Zimbabwe’s Insurance Sector On Digital Transformation
The commissioner of insurance and pension has indicated that Zimbabwe’s local insurers would not enjoy the benefits of the new era innovations around the globe until they embraced digitalization to catch up with the rest of the world and narrow the gap between them
In order to increase their market share and customer base in other countries.
New digital tools and gadgets help new product development, digital experiences and the transformation of key functions from marketing, distribution, underwriting and claims to finance and accounting. Virtually customers can be able to purchase online services for insurance and pension.
Zimbabwe is still lacking in digitalization of the insurance sector which resulted in losing some opportunities which are brought by technology innovation. Some observers said that more than 80% of insurers in Zimbabwe are willing to use digital methods rather than the old methods meaning they are high chances that insurers are able to use new technology.
Digital transformation should be one of the insurance’s priorities as an insurance sector, regardless of the state of the economy.
This is premised on the convenience it brings at a time more services are becoming accessible online. These have also been identified as one of the solutions to insurance fraud caused by unscrupulous agents selling fake insurance product.