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Insurance is a competitive industry, operating in challenging times; under this immense pressure, brokers need to keep and grow their list of clients. To do this, they should diversify their offering and expand into new areas.
Statistics from Deloitte’s latest annual Global Millennial Survey reveals that 71% of South African millennials (those who have reached young adulthood in the early 21st century) expect to be better off than their parents when it comes to their finances. Due to this generation having a different mind-set compared to other generations, they need a different type of lifestyle financial planning.
The wave of legislative change hitting the insurance sector could alter the local insurance landscape. While others see this in a positive light, others believe it is complex and will be costly, leading many to find greener pastures elsewhere.
If there has been one constant source of concern for intermediaries in the industry, it has been regulation. Intermediaries often have to guess what the regulator is doing and when they will implement the pieces of legislation that they consistently talk about.
If you had to choose one approach to protect your hard-earned investment cash from today’s market madness, which would it be?