“For insurers, the same challenges exist in South Africa as in other countries – many companies still aren’t flexible enough to meet market demand. TIA can help change that.”
Virum, Denmark (PRWEB UK) 6 February 2017
The South African insurance market is currently experiencing a period of unprecedented change. A large portion of the population remains uninsured and the lack of available insurance products catering for this uninsured segment remains a big challenge for local firms. Demand for insurance is still growing, but insurers are struggling to bring products to market quickly enough to address the need. Mr Horn explains, “For insurers, the same challenges exist in South Africa as in other countries – many companies still aren’t flexible enough to meet market demand. TIA can help change that.”
Alongside growth in demand, the South African insurance market is also coming under increasing pressure from regulators to change business practices. The main driver for change is to increase transparency for the customer, so they can clearly see the breakdown of costs when they purchase a policy. However, there will be big implications for local insurance brokers. They are the primary distribution channel in the region and will have to absorb the costs of these changes, while still offering superior levels of service.
The TIA Solution addresses this challenge and builds compliance in from the start of the insurance value chain. It helps insurers and brokers comply with changing regulations in a cost-effective way – and stay in business. “We’re working hard to help insurers and brokers alike remain compliant, without losing their livelihoods,” explains Mr Horn.
With customers increasingly shifting to digital channels for sales and self-service, insurers need to keep up. To respond, these companies need to modernise their technology infrastructure to deliver enterprise-wide benefits and efficiencies. TIA brings years of experience to the South African market and is perfectly positioned to help insurers improve their operational excellence through technology innovation.
Most firms still have an over-reliance on IT and development teams to configure and launch new products. Using TIA’s technology solutions, insurers can launch a new product in days or weeks instead of months. What’s more, TIA can help insurers bring these products to market via non-traditional, online sales channels to better suit the way customers research and purchase insurance today.
“We understand that local knowledge counts – and in such a fast-changing market, we’re confident that we can add real value to the local insurance industry in South Africa,” adds Christian Kromann, CEO of TIA Technology. “We’re excited to be here. We’re eager to provide great service, expertise and hands-on support to insurance companies and technology partners in the region.”
About TIA Technology
Our core insurance software gives insurers the flexibility and customer insight they need to stay relevant and evolve with the market. The proven TIA Solution means insurers can count on a safe investment. And with 30.000 insurance professionals in more than 50 companies using the TIA Solution across 30 countries, we are a leading provider of integrated policy and claims solutions.