KPMG digital partnership aims to transform the insurance industry

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Professional services company, KPMG in South Africa, and digital platform provider, OutSystems, will offer insurance companies the consulting know-how of KPMG coupled with digital capabilities.

Taking governance more seriously

This will give insurance companies an opportunity to not only address their governance and compliance concerns, but also start providing comprehensive customer services solutions that will allow them to become more competitive.

“Stringent regulations are forcing insurers to take governance and compliance more seriously,” says Craig Terblanche, regional director, for OutSystems South Africa. “But, to do that they need to move away from legacy application delivery to rapid and continuous delivery.”

Security risk

The interaction between the broker and insurer is currently very fragmented. A significant amount of sensitive client information is still being held in traditional spreadsheets, posing a major security and compliance risk. The nature of where information is held also prevents the insurer from having a complete and clear view of their data.

“Insurers need to start taking responsibility,” says Terblanche, “and be clear that it’s the insurer and not the broker that is ultimately responsible for the customers’ data.”

Customers are expecting more from the insurance service providers and demanding an easier way to interact. Customers will vote with their feet as new platform players provide complete customer engagement.”

Speed and agility

The digital platform is able to build enterprise-grade applications four to six times faster than traditional development. This combination of speed and agility provide a foundation to build the next generation of insurance applications.

“The market is demanding a collaborative approach between service providers to deliver industry-focused solutions. We can offer our insurance clients solutions that are integrated, controlled and automated, which is exactly what the industry and regulator is demanding,” says Deliana Labuschagne, KPMG South Africa.