Even as it continues to execute a successful turnaround strategy, general insurer Key Insurance Limited is looking to deepen digital services as streamline processes and leverage technology to enhance speed, accuracy and reliability across its operation.

After realising noticeable gains from a range of activities including the introduction of a WhatsApp chatbot during the second quarter of its 2022 financial year, the company’s directors said the business was able to also increase communication with customers while delivering on some digital transformation objectives.

“The training of several additional brokers to use our online platform resulted in an increased utilisation rate of our platform to 50 per cent above our target,” General Manager Tammara Glaves-Hucey said in the company’s recently published annual report.

She said that in anticipation of the challenges this year, the modernisation of operating models along with greater investments in a number of strategic areas, including its people — through technology and training — will further empower the company to deliver customised service and products to market.

“We view product diversification as a key component in building a sustainable business. As such, we seek to consistently improve our offerings and the experience of our customers by utilising technology to aid in developing and delivering enhanced products economically,” Glaves-Hucey added.

Chairman of the company Don Wehby, in further attributing the growth seen across the company’s business to the introduction of its digital platform, credited its usefulness in facilitating the submission of claims as well as the payment and renewal of premiums during the year.

At the end of December, total gross written premiums (GWP) surpassed target, amounting to $2.2 billion for the 12 months after witnessing growth of more than $300 million or almost 16 per cent above the prior year. Motor products, which accounted for a bulk of those written, closed at 72 per cent while the remaining 28 per cent was for non-motor products. Owing to the growth in technology, the insurance company for the year also managed to secure a larger share of the local general insurance market

A member of the GK Group, which up to last year invested approximately US$1 million in insurance (insurtech), Key, one of a number of insurance companies for the group, is to also benefit from the significant investments made. Following the forging of partnerships with insurtech platforms such as Haven Technologies and Novidea, the chairman said the group is also now well-positioned to improve its insurance policy administration systems and data-driven insurance management platforms.

“We look forward to unveiling more digital insurance solutions to serve our customers’ needs in 2023, and beyond,” Wehby said.

“The company is currently in the process of improving the user experience and functionality on our website which will allow our customers to interact with us seamlessly and manage their risks at their own convenience along with improved product offerings,” the report further stated.

The general insurer, which primarily offers a range of insurance protection across property, personal and commercial classes, up to December 2022 reported revenues of $2.5 billion, 17 per cent more than the $2.2 billion it earned in 2021 despite profit dipping to $54.2 million.

However, the company in boasting a strong liquidity position said it remains well-capitalised and poised for future growth. As at December 31, 2022 its shareholder equity increased to $1.1 billion, total assets to $5.1 billion backed by a minimum capital test (MCT) ratio of 234.4 per cent.

“We will continue to build our business with operational resilience. We are excited and confident about the future. Our focused approach to delivering economical insurance solutions, enhancing risk selection, strengthening and leveraging existing and new relationships, managing expenses and diversifying our channels and product offerings will lead to continued success.

“We continue to work on our digital channel to improve its functionalities thus providing greater customer experiences. These initiatives, we believe, will further drive our market share and increase customer satisfaction,” the directors said in an outlook.