Last month MicroEnsure’s Client Relations Manager, Leona Lillian Abban, presented at two events in Ghana.
At the Pan-African Bancassurance & Alternative Distribution Conference: ‘Innovate or Die’, Leona’s presentation focused on ‘Bancassurance for All in a Digitised World’,
The power of Mobile technology
The GSMA 2018 report notes that in Sub-Saharan Africa in 2018, there are 445M Mobile Subscribers and in West Africa there are 176M Mobile Subscribers. There are 140 live Mobile Money Services in 39 Countries in Sub-Saharan Africa and, and 57 live Mobile Money Services in 15 countries in West Africa, delivering financial inclusion to the unbanked.
Organisations such as Accenture Labs and Grameen Foundation India have used emerging technologies to help increase adoption of financial services among low-income women. Augmented Reality (AR) and Artificial Intelligence (AI) technologies apps provide platforms that can translate information into local languages and voice-overs for non-literate customers.
A local market trader, in the comfort of her home, without having to commute, can sign-up for insurance herself and receive regular communications and financial inclusion tips in her own local language.
Claims can be received electronically, validated electronically and paid by Mobile Money
Leona went on to say, human interaction and communication is still vital in a digital world, to support customers and to deepen trust for financial services.
Leona was also part of an expert panel at the 13th Consultative Forum in Accra, ‘Treating Customers Fairly in InsurTech’.
Opportunities created by mobile insurance and other digital technologies to better meet the needs of customers also introduce new consumer protection concerns. The panel explored the question of whether customers are treated fairly from the perspective of regulators and the industry, and what actions can be taken to ensure customers receive fair treatment.
Communication with Customers
If customers do not understood your sale or pitch, it is no better than no communication taking place. Your customer holds the important decision to buy or not to buy. It is therefore critical to convey each point carefully and in simple language that can be understood and interpreted in the way that it was intended.
MicroEnsure Ghana Call Centre, an outbound sales solution, has seen a conversion rate of 80% on the Airtel Insurance Policy. Call Centres must be available to pick up when technology can’t respond to all customer queries and concerns, providing a seamless customer journey.
You can find read a summary of some of the lessons learned and see presentations from the 13th Consultative Forum in Accra, Ghana, here.
To find out more about our work you can contact Leona at MicroEnsure