Across the country every day, Kenyans are increasingly relying on simple technologies as tools for socio-economic transformation. These innovations have in turn stimulated acquisition of new skills, increased civic participation, and access to Insurance, education, healthcare, public safety among others.

Until recently, insurance has been slow to technological change. The insurance industry seemed to be operating in the same old way while new players worked to technologically disrupt banking and financial management, ticketing, travelling, bill payments etc. That era of stability has ended with increasing deployment of advanced sensor technologies and related services. The Insurers and reinsurers are seeking new and innovative systems to improve service delivery and efficiency within their companies.

A report by Institute on International Finance 2016 examining how technology is beginning to reshape the insurance landscape stated that Insurance is now like other major industries, grappling with the risks and opportunities of new technologies. The report further stated that one of the most exciting implications resulting from these developments is expanded insurability for low- income populations. In turn, this is accelerating competition, innovation and change in insurance.

In light of this, Resolution Insurance has adopted this new technology shift. Recently, we have implemented the SSP Pure Insurance System that is aimed at improving service delivery and simplifying product design processes. The system will drastically reduce exhausting and time consuming manual processes. Customers will benefit from an array of services such as web based application processes, digitized quotes among others.

Further, the integrated portal will support full cycle trading for Resolution Insurance brokers thereby enabling Insurance brokers benefit from single solutions claims management, e-trading across the broker community and overall policy administration.

 

In addition to simplified processes, we cannot ignore the mobile world which is a key innovation contributing to reshaping of the insurance industry today. The growing prevalence of mobile phones provides new methods for insurance firms to communicate with and provide products seamlessly at all hours to their customers, encouraging greater engagement and brand allegiance.

The Insurance market is an information based market since there is a lot of information gathering, processing and distribution and thus technology is needed to manage all this information.

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  18. Cash AND cards to go the way of the cheque?
    Tech experts say payments by mobile will ‘eliminate’ both by
    2020

    Phone chips will become main method of payment

    Users will pay via NFC (‘near field’) chips where
    they ‘bump’ mobiles on tills to pay

    65% of 1200 experts agreed with statement

    Poll includes experts from Google, Microsoft and Harvard

    By ROB WAUGH

    Published: 12:05 GMT, 18 April 2012 | Updated: 12:05 GMT, 18 April 2012

    24

    View
    comments

    Payments via mobile systems such as NFC (near field communications) chips will overtake both cash AND cards by 2020,
    claims a new report

    The pennies in our pockets could soon be consigned to the history books – along with debit and credit cards.

    A poll of technology experts by America’s Pew Internet Research centre found that most predicted that mobile-phone payments would have overtaken both cash AND cards
    by 2020.

    Of the 1200 experts polled, 65% thought that cash and cards
    would be nearly wiped out by 2020.

    The poll included Harvard experts as well as engineers
    from companies such as Google and Microsoft.

    The need for either cash or cards will be ‘eliminated’ by chips in mobile phones.

    In shops, people will ‘bump’ their phones against tills to pay – or simply pay online via apps.

    Many tech experts also believe that the new
    systems will be MORE secure.

    Google chief economist Hal Varian said, ‘Two-factor authentication (secret number + physical device) is better than one-factor authentication, and smart phones seem to have a
    natural role here.’

    Microsoft  engineer Christian Huitema says, ‘We have already witnessed the transition from cash to debit/credit cards.
    The electronic wallet is not much more than a
    ‘virtual card,’ in which near-field wireless communication replaces the
    reading of a magnetic stripe.’

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    The poll, which included experts from Harvard and Google, expected that ‘near
    field communication’ systems – where users
    ‘bump’ phones against tills to transfer funds, as well as online payments from
    phones, would have overtaken cash and cards in eight years
    time.

    Based on a technology known as near-field communication (NFC), Google Wallet allows users to store
    payment information in the cloud and pay for goods at participating retailers by tapping their phone at the point of purchase

    ‘Overall, a majority supported the scenario that by
    2020 most people will have embraced and fully adopted the use of smart-device swiping for purchases they make, nearly eliminating the
    need for cash or credit cards,’ says Pew, a respected technology think
    tank.

    ‘These experts feel that the explosive growth in the use of smartphones
    and other mobile devices, makes these systems an obvious
    choice to replace established modes of payment in day-to-day commerce.’

    The research found that the change is already happening –
    particularly in America, where phones using Google Wallet (a mobile payment
    system) and NFC payment chips are more common.

    A March 2012 Federal Reserve report found that 21% of mobile phone owners had used mobile banking services in the past year
    and that another 11% of mobile owners plan to use such services in the next 12 months.

    The study also found that some 12% of mobile phone owners have made payments—such as
    paying bills online or transferring money directly to another person’s account—via their phones.

    In the developing world, the figures are even higher
    – 20% of Kenya’s GDP is sent via text message every year using the country’s
    M-Pesa system.

    In late 2011, Google launched Google Wallet in partnership with Citibank and MasterCard.

    Based on a technology known as near-field communication (NFC),
    Google Wallet allows users to store payment information in the cloud and pay for goods at participating retailers by tapping their phone at
    the point of purchase.

    Many analysts predict that Apple will announce its own virtual wallet service in the near
    future.

    Google

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