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Risk assessment within the insurance industry is falling short of achieving its goals of adequate risk minimisation or alleviation which should be expected due to a variety of reasons.
There is no doubt that underwriting liability is increasingly becoming more difficult, especially at the local level. This is being driven by three different factors which are operating at three different levels of operations.
The festive season in South Africa is not only synonymous with spending time with loved ones, but has unfortunately also become synonymous with an increase in road accidents. The majority of these are caused by drivers who are under various levels of intoxication.
Being an independent underwriting management agency (UMA) in the short-term insurance market has an abundance of challenges, but the upside of being fleet-footed is a huge advantage, and not one to be underestimated.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?