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Account managers at South Africa’s leading commercial insurance brokerages could be servicing two to three times their current client base if generative artificial intelligence (Gen AI) fully takes hold. This was among the startling realities shared during the latest #InsureTalk event, broadcast online.
Advisers and brokers keen to grow their businesses in South Africa must do so against the stiff headwinds of lacklustre economic growth and rising joblessness. In an environment where GDP growth has stagnated near 1% per annum over the past decade, financial services providers (FSPs) often have more chance of gaining market share through acquisition than by pursuing organic growth.
The financial services industry is evolving rapidly, and at the heart of this transformation lies the power of technology and data. For financial advisers, the challenge is not about being replaced by technology but about leveraging it to enhance their role, improve client outcomes, and drive business efficiency.
Would you willingly give up your medical scheme membership under a fully implemented NHI?