Key Insurance engages digital strategy to grow revenuesWednesday, October 28, 2020
BY KELLARAY MILES
Key Insurance has touted digitisation and the boosting of operational efficiencies as major parts of its continuous turnaround strategy to improve revenues.
At its annual general meeting (AGM) last week, the company disclosed that plans were far advanced for a November roll-out of a digital platform aimed at providing improved service to customers.
“The online platform will provide our current and prospective clients with the capability to generate quotations, renew existing policies and report accidents. This forms part of our digital transformation efforts which are aimed at allowing customers the flexibility to conduct business digitally in a seamless fashion,” General Manager Tammara Glaves-Hucey said in responding to questions from the Jamaica Observer on Monday.
She said the online platform also has the potential to provide “a wider reach which can potentially boost revenues for the company”.
The insurance company, which has been plagued with a series of losses over the last two years, was acquired by the GraceKennedy Financial Group (GKFG) in March, and under a change of management and improved strategies is positioning itself for growth through a recapitalisation of its base in order to provide attractive return on investments for its shareholders.
Glaves-Hucey noted that, like many other businesses that have had to grapple with the challenges brought on by the novel coronavirus pandemic, digital transformation is a step in the right direction, allowing for greater customer engagement.
“In light of the COVID-19 pandemic, customers are moving rapidly towards online interactions, and we have had to meet them where they are,” she said.
At the AGM, chairman of the company Don Wehby also embraced the prospects for digital expansion as a key driver of growth for the company.
“In these times, this is one of the fastest-growing areas in business. A digital strategy now is a matter of survival, so if there isn't a clear strategy now, we're going to have a problem,” he told shareholders at the virtually held meeting.
He said these initiatives will also help to drive the business of some products offered by the company, such as the recently added cyber liability insurance line. The policy offers coverage for incident response, system failure, data breach, fines and penalties, digital media liability and extortion.
Glaves-Hucey, in providing a further update on this new product, told the Business Observer that it is expected to become more popular among business clients, especially as the Government works toward the development of a National Cyber Policy.
The cyber liability insurance, she said, “is for businesses of all sizes that use payment card machines and/or keep the personal information of individuals on computer systems. We expect to see an increase in the uptake of this type of policy as more companies become aware of the importance of protecting themselves and their customers' information”.
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