Have you ever wondered how insurance companies protect themselves from massive financial losses caused by natural disasters or other unforeseen events? The answer is reinsurance. While it may not be a household term, reinsurance is a critical component of the insurance industry. It helps companies spread risk and avoid potentially devastating financial losses that could harm policyholders and the broader economy. In addition, reinsurance companies help distribute risk by sharing the burden of large claims across many insurance companies, reducing the potential for any company to suffer significant losses.
However, despite its importance, the reinsurance industry has been plagued by inefficiencies, with manual processes and traditional tools like email and spreadsheets often used to manage transactions. This has led to a slow and cumbersome process that leaves many insurance companies struggling to manage their reinsurance policies effectively.
Digitech has stepped in to change this by creating a machine learning-powered marketplace that streamlines the entire reinsurance process, making it faster, more efficient, and more profitable for all parties involved. By leveraging the power of machine learning and advanced algorithms, Digitech can automate up to 100% of manual processes, drastically reducing the time and effort required to manage reinsurance policies.
Led by its visionary founder, Alexandre N’Djore, Digitech’s journey is an inspiring example of the transformative potential of technology in the insurance industry. Several years ago, Alexandre, who graduated summa cum Laude with an MBA from HULT and is blockchain certified from MIT, traveled across different regions of the Middle East and Africa where he observed the low level of insurance coverage and the insufficient advanced technological tools to manage the entire value chain of the industry. Consequently, he resolved to take action to address these challenges. He understood the power of technology and believed it could be the game-changer many regions desperately needed for the insurance industry.
With a team of highly skilled Ph.D.-level founders, Alexandre embarked on a mission to revolutionize the insurance industry by combining technology and innovation. The result was the birth of Digitech – a game-changing AI-powered Re/Insurance marketplace transforming how insurance and reinsurance companies interact.
The platform enables insurance companies to place their policies for reinsurance quickly and efficiently, with Digitech’s algorithms identifying the best reinsurance companies to match with each policy. This saves time and ensures insurance companies get the best possible reinsurance coverage at competitive prices.
On the other hand, reinsurance companies benefit from the platform by receiving notifications of new policies and being able to accept or reject them in seconds. They can also manage their premium subscriptions, claims handling, billing, and other functions through the platform, making it a one-stop shop for all their reinsurance needs.
By leveraging the power of technology, Digitech is enabling insurance and reinsurance companies and brokers to connect more effectively, ensuring they can provide their customers with the best possible coverage. To learn more about Digitech, visit their website at digitechafricaltd.com or contact the team directly via email at [email protected]