ASSURERS ‘BE­HIND THE CURVE’

Pretoria News Weekend - - OPINION -

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.

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