Microinsurance is quickly becoming more prominent in developing countries throughout Africa, Asia and South America. Mobile technology is part of the solution and can play a big part in customer retention, ways to pay and access to services.
A need for a more modern approach to insurance will be required as a result of the introduction of Solvency II in 2016. In order to comply, insurers will need time to overhaul their systems and think about whether to keep operations in-house or outsource some of them.
The management team of Open International, a leading supplier of software and services to the general insurance market in the UK and Ireland, has announced their acquisition of the company from private shareholders. The transaction will complete on approval from the FCA (Financial Conduct Authority).
The digital era is here and insurers are starting to embrace it - if albeit slowly due to short-term thinking, a traditional mindset and inefficient legacy systems. Throw telematics and social media into the mix and it becomes clear insurers need to take advantage of what digital has to offer.
Running a successful business is, in part, down to having a happy and loyal customer base. In this article, we take a look at how listening to your customers, building loyalty and a good service will stand you in good stead.