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Insuring the future

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Liberty has recently launched a new generation insurance product that uses telematics, chatbots and new technology, allowing for enhancements to be made in real life.

Imagine a future where ‘simple, flexible and  transparent’ are words you would use to describe the service you receive from your insurer.  What if the quick, friendly exchange that made your day was with a robot that processed your claim with lightning speed using a friendlier and easy-to-use platform?

That scenario is not as far-fetched as it sounds.  In fact, it is what you can expect from Liberty’s Short-term insurance offering, which has been developed together with our underwriter Standard Insurance Limited (SIL).

The short-term insurance market in South Africa is extremely competitive but we identified a gap for a fully digital offering a while ago. The number of digitally savvy consumers who bank, shop and make payments online is growing rapidly and they expect simplicity, convenience and innovation from other products and services, including insurance.  That is certainly true of our current and prospective customers. We are therefore launching a Short-term insurance business that meets the needs of our customers.

Together with SIL we are building a new generation insurer that uses telematics, chatbots and other cutting-edge technology which allows enhancements to be made in real time.  Thus ensuring our products and services are agile and evolve with time as the circumstances and aspirations of our clients change.

With the distinct make up of our offering, we have truly brought the concept of Artificial Intelligence (AI) to life. AI which is based on the idea of building machines capable of thinking, acting, and learning like humans allows for a business and brand such as Liberty to respond more effectively and efficiently.

We have developed a bot (a web robot based on a software application that runs automated tasks over the internet) that has a personality; it is intuitive and learns with each customer interaction so that it can classify, identify and understand customer needs. And it can also deliver a firm quote within five minutes.

The Liberty Short-term insurance’s value proposition will appeal to digitally savvy professionals as well as to people who want to experience exceptional service without the excessive bureaucratic rigmarole. Many of the targeted consumers have grown up with technology and readily embrace telematics and chatbots, which are revolutionising financial services around the world.

Buying insurance can be intimidating for younger drivers and bots can make the experience easier and friendly.  Traditionally, younger drivers also pay more for their car insurance premiums but that’s changing, thanks to telematics. Demonstrating you’re a safe driver regardless of your age makes premiums affordable. Research has also shown that drivers don’t mind sharing data if it comes with benefits.

In our case, we will be offering a significant discount based on a ‘driving test’ that measures driver behaviour over a two week period. The premium reduction kicks in after (within 2 weeks/ 300km) the test is successfully completed and will apply for the remainder of the year until renewal.  All clients will need, is a mobile phone and the Liberty’s Short-term insurance app, which they will also need, to access emergency services.  However, customers can engage on any digital channel, including Facebook Messenger, to get a quote, make a claim and to service their policy.

We are starting off with car insurance, but we are planning to broaden our offering later this year.   We will leverage SIL’s existing claims-handling capabilities with a dedicated Liberty Short-term insurance team to service the Liberty customer base.

As for the future, we are excited by the power and flexibility of the technology we’re deploying and the freedom to explore new features, guided by customers’ needs and wants.

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Now download a bank account

Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.

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This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.

“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.

“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”

The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:

  1. Download the Absa App
  2. Choose the account you would like to open
  3. Tell us who you are
  4. To keep you safe, we will verify your cell phone number
  5. Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
  6. Tell us where you live
  7. Let us know what you do for a living and your income
  8. Click Apply.

 

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How we use phones to avoid human contact

A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.

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Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances. 

Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?

The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.

In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.

Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.

Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”

To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:

·         I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?

With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.

·         Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?

Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.

·         I’ve lost my phone! How will I keep myself entertained now?

Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.

 

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