INSURANCE
Trends that will Mold • Digital transformation modifying Business Processes • Diversifying Service Offerings to Meet Changing Markets • BIC shifting from Legacy-focused to Innovation focused?
T By William Surmon, Executive Head: Sales and Marketin
In a more radical thought process, BIC has had to truly consider a complete shift in their company culture: whether to shift from legacy-focused to innovationfocused.
he best of Insurance companies have been widely revered for their conservative nature and esteemed for their legacies. These factors have been considered by consumers for centuries while looking for the perfect insurance company. The last few years, however, have witnessed a great disruption in the industry’s way of operating due to an upcoming generation whose behavior is completely dissimilar to the previous ones. With new industries, customers, risks, and new competitors comes a new world. This new world demands new solutions. Digital transformation is the utilization of digital tools to modify business processes. Whereas in time past the insurance industry has held fast to their ways of operations, the dawn of Insurtech companies along with COVID-19 has pushed the industry in the digitization direction. Research from Deloitte indicated that, “Digitization plays an important role in product design, product distribution and service delivery in the insurance industry.” Incorporating digital into the organization might be costly but it will save companies much more in the long run. At BIC, we have realized that digital transformation has the potential to speed up the marketing of products and service; it has already drastically reduced marketing costs through digital marketing. This has led to lower service costs for consumers and it has unlocked formerly inaccessible markets. Additionally, diversifying service offerings to accommodate the changing markets and the threats they bring will intrigue the new, tech-survey audience your organization desires to attract. BIC Strides Magazine
20
August 2021
has recently launched their Nkamo and A re Bue virtual offices. Nkamo allows consumers to request for quotes, submit KYC documents, apply for policies, make claim follow-ups, check claim status and rate the service. The A re Bue platform is a feedback system that permits users to provide feedback on services rendered through simply scanning a provided QR code. Another unique offering and solution offered at BIC is the comprehensive cybersecurity insurance which mitigates the rising concerns associated with cyber-attacks. With every new
