Known as Pamsmart, the cloud-based platform will allow different players to create products relevant to specific target group and businesses.
Using data analysis, machine learning and artificial intelligence, it will enable the companies to offer targeted service at greater scale and at lower costs.
Through the platform, insurance agents and brokers will be able to have 360 degrees view of their customers and hence the ability to upsell and cross-sell.
Pamsmart also encompasses a customer portal that will enable customers to manage their policies from different insurance companies on a single platform.
The underwriter’s portal offers end- to- end insurance products and services as the new technology eliminates the need for customers to physically visit insurance companies thus offering flexibility and convenience at a time when the COVID-19 pandemic requires organisations to explore new ways of ensuring business continuity.
The platform also easily integrates with existing insurance digital platforms and eliminates the need for cumbersome insurance paperwork and procedures that have made the insurance sector in Kenya lag behind other financial services providers like banks.
Through the portal, customers can easily check the status of their policies, approvals and even lodge insurance claims.
Brokers and agents will be able to scale their business and focus on the informal sector which is the blue ocean that industry players in Kenya have neglected.
Insurance companies will also be able to manage their intermediaries in a seamless way.
A game-changer in the market, the new portal is also integrated with the country’s telecom giant Safaricom’s M- Pesa platform to allow for ease of money transactions and plans are underway to also bring other payment modes on board.
‘’Changes in the business models, new ways of working along with the digital culture mindset which have emerged in organizations’ response to the current situation calls for new ways of conducting business so that services and products resonate with the new customer dispensation,’’ said Bismart Kenya CEO Eunice Maina.
Maina said the challenges brought about by the COVID-19 pandemic call for solutions which are flexible, convenient and eliminates the need for physical meeting and engagement for both insurance companies and their customers.
Pamsmart reduces the cost of developing new technology by 90 percent as it also offers opportunities for Saccos, fintech and financial institutions to upsell/cross-sell Insurance to their existing customers because it has made the onboarding and claims process simple and efficient.