Technology and collaboration key for insurers in 2018 and beyond

Following a challenging 2017, the South African insurance industry must adopt technology and collaborate with local governments, if it is to effectively tap into new markets to stimulate growth for the foreseeable future. Many sectors have been very quick in adopting new technology, like the financial services industry, who have been at the forefront of technological innovation. It is time the insurance sector does the same. Luckily, we have seen certain pockets in the insurance industry follow suit, such as Lemonade, who launched an AI claims bot. It has the potential to investigate and approve a personal lines claim in a record, yes wait for it, 3 seconds!