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The South African Insurance Association (SAIA) statistics tell us that insurance fraud, like tax fraud, is often thought to be in the same category as a little white lie.
Innovation means that anything in the new age of technological advancement is possible – even within the traditional insurance industry. The sector has seen a slow take up of new models and digital technology. It remains pretty traditional and herein lies part of the problem, and potentially the solution.
A South African family recently made news for unfortunate reasons. They were sitting in a café in Nice, France, when a terrorist attack occurred in July; the father packed the family up and went to a perceivably safer destination – Istanbul, Turkey. The next day, a failed military coup took place in the country.
When the European insurance market introduced telematics about ten years ago, it faced the challenge of overcoming the stigma that telematics will be a ‘big brother’ initiative.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?