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FNB Life is extending credit life insurance benefits to cover a portion of cashflow relief instalments for customers who already have credit life insurance. Under normal circumstances, customers pay an additional amount to extend insurance cover, however the provider is extending this benefit to protect qualifying customers against the financial impact of COVID-19.
“We’ve seen two years of digital transformation in two months,” said Microsoft CEO Satya Nadella, reflecting on doing business during lockdown in March and April 2020. His words ring true across industries, including the insurance industry where many of us have very quickly learnt to conduct meetings over videocalls, connect with clients remotely and more.
The COVID-19 pandemic has radically changed the insurance landscape, and will probably continue to for years to come. These changes range from how financial services and insurance businesses operate, what factors are considered in deciding who gets cover and how much, and how people protect themselves against risk in the future.
South Africa’s mid year population is estimated to have increased to 59,62 million in 2020, according to the report released by Statistics South Africa.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?