Tag: insurance policy

The pandemic has put a significant strain on all industry sectors none more so than in healthcare where there was a need to adopt more data-driven planning and decision-making at lightning speed. At a time when expanding remote care, telemedicine, and m-health initiatives have become the order of the day, the spotlight has turned to the safeguarding of sensitive information at a scale comparable to the financial services sector.

Despite being in the business of risk mitigation, insurance firms themselves are often subject to risk in the form of insurance crime. Last year, the Association for Savings and Investment South Africa (ASISA) found that South African life insurers detected 4,287 fraudulent and dishonest claims worth R787.6 million across the board.

The insurance industry was once a bastion for slow, conservative business practices. But as other industries have either embraced digital transformation or have been radically upended by technology-driven startups, most insurers have realised that they have to follow suit.

It is becoming normal to wake up to reports of fires - since the July 2021 civil unrest there have been at least a further four major fire outbreaks reported.

People sometimes have the perception that insurance quotes are declined for ‘no reason’. However, an insurance policy is a contract. The insurer agrees to cover you according to how much risk they think they take on in doing so and set your premium accordingly.

During the month of September, many homeowners flock outdoors to enjoy the start of Spring; this may even result in a purchase of a plant or two for one’s garden. But if you are super rich, your love for the outdoors may culminate into spend of anything between R500,000 and R1 million on a single tree for your property.

It is important if you are working from home to check your policy and take the time to notify your insurer of this change in risk profile, to ensure you are properly covered if your risk has changed, you have acquired additional equipment or IT infrastructure, and so on.

The latest riots and looting in South Africa have been utterly devastating for local businesses. When the dust eventually settles, the reality is that many businesses are going to have a tough time bouncing back from the destruction. Those that are able to pick up the pieces will be the ones that have business interruption insurance in place.

Standing out in a competitive industry like insurance is a challenge. To remain competitive, insurers must understand how to successfully serve their customers while keeping costs low. It’s for this reason that there is an increasing demand for self-service options. 

It is rare, but not uncommon, for the relationship between the customer and his or her insurer to sour. This may result in the insurer having to take what seems like drastic action by cancelling the policy of the customer. The problem is that once you are fired from one insurer, it is very difficult to get a decent insurance policy elsewhere at the same premium rate, given that you will have a record.