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As medical scheme increases are announced and implemented, healthcare has been firmly placed under the spotlight. This is not to say that healthcare has never been in the spotlight. There have been a number of reports in the industry during the year which at times has made the public question the sustainability of the industry and how the National Health Insurance scheme will fit into the picture.
When one looks at the insurance industry as it is today, one struggles to think that the whole concept of insurance came from humble beginnings on the docks in London. This is the nature of the world. Change is so rapid that it is hard to think about how business was done in a world where there was no technology. The internet ushered in an age where connecting with people across the globe can be done in an instant, and social media has expanded on this where whole communities are bred and cultivated online.
From the weakening Rand, to high inflation costs and drought, the South African economy is facing a series of challenges which are not only affecting consumers, but companies too. With companies themselves unable to avoid or prevent the challenges that lay ahead, the harsh reality is that these hurdles and storms can result in business failures and insolvencies.
South Africa is in the grips of one of the worst droughts ever experienced with some of the lowest recorded rainfall in the country’s history. We have written articles before explaining the severity of the situation and the need for cooler temperatures and wetter weather to form on the horizon. These are the foremost concerns on the minds of farmers and insurers who are currently seeing the true value of agricultural insurance products.
Do you think short-term insurance broking will survive the AI plus humanoid robotics age?