Getting rid of the insurance industry’s vulnerability

Efma feature

27 December 2016

Ahead of her presentation at Efma’s upcoming Insurance Summit, Angela Mhlanga, head of bancassurance at Standard Bank, tells us about the challenges facing the industry today and what needs to be done to facilitate a better future.

What will be the main focus of your presentation at Efma’s upcoming Insurance Summit?

The focus will be on the use and relevance of data and insights from a strategic perspective. Although data and insights are key to developing strategy, companies often lack granular insights to allow execution of those strategies. I will illustrate practical strategies for advancing the use of data and insights based on our experience. 

What are the key innovations that your company is working on at the moment?

Our main focus is on improving customer experience through digitisation. The insurance industry has a vulnerable point in its lack of responsiveness to meet the customer promise when a claim occurs. Ensuring that we deliver this promise to ‘wow’ customers builds loyalty which allows the retention and attraction of customers. The innovations involve creating solutions that allow us to partner better with suppliers to fulfil the customer promises.

Tell us about your marketing strategies

Our strategies are based on articulating messages that illustrate that we know the customers and the problems they are looking to solve. We are focusing on the precision of insights used to develop our CVPs and utilising those to present messages that assist to attract, acquire and retain customers. The messages are presented in different channels relevant to how the customer wants to consume these messages.

What do you believe the insurer of the future will look like?

The insurer of the future will be intuitive and more responsive to customer problems through use of technology (including the internet of things) and data. There will be increased emphasis on providing exceptional experiences for customers.

Meet Angela Mhlanga. Secure your place at the Insurance Summit in London on 27-28 April 2017.

Keywords : Innovation , Customer experience

Geography : International