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With the recent release of the Ombudsman for Long-term Insurance’s (OLTI) annual report for 2015, it was encouraging to see that the number of complaints for credit life and disability remained stable at 10% since 2014.
Fraud is continuously growing in the South African insurance industry with syndicates getting more sophisticated and smarter to filter through companies’ fraud detector mechanisms. This has been a perennial challenge in the industry and one which insurers have dedicated significant capital towards overcoming.
Protecting customers from debilitating life events like severe illness, death and even retrenchment is one of the key functions financial advisors need to deliver for the financial well-being of their customers.
Statistics, in general, are very useful because they tell us what is happening in the world around us. When used correctly, statistics can highlight past patterns and signal probabilities of what can happen in future.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?