ROI is Dead
Episode – 2: Fact Check
Authors: Venkat Santhosh Subramanian & Benito John
Welcome back.. If you are reading this, by now, you should have come to terms with "ROI is Dead". Here is a quick recap of Episode 1. Please look at the depiction. This is all you had to infer from our previous episode.
1. Association of Kenya Insurers (AKI) embarked on a Digital Transformation journey with Zero CAPEX investment, thanks to SwiftAnt. The goal was to reduce fraudulent motor insurance policies. AKI only paid SwiftAnt in a Business transaction model, i.e., unit rate per policy that was Digitalized and issued. The curtain was down for Paper based certificates with $ 5 MN USD cost savings across 3 years. The Digital certificates could be instantly verified with QR codes on web, mobile & USSD. Please click here to access our success story published by Microsoft.
2. Insurance Association of Zambia (IAZ) dematerialized their Physical Insurance Stickers with Zero CAPEX and gained from reduced management expenses by 20%. They acquired digital capabilities and pay a small fee per issuance of a Digital Insurance Policy. The benefits however to be reaped are immense with massive reductions in fraud, efficient logistics of cover note distribution and reduced congestion at member company offices and agencies. Similarly, the whole verification process is streamlined and user friendly via the web, mobile app and USSD.
3. Association of Kenya Insurers (AKI) furthered their Digital campaign into the claims management by automating & Digitalizing the claims process with Zero CAPEX. Claims can now be reported under 3 minutes & tracked end to end. This has resulted in significant reduction in claims Fraud, which was 25% of the over all claims. Fees ? They pay a very small transaction fee.
Companies mentioned below embarked on Digital transformations with SwiftAnt.
1. AFG Group of Insurance companies in West Africa
2. Hollard Group of Insurance companies in Zambia
These companies now issue Insurance policies in 3 minutes, Insured have submitted claims in 3 minutes, The KYC process has become instant. Less keystrokes due to the use of quick scans using Machine Learning and Artificial intelligence. Immense reduction in fraudulent claims and a host of value added services like instant emergency support.
Fees ? The answer is obvious – Zero CAPEX. They pay a very small fee per issuance of a Digital Insurance policy.
What are you waiting for…. ??
Watch short videos to know more about our suite of products in InsurTech.
Video 1: Our product for Insurers Associations
Video 2: Our product for Insurance Companies