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Insight into Insurance


Victor Muguto - Partner & Director - PwC South Africa

"The insurance industry across Africa continues to be one of the most disrupted, but at the same time the industry continues to innovate and adapt to take advantage of the many opportunities for growth that are also emerging.

Insurers, who are client-centric, innovative, technologically up-to-date, and who invest in a workforce of the future, will lead the charge to increase insurance penetration levels in Africa."

Pieter Crafford - Financial Services Advisory Leader for PwC South Africa

“Leading insurers are already implementing key strategies to focus on new customer behaviours and demographic shifts. The need to be agile in the face of a rapidly changing technological environment has never been more vital."

Marina Cvetkovic - VP of Strategy and Chief of Staff to the CEO of Swiss Re

“There is a lot of talk about insurtech, but I would say the future of insurance is in tech-insure. Insurance is about data and the large tech companies will very soon surpass, if they haven't already, the amount of data they possess compared to insurance companies. Insurance companies will survive if they turn into service providers, offering insurance products to the large tech companies who will own the data and dictate the terms. Tech companies will be facing the insurance end customers."

Nilüfer Günhan - CEO Non-Bank Financial Services, Insurance & FinTech at Abdul Latif Jameel International

“As the number of insurance providers increases, the one with the best digital experience, data analytics and predictive capabilities will win the consumer’s business by making sure their solutions are the most relevant, timely and intuitive. These new technologies will open doors to more and more integrated experiences."

Kurt Karl - Chief Economist, Swiss Re

“Blockchain for the reinsurance space is an efficiency tool. And if we all get more efficient, you are able to increase insurability because your prices come down."

Mark Carney - Former Governor of the Bank of England

“With better information and risk management as the foundations, a virtuous circle is being built with better understanding of tomorrow’s risks, better pricing for investors, better decisions by policymakers and a smooth transition to a low carbon economy."

Mike de Waal - President and founder of Global IQX

"Modernization of core legacy systems, new insurance exchanges and changing business models (platform and peer-to-peer) defined the year. They will continue to do so as carriers adopt digital strategies… Juggling the onslaught of new innovation and understanding how it can be used to create a competitive edge–very quickly–can be disconcerting. However, these disruptive forces should be seen as the catalyst necessary for the kind of dramatic change required to spur growth and new insurance products."

Joel Ohman - Founder of Car Insurance Comparison

“One of the single biggest ways that insurtech like AI will affect the insurance industry will be in the major role it plays in autonomous/self-driving vehicles. In the near term, auto insurance rates will likely increase, since insurers will be uncertain how to price the uncharted territory of self-driving vehicles. However, in the long term, rates will likely decrease significantly because of the likely increase in safe driving habits that self-driving cars will exhibit as compared to their fallible human counterparts."

Doug Kelley - Managing Director at Bluedrop Services

"We have found cybersecurity to be one of the main elements shaping the future of insurance. It is creating impact across all markets; business, fleet and personal insurances. We are finding more and more clients coming to us for advice on how to calculate their cyber insurance coverage. With significant growth in the use of big data and artificial intelligence the concerns over increased risk of exposure and ‘silent cyber’ need to be quantified so as not to leave insurers wide-open to significant loss."

Chris McGloin - Chair of Airmic, the UK’s association for risk and insurance management professionals

“Innovation is only innovation if the customer can feel it, touch it and taste it. It has to add value to the client. If it is just something that goes on behind the scenes it is not categorised as innovation."

Nick Braun - Founder of PetInsuranceQuotes.com

“The biggest change that we see is how mobile is changing comparison shopping. Pet insurance marketplaces are becoming more and more popular. This trend will force providers to create online quoting, servicing and APIs, so they can reach and serve this new audience. "


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