Digitisation and insurtech in times of COVID-19
Explore the impact of COVID-19 on insurers in Eastern and Southern Africa, the extent of digitisation in sales operations, and the requirements for remote sales during these challenging times. Insights reveal the current impact on sales and premium collection, changes in business operations, and the adoption of digital contracting and remote onboarding by insurers, insurtechs, and microinsurers.
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Presentation Transcript
06 AUGUST 2020 WEBINAR Digitisation and insurtech in times of COVID-19 The evolving approach of African insurers, regulators and insurtechs
THE IMPACT OF COVID-19 ON INSURERS IN EASTERN AND SOUTHERN AFRICA Panellists
Current impact of COVID-19 on sales and premium collection n=64 Changes in business operations due to COVID-19 Increased 13% 11% Premiums collected New sales -64% -67% Decreased Premiums collected New sales *N/A responses not included in visual Source: OESAI, FSD Africa & Cenfri (2020) 4
DIGITISATION AND INSURTECH IN TIMES OF COVID-19 Extent of digitisation of sales Extent of digitisation prior to COVID-19 Digitisation as a result of COVID-19 n=68 *multi-tagging Issuing policy documents or Issuing policy documents or certificates certificates 35% 35% 19% 19% 34% 34% 4% 4% Sale of new policies Sale of new policies 19% 19% 13% 13% 47% 47% 9% 9% Completely digitised Digitisation in progress Digitised prior to COVID Struggling to digitise *N/A responses not included in visual Source: OESAI, FSD Africa & Cenfri (2020) 5
DIGITISATION AND INSURTECH IN TIMES OF COVID-19 What is required to do remote sales? Step 2: Step 3: Step 1: Remote CDD/KYC onboarding of customers Consumers able and willing to engage digitally Digital contracting
Extent of digital contracting and remote onboarding Do you currently do remote CDD onboarding of customers? Do you currently use e-signatures to conclude the sale of insurance? Insurtech (n=4) 25% 75% 0% 50% Insurtech (n=4) 50% 0% Microinsurers (n=4) 50% 50% Microinsurers (n=4) 75% 25% Insurers (n=31) Insurers (n=31) 48% 48% 4% 39% 58% 3% No N/A Yes 56% Lacking the internal systems 67% Lacking the internal systems 22% Uncertain if regulation allows for this 27% 27% Uncertain if regulation allows for this 17% Regulation does not allow for this No private/public identification databases enabling this 6% In the process of doing so 20% Regulation does not allow for this 20% of respondents have not yet seen regulatory support for e-signatures, but would like to 26% of respondents have not yet seen regulatory support for remote onboarding, but would like to Source: OESAI, FSD Africa & Cenfri (2020) 7
THE IMPACT OF COVID-19 ON INSURERS IN EASTERN AND SOUTHERN AFRICA Claims 8
Current impact of COVID-19 claims Changes in business operations due to COVID-19 n=64 Increased 23% Claims paid Decreased -31% Claims paid Source: OESAI, FSD Africa & Cenfri (2020) 9
DIGITISATION AND INSURTECH IN TIMES OF COVID-19 Extent of digitisation of claims Extent of digitisation prior to COVID-19 n=68 Digitisation as a result of COVID-19 16% 16% 34% 34% 6% 6% Paying claims Paying claims 38% 38% Processing claims Processing claims 35% 35% 21% 21% 35% 35% 6% 6% Completely digitised Digitisation in progress Digitised prior to COVID Struggling to digitise *N/A responses not included in visual Source: OESAI, FSD Africa & Cenfri (2020) 10
DIGITISATION AND INSURTECH IN TIMES OF COVID-19 Concluding remarks What do you think are the greatest opportunities and challenges the insurance sector in SSA will face regarding the digitisation of sales and claims? Alternatively, if you have any advice for one another (e.g. insurtech to insurer and vice versa), what would it be? 11
THE IMPACT OF COVID-19 ON INSURERS IN EASTERN AND SOUTHERN AFRICA Publications This report takes stock of the impacts of the pandemic on insurers, based on interviews with 34 insurers, insurtechs, reinsurers and insurance and broker associations across 18 markets. Upcoming webinars Reinsurance and COVID-19 Thursday, September 3rd from 16h00 -17h00 (EAT) 12
