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Insurance of the future

The insurance industry is undergoing dramatic evolution during the COVID-19 crisis, but it is an evolution that began years ago, writes ARTHUR GOLDSTUCK

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Property insurance gets smart

King Price itself is also moving to automated claims management systems, particularly in property insurance. Claims can be logged electronically, authorised instantly, and jobs automatically scheduled with an approved service provider for immediate repair. This allows for more effective claims cost control, shorter claims cycles, and less incident reporting lag time.

The company introduced the process in 2016 as part of a community insurance offering for the sectional title market to address poor insurance service delivery. Initially only available to managing agents, this month sees it being launched through brokers as well. The system integrates all approved suppliers, like electricians and plumbers, into a management platform that allows for faster and cheaper claims services.

“This integration has resulted in profound changes in how we operate and interact with the value chain,” says King Price community insurance partner Ria Furriel. “Multiple stakeholders – owners, trustees, brokers, managing agents and suppliers – can all connect to a central system, interact with one another, and create and exchange value. Everybody is on the same page, all the time.

“By designing, creating and maintaining assets more efficiently, smarter developments give insurers the ability to create more accurate risk profiles – which often means lower premiums. They also enable predictive maintenance, with connected systems able to detect impending issues before they become problems.”

Once all these tools are perfected, it will allow for fully automated vehicle, property and life insurance at the click of a button. It didn’t need a pandemic to get us there, but it is certainly speeding up the journey.

  • Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter and Instagram on @art2gee

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