Information and communications technology is the driving force behind digital transformation, so companies must have their employees with the necessary skills and experience to deal with that technology and use it effectively, in addition to having an effective strategy for managing the change associated with digital transformation, as employees need to adapt and change their traditional ways of working and joining technology. modern technology, which requires providing them with continuous training and education to adapt to the rapid change in the technological environment.
Ihab Khader, an insurance broker, stated that improving risk management is one of the most important benefits provided by digital transformation in the Egyptian insurance sector, through the use of digital technology and its advanced applications, while companies can identify and analyze risks more accurately and effectively, and then, they can provide comprehensive risk assessments. To customers and develop effective strategies to deal with them, by using advanced data analysis techniques and artificial intelligence.
He explained that digitalization can monitor emerging trends and potential harmful factors and make important decisions regarding risk management, in addition to that digital transformation contributes to improving proactive risk management procedures, by providing forecasting tools and advanced estimation models, and thus, reducing financial losses and increasing the efficiency and competitiveness of companies. Insurance.
He explained that digital transformation in the insurance sector has a significant impact on the sector’s operations, and this includes improving the speed of claims processing and reducing complexity and potential errors, in addition to improving communication and exchange of information between insurance companies and customers, modernizing sales and marketing processes, and analyzing data in a more detailed manner, to draw accurate conclusions and take appropriate steps. Better decisions.
Khader went on to say that digital transformation in the Egyptian insurance sector faces many challenges, the most important of which is the need to improve the technical infrastructure of companies and develop technology platforms to meet the needs of digitization. It also requires cultural change and the development of skills in the field of technology and analysis for field employees, in addition to issues of security and privacy of personal data. For customers.
He stressed that data security and protection are central issues in the process of digital transformation in the Egyptian insurance sector, as insurance companies have large amounts of sensitive data for customers and beneficiaries, and therefore, they must be secured and protected effectively and reliably, while cyber penetrations and electronic attacks on digital systems are a potential threat.