In the last decade technology has reshaped the insurance industry for both customers and insurers.
The rise of insurtech, technology-driven insurance offerings, has spurred rapid change. Pandemic lockdowns further accelerated the demand for technology-based services across all sectors, from shopping to finance management and shifts like these have allowed Blink by MiWay to flourish.
To celebrate its success and commitment to giving customers control over their car cover, MiWay Blink has undergone a brand refresh and changed its name to Blink by MiWay.
The numbers indicate that there is still a significant coverage gap for vehicle insurance. There are almost 12-million registered vehicles on the road, and only three out of every 10 cars are insured for accidents or other kinds of damage.
Several reasons contribute to underinsurance. Insurance is still seen as an unwelcome cost; people worry about affording the cover and it can also be time consuming to find a provider that people feel puts their needs first.
Blink launched in March 2021 with the effects of lockdowns and the pandemic still hurting the economy. Customers now want providers that give them flexibility and go further than generic cover. To meet these needs, Blink has leveraged technology to streamline the customer experience.
In-app accident detection features also allow us to respond quickly in critical moments. A simple and efficient quotation process removes onerous paperwork. In terms of pricing, customers get personalised premiums and discounts depending on the distance they travel.
The insurer has also partnered with the fintech wing of Sanlam so it within a cluster of South Africa’s fintech sector that incorporates financial guidance, rewards, non-intermediated product offerings, and seamless payment capabilities.