The insurance industry is a powerhouse both locally and abroad as it employs thousands of people. However, it is subject to increasing number of pressures that have threatened its business model over the years. These companies are tasked with a growing number of premiums in a competitive market in part by structural changes and new insurance players or targeted offers (as we discussed in this piece) looking into new frontiers to cover in an otherwise saturated industry.
One of Kenya’s top insurance organizations APA has decided to explore a new strategy and technology to respond to customer experience challenges. This development is tied to the emerging focus to improve the quality of customer interactions. It also appears that this move is integral to the efforts to heighten retention and growth, thus addressing high product saturation as well as growing customer demands from a new generation of clients.
APA attends to individuals and corporates. It plans to optimize the mentioned process by turning to technology corporation, IBM. The collaboration will ensure prompt claims processing, more relevant premiums to improve customer retention and retention of its medical clients.
It has also been revealed that IBM will leverage APA’s large volumes of data on policies, risk assessment and claims histories to curate real insights. The American corporation will apply the services of Comztech and engage APA stakeholders in using IBM Business Intelligence (BI) tool to tackle a number of challenges the Kenyan insurance company is facing.
At the same time, APA health client database will be upgraded to a single view in a bid to improve its product offering. Both IBM and Comztech will be part of this development in the coming days.
“With IBM Cognos Solutions, we have greater visibility into medical policies, premiums, and claims experience through enhanced dashboards and reports. The dashboards provide us with insightful customer analytics that is helpful as we work on improving our product offerings.,” said Mr. Vinod Bharatan, the CEO of APA Insurance.
“The solution offers the entire business intelligence stack needed to visualize APA’s data. Its smarter, self service capabilities and the continuous availability of APA Insurance team made the implementation seamless.” said Felix Munyoki, the Systems Engineer of Comztech.
“By leveraging IBM Analytics to mine and analyze data, APA has been able to discover new reliable insights and trends in a timely manner, offering a single source of truth. This has helped to improve customer service, claims settlement and ultimately improved customer loyalty and enhanced the company’s bottom line,” said Nik Nesbitt, Country General Manager, IBM East Africa.