Short-term insurance: what lies ahead?

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As we look ahead to 2019, Standard & Poor’s says non-life insurers can expect slight increases in growth but it’s unlikely that the profits of previous years will be attained. With new regulations and accounting standards, disruption from non-traditional competitors and insurtech challenges on the horizon, next year may prove to be more interesting than 2018 – if that’s possible!

The short-term industry is bracing itself for increasing digital disruption. It has been fairly slow to go digital, despite the fact that the local market is clearly ready for it. A recent survey by Accenture claims that if local players can meet this need, they can increase their gross written premiums by R115.2 billion by 2020. To do this, they have to embed digital in their systems and processes. Service and mobile app accessibility are key factors consumers take into account when selecting an insurer and the use of apps can enhance the service offered.

To read more about what the future holds, and which non-life insurers fared best in 2018, download the December/January issue of RISKAFRICA magazine now!

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