The South African Presidential Commission on the Fourth Industrial Revolution was established in April 2019. The goal was to identify relevant policies, strategies, and action plans to position South Africa as a competitive global player in this space. The Commission completed its work in December 2020, and it is clear that significant progress is being made to catapult South Africa into an exciting digital future, despite the devastation brought on by Covid-19.
The general consensus is that 4IR should be at the centre of economic revival policies given its potential to accelerate GDP growth. The insurance sector has been ripe for disruption for some time now, and as a business with a 177-year heritage, Old Mutual has had to rethink its traditional approach to insurance.
The future of insurtech is extremely exciting, but progress in Africa must be accelerated to ensure a greater share of this growth. According to the InsurTech Market Research Report 2022-2027, as reported in the Digital Journal recently, the global insurtech market size was valued at USD14.6 billion in 2021 and is expected to expand at a compound annual growth rate of 49.36% over the forecast period to 2027.
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