Driving Digital Transformation in Insurance

At AIE 2024, Tony from COVER Magazine interviewed Gary Tessendorf, the Country Manager for Africa at Sapiens. The discussion revolved around Sapiens' impressive growth in the African insurance market over the past eight years. When Gary joined Sapiens, the company had just a few key customers in the region. Today, they serve 600 insurance customers, supported by a team of 5,500 people, underscoring their success in the market.

Gary attributed this success to the industry's increasing focus on digital transformation. The insurance sector is rapidly embracing new technologies to stay competitive in a dynamic market. Gary noted that the conversation around technology has shifted from a push to a pull, with customers now actively seeking out advanced solutions to address market pressures and new entrants. Sapiens, with its international expertise and strong local presence, has become a trusted partner in this journey.

A key highlight of the discussion was Sapiens' AI partnership with Microsoft. Gary emphasised how this collaboration is set to revolutionise the insurance industry by integrating AI into core platforms, enhancing everything from underwriting to customer interactions. He mentioned the growing interest from markets beyond South Africa, particularly in countries like Kenya, where there's a strong demand for digital solutions.

Gary also touched on the transfer of knowledge between Sapiens' global operations and the local market. About 20-30% of their South African team is involved in international projects, which not only enhances local capabilities but also elevates the industry standard in South Africa. As Sapiens continues to expand into Africa, Gary expressed excitement about the future, noting that the possibilities with AI are vast and largely untapped. The interview concluded with a light-hearted note on the importance of balancing hard work with moments of relaxation, even in the fast-paced world of insurance technology.

Key takeaways:

• Significant Growth: Sapiens has expanded significantly in Africa, growing from a few key customers to serving 600 insurance clients over the past eight years.

• Digital Transformation: The insurance industry in Africa is rapidly embracing digital transformation, driven by market pressures and the need for advanced technology solutions.

• AI Integration: Sapiens' partnership with Microsoft on AI is set to revolutionise the insurance sector, offering innovative tools that enhance customer interactions and streamline processes.

• Knowledge Exchange: Sapiens leverages its global expertise in Africa, with 20-30% of the South African team involved in international projects, raising local industry standards.

• Expanding Footprint: Sapiens is actively expanding its presence beyond South Africa into broader Africa, with increasing interest from countries like Kenya in digital solutions.

• Strong Partnerships: Sapiens emphasises forming strong, collaborative partnerships with their clients, viewing them as key allies in the journey towards innovation and growth.