The South African insurance market has undergone remarkable changes over the years with each stage in the evolution presenting opportunities for growth and new business models.
This is the word from Thokozile Mahlangu, chief executive of the Insurance Institute of South Africa (IISA), which is a skill and capacity building hub that promotes the highest professional and ethical standards while fostering innovation to keep the insurance industry on par with market trends.
Bancassurance, new legislation, technological developments, changing customer behaviour as well as fintech innovations by non-financial services firms have had a major impact on the current structure of the local insurance industry.