ASSURERS ‘BEHIND THE CURVE’
THE SOUTH African life assurance industry risks suffering the same fate as the dinosaur if it does not rid itself of institutional complexity, says Michael Goemans, the chief executive of Investec Life.
“The potential for innovation in the South African life market is clear. While it hasn’t always been as client-centric as it could be, reduced complexity and increased levels of client personalisation, flexibility and technology will be what defines a more compelling proposition,” Goemans says.
Investec Life says change in the life assurance industry should be supported across the following three key areas:
• Simplification. Investec Life says its research shows that clients want less complex products, simpler ways to access products, and simpler ways to customise products to suit their individual needs across all life stages, at a reasonable cost.
• Personalisation. Investec Life says the sector remains focused on legacy models and products that do not meet the ever-evolving demands of client-centricity. Goemans says clients want solutions that can be integrated into their overall financial portfolio, and that give them greater choice and flexibility.
• Integration. Investec Life says new technology, combined with new processes, enables clients to get what they want, how they want it and when they want it. Furthermore, technology will be the key enabler of a truly great client experience.