Insurance companies have been urged to leverage technology to come up with customized products for customer needs.
"If the industry is to grow, there is going to be a need to look at what each customer wants. There is a unique attribute that each customer has that you should look at. Tailor a solution to this attribute. Give customers what they are looking for and bring them closer. This means convenience is key," Michael Niyitegeka, the Executive Director of Refactory Ltd said.
He was on Thursday giving a keynote address during the 61st CEOs' breakfast meeting organized by the Insurance Regulatory Authority at Kampala Serena Hotel.
Niyitegeka told insurers that in today's evolving market, customers demand more than generic insurance product but also seek solutions that align with their unique needs, preferences, and life circumstances.
He urged insurers to align to this need if they are to remain relevant.
"If you are going to think about the customer, do it from a point of knowing who he is. He is a father, husband and all sorts of things that describe him. Then ask what he comes with and reflect on it deeply. Your consumer is thinking deeply around convenience and will be looking for an insurer who give it to him quicker. This means you must tailor needs to this."
He urged insurers to make use of technology to provide insights into who their customers are and what they need to be able to tailor solutions.
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"There is need to think about creating value about the products you have. Many people spend a lot of time on the internet but of all this time, is your company one of those they think of while on internet?"
"The consumer has evolved and is constantly going to evolve. In a situation where we have more than 70% of our population below the age of 30, it is only evident you are going to have more people using devices to access services and if your product doesn't have a distribution channel that is digital enabled, you are certainly going to struggle with how you keep up with the industry."
The Insurance Regulatory Authority CEO, Al Haj Ibrahim Kaddunabbi Lubega urged insurers to use technology or perish.
"There is need for insurers to interact with consumers to see which products they would need. There is need for insurance companies to engage with consumers before coming up with any product. This is critical that you have to be intentional in whatever you do by make use of technology which talks to people's needs," Kaddunabi.
