers if they open their eyes and have a look for them.