Tag: life insurance

The implementation of digital technologies is driving massive positive changes for customers and providers in both the short- and long-term insurance industries. The recently released South African Insurance Industry Survey for 2021 has highlighted the role of disruption and innovation, with the majority of CEOs surveyed stating that they are looking to get on the front foot with regard to these twin challenges.

As activity bands become better at collecting health data, life insurance is catching up. When someone first coined the phrase 'grudge purchase', the description was probably most apt for insurance, of any kind: spending money 'just in case' of a damaging occurrence.

The impact of COVID-19 on the life insurance industry was recently highlighted when the Association for Savings and Investment South Africa (ASISA) released their 2020 statistics for the sector. ASISA reported that South African life insurers paid out claims and benefit payments worth R522.7 billion last year, representing a significant increase of R31.7 billion when compared to 2019.

About 7 million South Africans have funeral insurance; this is according to Finscope’s 2019 statistics. This figure underlines the importance we place on making sure our loved ones have a dignified send-off. The question to be asked is whether it is necessary to have both types of insurance policies to achieve long-term financial stability.

As a result of the COVID-19 pandemic, the current business environment can truly be defined as volatile, uncertain, complex and ambiguous (VUCA) – a constant state of flux. No business is immune to these factors, regardless of size or industry.

The Savvy Investor’s Pocket Guide is a self-improvement guide that identifies the common mistakes people make when dealing with their finances and sets out how to rectify them. It highlights how one can achieve financial independence by cutting back on some expenses, like luxury cars, and the benefits of starting to save as young as possible.

It’s these experiences that feed into the latest SA-csi for Life Insurance (2018) we conducted. The index provides highly scientific insights into the overall level of satisfaction of customers of South Africa’s major life insurers – 1Life Insurance, Absa Life, Discovery Life, FNB Life, Liberty, Metropolitan, Momentum, Old Mutual and Sanlam.

It is not uncommon for life insurers to outright refuse cover if the use of cannabis is disclosed during the application process, as is policy for illegal drug usage. However, with South Africa’s recent decriminalisation of the private use and cultivation of cannabis, many industries will need to reassess existing business practices which may be impacted by the changing legislation.

From car and home insurance, to life and medical policies, there are literally hundreds of different types of insurance options available to the public. Figuring out which basic policy meets your requirements can be confusing, so we have constructed a helpful matrix to help you discern the important differences between the two options.

Opportunity beckons in Africa as markets mature, incomes grow and trust in financial services increases. This is driving the need for bespoke wealth management and banking solutions which can be delivered seamlessly in any country, across the continent and offshore.