Digital transformation in the Egyptian insurance sector contributes to improving customer experience and facilitating access to insurance services, through the use of digital transformation technologies, as customers are able to purchase, manage and modify insurance policies online with ease, and companies’ pricing and analysis processes can be improved, which contributes to improving Its ability to determine costs and assess risks in a more accurate way, increase corporate efficiency and reduce costs, by improving processes and reducing reliance on traditional paper procedures.
Ihab Khader, an insurance broker, added that the Egyptian insurance sector has witnessed great development in recent years at the technological level, as digitization techniques have had a major impact on improving the operations of that industry, such as artificial intelligence and machine learning, to analyze huge amounts of data and generate it quickly and effectively, which… It enables insurance companies to provide better services to customers, while machine learning enables the development of new insurance models and improved pricing and accident analysis processes.
The following graph shows the areas most affected by artificial intelligence, not including insurance, although “security” is among them: He explained that artificial intelligence and machine learning play an important role in digital transformation in the Egyptian insurance sector, through developing systems and programs capable of processing data independently, making smart decisions, analyzing the available large data and revealing patterns and trends, to help insurance companies improve their operations and make strategic decisions.
He revealed that the use of artificial intelligence and machine learning improves the process of analyzing risks and estimating insurance prices more accurately and effectively. In addition, the use of these technologies improves interaction with customers and provides distinguished customer service, through rapid and accurate response to insurance inquiries and claims.
Khader stated that virtual reality and augmented reality are among the main technologies for digital transformation in the Egyptian insurance sector, as virtual reality is used to improve the customer experience and provide it better, while customers can explore insurance scenarios in a realistic way without the need to visit branches, and it can also be used to train employees in different fields, Such as sales and technical support.
He added that augmented reality is used to provide additional information to customers when interacting with insurance products, such as animated explanations of an insured car showing potential damages and compensation in the event of an accident, or creating 3D models of insured property and possessions to facilitate the evaluation process and determining compensation.