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The broker is an unsung hero in an often-underappreciated industry, serving tirelessly as the interface between South Africa’s insurers and the businesses and households that buy insurance cover. Kieren Vels, MD Inland at OLEA South Africa, used his presentation to Insure Talk 63 to offer a broker’s view on the future of domestic insurance.
The true test of your non-life insurance partner occurs at the frontline of catastrophe and loss. Case in point, the 2022 KwaZulu-Natal (KZN) floods, associated with tropical storm Issa, saw insurers step in to compensate businesses and households to the tune of billions of rand. At a macro level, the storm claimed over 400 lives, with Aon PLC later estimating the economic loss at USD3.6 billion.
South Africa's financial advice and insurance landscape is entering a period of profound change. Artificial Intelligence (AI), evolving regulation, emerging risks and changing consumer expectations are reshaping how advisers operate and how clients engage with financial services providers.
Few issues are likely to have a greater impact on the future of financial advice than the implementation of COFI and the rapid rise of Artificial Intelligence (AI). Together, they are reshaping how advisers operate, engage with clients and demonstrate value in an increasingly complex environment.
What do you believe will be the biggest challenge when the COFI framework is finally implemented?