Assupol accelerates its digital transformation amid boom in insurtech

Nomthi Nelwamondo, IT director of the Assupol group.

Nomthi Nelwamondo, chief information officer of South African insurance company Assupol, said the company is accelerating its digital transformation initiatives to stay ahead of the curve.

Nelwamondo joined Assupol in January 2019 to take on the position of CIO. Prior to joining Assupol, she was CIO of Liquid Telecom SA and previously held a divisional CIO position at Telkom.

She has also held various senior management positions in the areas of IT, telecommunications core networks, wholesale network service operations and Internet services.

In an email interview with ITWeb, Nelwamondo states that Assupol continuously invests in the latest and most relevant technologies, as well as technology partners in its business processes to ensure that the insurer remains competitive in this digital age.

Assupol’s decision to invest in digital technologies is driven by the emergence of insurance companies that are disrupting traditional insurance business models by leveraging technology.

These insurance companies are using technologies such as automation, robotics, Internet of Things, machine learning and artificial intelligence to disrupt the insurance industry.

According to Markets and Research, the paradigm shifts of insurance companies towards the integration of cloud computing, the growing adoption of predictive analytics, and the increasing demand for improved customer services are driving increased demand for ‘insurtech.

Venture capitalists are also showing a lot of interest in insurtechs. A recent report from reinsurance broker Willis Re, global investment in insurance start-ups totaled $ 10.5 billion in the first nine months of 2021, a record.

It indicates that investments in the third quarter totaled $ 3.1 billion, up 23% from the third quarter of 2020 affected by the pandemic.

Banks are also putting pressure on the insurance industry, which is aggressively pursuing the digital insurance space.

Founded in 1913 as a funeral company, Assupol is one of the oldest insurance companies in the SA, offering funeral, life, savings and retirement products.

“As an insurer for the people, Assupol’s technological capabilities aim to improve efficiency and increase access to services for customers, while making it easier for businesses to comply with relevant rules and regulations that govern the insurance industry, ”explains Nelwamondo.

Information technology is therefore a strategic catalyst in a changing operational and regulatory environment, she adds.

“In support of Assupol’s broader strategy, we continue to move forward on our path by using digital technologies to diversify our market segments and expand into our core market. This has allowed us to serve more customers across different channels, which has allowed more people to engage with our brand online, including on social media.

She points out that the company’s focus on technology investments has been to streamline processes, modernize technology infrastructure, improve customer experience, and ensure business resilience.

Some of the technologies include cloud services, data analytics, next-generation SD-WAN infrastructure, cybersecurity, as well as customer relationship and engagement management.

She explains that before COVID-19 reached the South African coast, Assupol had implemented a digital and information security strategy and had put in place digital workforce capacities for the personnel can securely access the systems.

“We have also put in place capabilities for our customers to interact with us through digital and self-service mechanisms to allow us to continue to deliver on our commitment to serve our customers. By using online collaboration tools, Assupol was able to easily switch to remote work, resulting in increased productivity across the organization.

According to Nelwamondo, Assupol is committed to a modernization and a multi-year digital journey focused on improving customer engagement for a better and consistent experience across different channels. The insurer is also focusing on automating customer engagement and operational processes and on using digital technologies, such as cloud computing, to meet business needs by creating customer-ready applications. cloud.

The company also enables the use of different technological devices as part of frontline and back-office processes, she adds.

With more and more organizations using remote work, cybercrime is also on the rise.

“We have noticed an increase in phishing activity in the ICT sector. Assupol’s information security strategy has always been focused on protecting strategic information assets by integrating security by design and continuing to improve our security posture.

“We continue to improve security measures to protect our business and our customers against criminal activity,” she concludes.

Assupol accelerates its digital transformation amid boom in insurtech

Source link Assupol accelerates its digital transformation amid boom in insurtech

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