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South Africa has always been blessed with strong leaders. There is no greater time for strong leadership than now. We are faced with tough economic conditions and a market driven by diverse risk that many companies may look at with blank stares not knowing how to approach them.
It is disturbing to note that only 16% of the South African population belongs to medical schemes and the rest of the population depends on the public/state sector. The public system serves the vast majority of the population, but is underfunded and understaffed. The higher LSM population uses the private system and is better served than the poor.
When it comes to household debt, it seems that South Africans really know how to be trendsetters. According to a recent report by Fin24, the average South African pays as much as 79% of every rand on repaying debt.
The secret to providing a product or a service that is successful is that it is at its core relevant to the needs and desires of its target market. To do this, companies need to continuously look at their clients to identify relevant trends.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?