Zambian insurance industry is yet to evolve, technologically

Zambian insurance market

Image courtesy: Roach

The Zambian insurance industry is found to be lagging behind in technological advancements, as compared to the rapid technological innovation in the global insurance market. This is in spite of the fact that Zambia was reformed as a liberalized economy not more than two decades ago, says an article published on AllAfrica.

The industry is still struggling with using technology at the basic level. For instance, most of their documents such as motor certificates, amongst other policy documents, are still issued manually. Considering that with more investment in Information Communication Technology (ICT) systems, human error can be substantially minimized, the Zambian insurance industry will have to recognize the apparent benefits and act on its decisions faster.

In fact, the few companies that do have internal ICT systems do not have provision for linking them up with their intermediaries or offsite operations. The Zambian market also lacks national database, from which centralized pooling of information can be accessed.

In the area of e-marketing, however, some insurance companies do advertise their products on their websites, but overall, not much has been done yet. In order to make it easier for both the insurer and the insured, insurance companies need to focus on building systems that can allow smooth transactions without physical contact between them and their customers. This change is very important because technology has altered much of human interaction in the business sector, especially insurance sector. Globally, many insurance companies have become frontrunners in integrating technology into their business operations. 

The next step for marketing would be to explore the benefits of the mobile technology. The Zambian insurance industry could find immense opportunities in this area as well, just as people around the world turn into smartphone users.

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