Non-life

How Location Technology is Revolutionising Insurance Risk

Since insurance first started centuries ago, premiums have been determined on the basis of client risk profiles, with insurers pooling risk across large numbers of clients to take advantage of the laws of large numbers. It has always been an imperative for insurers to ensure that their premiums reflect client’s individual risk profiles, because otherwise their risk pool would attract higher risk clients and repel lower risk clients. When it comes to property insurance (e.g., buildings and contents), companies such as Santam embrace technology to ensure that premiums are fairer and better differentiated between clients. Geolocation or geocoding technology allows insurers to more accurately weigh the risk of a property based on its location. With this information, insurers can generate more accurately priced policies.

Staying safe this rainy season

ABC’s of insurance for entrepreneurs: Preparing your business for success

Starting a business can be challenging at the best of times. From securing funding to identifying potential collaborators and clients, there are plenty of obstacles to overcome on the road to successful entrepreneurship. As a result, new business owners tend to prioritise growth strategies, and often fail to focus on the 'what if?' factor, thus overlooking the potential risks that their enterprise might encounter down the line.

Don’t become a crime stat this festive season. Here’s how

It’s December. Everyone’s tired, and ready for a break. But whether you’re heading off on holiday or slaying it with a staycation, make sure you don’t let your guard down and become a crime statistic this festive season.