Consumer technology has transformed South Africa in the last decade.
One of the more positive changes in the South African insurance world is that the industry is embracing technology.
Ten years ago, most processes were still paper based. Today, you can claim at a click of a button.
Advances in insurance industry-specific technology
Insurtech really enables insurers to connect with their clients in ways never imagined before, this is quite an exciting space to be in.
One of the huge benefits of insurtech is the fact that so many processes can be automated, reducing turnaround times and executing a smoother service delivery.
Mobile apps play a crucial role in today’s world, especially in the insurance industry.
Mobile apps influence on consumers interactions with car insurance companies
Mobile apps are arguably the single most important insurtech development observed in South Africa.
Mobile apps bring insurance into the homes of consumers, no longer is the insurer a distant corporate housed in tall buildings.
Consumers can now make changes on their policies from the comfort of their home or lodge a claim right after the incident occurred without having to pick up the phone.
Mobile apps and websites have also impacted online shopping for insurance.
Car insurance and e-commerce
Online shopping is an increasingly growing industry in South Africa, whether you are shopping for shoes or looking for a special gift, consumers are turning to the Internet to find what they are looking for.
This is no different for the insurance industry. More and more consumers are now buying insurance online – whenever and wherever they want.
How communication-related technology advances affect South Africans
Feature phones followed by smartphones are revolutionary communication devices, which enable South Africans to access and perform a multitude of different tasks and activities on the Internet.
Nevertheless, many South Africans still enjoy talking to companies over the phone or in person.
There will always be an element of “old-fashioned” communication present in the industry. Certain things simply can’t be replaced by technology.
Technology has played a notable role regarding the relationship between people and insurance companies.
How to know if your company should embrace or avoid advances in technology
The simple truth is that technology is part of our everyday existence, every company needs to decide to which degree they will adopt technology, but there is no way to avoid it completely.
For example, the vast majority of consumers of insurance products have smartphones these days. This has made communication with consumers a lot easier for insurers.
This aids in keeping consumers informed at all times and allows consumers to take control of their insurance products and experience.
Smartphone-related technology has also empowered changes to the social fabric of society through developments such as social media.
Social media and the car insurance industry
Social media has become a touch point with the general consuming public. Insurers had to adapt quickly in the last decade and develop new strategies around their own social media footprint.
With that being said, social media has made the interaction between consumers and motor insurance companies extremely convenient.
It can be argued that social media has decreased the sales turnaround times due to the instant response to company infrastructures.
The Internet has helped give consumers a voice to air their opinions on almost anything, which has impacted the insurance industry tremendously.
How consumer review websites affect the car insurance industry
Consumers turn to consumer review websites when they are trying to research about certain companies and when they wish to complain.
It is not often that a consumer would turn to these websites to compliment great service (as this is expected).
If you are you looking for affordable car insurance from an insurer that is in touch with technology, perhaps you should consider getting affordable car insurance with PMD.
This article was published in partnership with Prime Meridian Direct.