South Africa stands as one of the most unequal societies in the world – underscoring the critical importance of financial inclusion in the nation’s progress, writes Vis Govender, co-founder of Everything Insure and CEO of FirstEquity Group.
Even though South Africa’s economy did exhibit resilience and growth in the second quarter of this year, the escalating cost of living has led to a decline in consumer spending across the board. This, regrettably, extends to the insurance sector where a growing number of South Africans find themselves with reduced discretionary income, consequently hampering their access to insurance coverage – particularly among those in the lower income brackets.
We are seeing several key trends emerging in the insurance sector aiming to embrace these legislative imperatives as well as deepen market penetration and encourage broader uptake of insurance coverages in the lower LSMs.The utilisation of cutting-edge technologies such as Artificial Intelligence , machine learning , and deep data analysis has given rise to insurance products characterised by intelligent underwriting.
Provided you can establish a “trust” relationship and give them flexibility, choice and convenience customers are increasingly prepared to buy insurance from start-ups and other non-insurance brands. A recent Deloitte survey revealed that85% of respondents express a willingness to purchase insurance from non-traditional providers.One of the primary hurdles to insurance uptake lies in the lack of trust in insurers and the intricate nature of their products.
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