The Future Of Insurance Is Digital

How To Succeed In A Post-Pandemic World

Ken Maw

How To Succeed In A Post-Pandemic World

The past 18 months have posed challenges for every single industry globally. As we emerge from the pandemic, it has become clear that digitisation and customer focus are the most effective ways to safeguard the insurance industry for the future.

When the pandemic hit, most businesses scrambled and hurriedly shifted online. Operating outside of offices allowed businesses to survive during lockdowns and to continuously service the customers – but that was 2020. Now is the time for our region and our industry to build a post-pandemic future.

Growing Digital Opportunities

Generally, the finance industry has been conservative and not necessarily an early adapter of new technologies. However, over the past decade or so, most banks have developed browser-based and app-based solutions to enhance customer experience.

Following this, a few UAE-based insurance companies have also launched online platforms and mobile apps. However, overall, the industry remains to be about a generation behind the banking industry, and this needs to change.

“The first step towards modernisation is understanding the insurance industry’s current position. After this, the industry can chart a path towards a digital future. It’s time to take the bull by the horns and progress more aggressively than we have previously done.”

The Insurance Authority (IA) is already leading the way. As the supervisory and regulatory body for our industry, IA has started working actively with stakeholders throughout the industry to develop a digital future. Key focus areas include streamlining companies, training staff, focusing on customers, and protecting against cybercrime.

Streamlining Companies And Training Staff

The Middle East insurance industry has excellent potential. To realise this potential, it needs to streamline operations and become leaner. We need to reassess our work ethos and find a way to improve how we work without losing our unique culture.

One of the industry’s biggest resources are its people, however, tasks and responsibilities can be organised more efficiently. Targeted further training is the key to achieving this goal.

IA is currently lobbying for mandatory training for employees in the field. This is one step towards stricter quality management. The Dubai Health Authority is a great example. The organisation requires each employee to log annual training sessions to ensure it delivers a consistently high level of service. Although insurance companies are privately held, creating an industry-standard training requirement can work here, too. Having better-trained staff is an opportunity for the entire industry.

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