The world of insurance is undergoing a transformation that even your Auntie Mavis would find impressive. Thanks to innovations like telematics and artificial intelligence (AI), the insurance landscape, especially car insurance, is getting a serious technological makeover.
As a company constantly looking at how we can tweak and even revolutionise the insurance industry (we’ve done it before, we’ll do it again), we are watching this space with the expectations of a kid who’s only allowed to eat cake at their birthday party. And it’s party time.
So, buckle up as we take a ride through the techy twists and turns of modern insurance.
The digital revolution is more than just a buzzword
Let’s face it… The insurance industry has been slower than a tortoise on a lazy Sunday to adopt new technologies. But now, with the digital revolution in full swing, insurers are finally getting with the times. With the rise of digital platforms, buying and selling insurance has become as easier than ever, something we’ve personally known about for a while, actually.
You see, a few years ago in our kingdom, we launched our King Price Insurance app, where policyholders can update their policies, submit claims, and so much more. No longer are South Africans stuck filling out endless paperwork while waiting for a claims adjuster to show up. Not when they can be insured with the king and take advantage of our digital insurance solutions that are geared to make their lives easier.
AI: The new crystal ball
Let’s talk about AI. No, not the kind that takes over the world in sci-fi movies, but the friendly kind that helps insurers make better decisions. It’s been reported by the geniuses (we don’t them by name) who talk about digital trends, that AI can analyse mountains of data faster than you can say ‘premium increase,’ predicting the likelihood of claims based on your profile and past behaviour. To put this in more practical terms, it looks like AI could be used to help insurers identify patterns that humans might miss.
The end result is a way for insurers to price their products more accurately. This could mean that you might end up paying less for your insurance if you’re a safe driver. At King Price, we already employ human geniuses and digital solutions to do just that and it’s this fierce combination that allows us to give you the most competitive premiums around.
Your car has a new best friend (the IoT)
Were you wondering if we were going to get round to the Internet of Things (IoT)? Wonder no more, because we’re fully committed to chatting about this tech wave. Essentially, the IoT can be thought of like a social network for devices. It allows them to communicate and share data, which in terms of the insurance industry, could allow your car to ‘chat’ with your insurer, providing real-time data about your driving habits.
Essentially, with IoT, insurers can offer hyper-personalised premiums based on your actual driving behaviour. If you’re a careful driver who obeys the speed limit and uses your indicators (a rare breed, indeed), you could see significant savings. We’re not just excited about being able to lower your premiums even further, but because reports like this 1 by Cigniti, states that insurers using IoT could improve risk assessment and prevent losses by proactively managing potential issues before they escalate. We far rather there be a way to nip things in the bud before a little molehill turns into a massive mountain, don’t you?
The future of a tech-driven insurance landscape
The reality is that tech is going to continue to shape the whole world, and of course, that includes the insurance industry. Even in our sunny corner of the globe, we’re sure that there’s going to be an impact on how we offer South Africans our royally affordable and reliable insurance that they can trust to have their backs. And you can trust that we’ll always push for innovations that not only makes your insurance dealings with us more efficient, but also improves your overall customer experience.
Curious about how we blend digital solutions with our royal human touch? Just click here for a commitment-free insurance quote or you can WhatsApp us on 0860 50 50 50.
Psst… This blog provides general info only and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Our website T’s and C’s can be found here.
King Price Insurance Company Ltd is a licensed non-life insurer and registered financial services provider. (Reg no. 2009/012496/06 | FSP no. 43862)
