Explore the Category
It is estimated that motor vehicle accidents cost the economy in excess of R306 billion a year. This is not only burdensome to the economy, but to insurers who are in some aspects fighting a losing battle when they are handling the high volume of accidents that occur in the industry on a daily basis.
Ever since the global financial crisis, there has been a visible disconnect between the consumers of the products and services offered by the financial services industry and product providers. While this is a problem that is intensifying in nature, there are ways and means to address this disconnect in order to restore the trust that the public used to have in the sector.
The American cultural anthropologist Margaret Mead once famously said: "Never doubt that a small group of thoughtful, committed, citizens can change the world. Indeed, it is the only thing that ever has.” This maxim has been proven to be true throughout the world and especially in South Africa if we look back at the history of the country.
There are many challenges in the insurance industry that companies do not have much control over. It is true that insurance is becoming an increasingly risk based business, but if companies do limit their risk where they can, success can be found.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?