Collaboration between insurers and the start-up insurance tech (InsurTech) firms will help underwriters cope with the rapid technological advances in the sector and promote competition as well as innovation.
Winnie Badiah, chief executive at GrassRoots Bima, a local InsurTech firm, said the insurance industry is the most threatened by disruptive change.
“Underwriters are aware of the disruptions and changes facing their industry, the transformational impact of which is now evident,” she told the Business Daily.
GrassRoots Bima established last year is the brain behind WazInsure app that enables interaction between agency networks and clients.
WazInsure app is designed for insurers to distribute and administer their insurance policies online and is integrated with a mobile app for customers to access the insurance products.
The platform is expected to cut insurers’ costs associated with traditional insurance management.