The Insurance Association of Zambia – IAZ has rolled out a digital insurance certification system that will completely eliminate the need for customers and the Zambian public to queue up or physically travel to access motor vehicle insurance.
IAZ President Moses Siame said technology is not only a great equalizer but also an enabler as it enables service providers (insurance companies) to deliver services remotely in a more efficient and cost effective manner.
He said technology plays a great role in every insurance company to remotely reach their potential customers and ultimately increase their bottom line. This technology further goes to resolve challenges which ordinarily would not be resolved by traditional means.
Speaking during the launch event monitored by the Zambian Business Times – ZBT, Siame said this initiative in the motor insurance sector will help in resolving a number of challenges that have affected the bottom line, hampered outreach and in most cases deprive the industry’s contribution to the government revenue.
The IAZ President further said the digital motor vehicle insurance initiative will be responding to the government vision of increased e-commerce that will in turn translate into less cash being used, adding that this is basically moved to electronically means of buying and selling for which motor vehicle insurance is going to be one of those services.
And the Ministry of Technology stated that it is confident that adopting new technologies and increased use of ICT platforms will help build a stronger and sustainable economy. Minister of Technology Felix Mutati said the ICT platforms in particular have a lot of potential in terms of service delivery across the country as they allow people to provide and procure service delivery across great distances without having physical contacts.
Speaking during the launch of the digital motor vehicle insurance certificate system, Mutati said, the insurance sector plays a vital role as it provides short term and long term financial protection that help to deal with the financial shocks that result from unexpected and untimely loses.
Mutati urged and encouraged insurance companies to integrate to the government service bus to realise the benefits of the system some of which are to eliminate fraud that may involve forging motor vehicle insurance certificates which reduces business for insurance companies.
He said the solution also reduces the cost of doing business because the solution is virtual which can be made available to customers anytime and anywhere with internet access. Purchasing of motor vehicle road tax and accompanying insurance has been a pain point for consumers with queues seen on a quarterly basis.
