There is only one silver-lining to the Covid19 pandemic that has costed millions of lives and severely impacted the global economy over the past two years: Digitalization. From shopping for groceries to investing in stocks, everything happens online today which in turn has been highly beneficial for all parties involved given the improved efficiency, accuracy & accessibility.

Digitalization in the Insurance sector

The insurance industry was among the first to embrace the digital transformation that was a result of restricted mobility & contact due to the global pandemic. Not only did they find creative ways to render their services unhindered by circumstance, the industry also was the most agile & adaptable as demonstrated by extending their products, or modifying same, to include coverage for Covid19-related hospitalization or death.

The Digital Transformation is here to stay. Having realized this, insurers were quick to innovate to stay ahead of the curve and competition. Two products available to underwriters that have made processes entirely paperless & convenient are DigiNet & DigiEye. They are both insurance apps that enable insurers to conveniently handle communication & deliver services to clients.

How DigiNet and DigiEye can contribute

DigiNet is a unique platform offering a host of benefits to insurers such as lead management, document management, policy issuance and administration and MIS for management review. The platform is highly encrypted thus optimal in terms of security. The service essentially automates the entire broking/aggregator process saving time & effort for all stakeholders concerned.

Claiming Motor insurance is generally perceived as being tedious. Through the DigiEye app, which has gained a great deal of popularity in the insurance fraternity within a short span of time, the insurer can note the geolocation of the accident remotely and asses damages via a livestream. This will only take a few minutes as opposed to the conventional approach that requires customers to wait at the site of the accident until an agent arrives. The simplified process makes claims process faster, more efficient & stress-free. Due to products such as these that are appealing to the tech-savvy millennial generation, the insurance sector globally is set to see a boom in the foreseeable future. The population without insurance is already shrinking in the US & UK especially following the pandemic because the importance of insurance was particularly felt during this period.

The insurance industry has always been at the forefront of innovation globally. It is emerging as a model industry for other financial services to learn from given that their digitalization started ahead of the global pandemic. Apart from apps/platforms such as DigiEye & DigiNet serving the industry/insurance providers primarily, there are several applications that are designed to service the customer such as aggregators that consolidate all products, providers & premiums to a single platform for convenient comparison.

Most insurers today have their dedicated mobile applications via which basic services such as updates, alerts, premium payments etc. are facilitated. Beyond that, to ensure internal processes are smoothly managed, more sophisticated products such as DigiEye & DigiNet are widely sought after. Although sophisticated in terms of encryption and other technical aspects, these technologies are easy to navigate – can be used by anybody, anywhere in the world.