Exploring Innovations, Trends, and Drivers in South African Long-Term Insurance

Insight Survey recently released their South African Long-Term Insurance Industry Landscape Report 2023, which carefully uncovers the global and local markets.

It consists of key global and local trends, innovation & technology, and drivers & challenges that provide insights into the South African Long-Term Insurance industry & its future.

To keep up with consumer expectations, insurance players are launching ‘demystified’ products with understandable policy wording and marketing.

As an example, Hollard Life Select Policy is a ‘no-frills’ Life Insurance policy with less than 100 permutations, down from 3600, as well as an education drive aimed at informing people of the importance of Life Insurance.

Sanlam and MTN are also partnering with the aYo Insurtech platform to expand the accessibility of Life Insurance to underserved populations.

Moreover, Mr Price Money and Root launched a simplified Life Insurance option that doesn’t require a medical examination and has immediate activation.

Insurance players are mobilizing InsurTech developments to digitalise, automate, and simplify Insurance processes.

Collaborations between InsurTechs & major industry players empower the distribution of insurance products through popular consumer channels.

Additionally, there’s an emergence of pay-as-you-go Life Insurance models to penetrate previously underserved markets.

In order to meet consumer need for personalised products and digital platforms, the industry is creating simpler, more accessible products.

This involves utilizing accelerated underwriting and clear pricing, as well as removing the requirement for a medical examination.

It also motivates producers to resolve challenges such as extended application processes, complex policy wordings, and financial illiteracy.

The Insight Survey 123-page report offers an extensive overview of the South African Long-Term Insurance industry.

It gives a look at the size of the market, trends, innovation & technology, challenges, and a competitor & product analysis.

The Report can be purchased as a package or sections individually for R45,000 – R17,500 (excl.

VAT). Additional market research solutions can be arranged via Insight Survey.

Credit: https://www.bizcommunity.com/Article/196/363/236436.html

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