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Is digitalisation personalising SA’s Long-Term Insurance Industry?

With the hopes of serving tomorrow’s customer, various Long-Term Insurance companies are exploring alternative avenues to satisfy customer needs and optimise the overall customer experience. There has been a significant shift in this relatively conservative industry, from offering traditional insurance models, to the utilisation of digital solutions that offer more customer-centric and personalised product offerings.

Insight Survey’s latest SA Long-Term Insurance Industry Landscape Report 2019 carefully unfolds the Long-Term Insurance landscape in South Africa based on the latest information and research. It describes the relevant global and local market trends, drivers and restraints as well as to present an objective insight into the South African Long-Term Insurance industry environment, market dynamics, and its future.

Globally, Long-Term (or Life) Insurance premiums grew by 0.2% in real terms to reach approximately US$2.8 trillion in 2018. This represents a significant deceleration in growth which was below the annual average growth rate of the previous 10 years (0.6%). Regionally, advanced EMEA represented the largest advanced regional market in the Long-Term Insurance market, reaching approximately US$934 billion in 2018. This was followed by Advanced Asia-Pacific and the USA/Canada, with approximately US$650 billion and US$647 billion, respectively.


Source: SwissRe_Sigma3_2019. Graphics by Insight Survey

By comparison, the South African Long-Term (Life) Insurance market increased by 5.6% in insurance premium volumes between 2017 and 2018. Overall, the state of the market remains stable, with South Africa holding a market share of 1.36% of global premium volume.

With technology and digitalisation being at the forefront of multiple industries globally, digital transformation is slowly being adopted by the South African Long-Term Insurance Industry and is revolutionising the customer experience.

South African Long-Term Insurance companies are realising the importance of emerging technologies and artificial intelligence (AI), and have started implementing and utilising these tools. The goal of the technology, is to improve their operational efficiency and product offering, in order to drive both organisational- and consumer-based growth.

Over the past few years, key Long-Term insurance companies have shifted towards adopting a customer-centric approach using technological developments, to make their offerings more personalised and to meet individual customer needs. Examples of this can be seen by insurers, such as Discovery Insure, that have incorporated various phone and online application-based platforms to gain insight into individual preferences and behaviour to deliver a more personalised offering. The success was first achieved with the Discovery medical aid offering, and, has since been integrated into other Discovery product and service offerings. In particular, Vitality rewards customers for saving towards their retirement.

Similarly, 1Life launched 1Life Vantage in 2019. 1Life Vantage, a mobile application available on tablets and notebooks, aims to assist financial advisors by reducing their administrative burden as well as improving their sales process. This will result in advisors and brokers providing customers with better financial planning advice and ongoing service for their Long-Term Insurance and investment products.

The SA Long-Term Insurance Industry Landscape Report 2019 (116 pages) provides a dynamic synthesis of industry research, examining the local and global Long-Term Insurance industry from a uniquely holistic perspective – from global and local trends to analysing the key South African market players.

Some key questions the report will help you to answer:

  • What are the current market dynamics (overview, market environment, and key regional markets) of the Global Long-Term Insurance industry?
  • What are the current market dynamics (overview, market environment, and key market statistics) of the South African Long-Term Insurance industry?
  • What are the latest Global and South African Long-Term Insurance trends (including Insurtech), drivers and challenges?
  • How did Long-Term Insurance companies perform in 2018/19, what is the strategic focus and expansion plans?
  • How is each Long-Term Insurance company positioned and what products do they offer?

Please note that the 116-page report is available for purchase for R37,500 (excluding VAT). Alternatively, individual sections can be purchased. For additional information simply contact us at or directly on (021) 045-0202 or (010) 140- 5756.

For a full brochure please go to: South African Long-Term Insurance Landscape Brochure 2019

About Insight Survey:

Insight Survey is a South African B2B market research company with more than 10 years of heritage, focusing on business-to-business (B2B) and industry research to ensure smarter, more-profitable business decisions are made with reduced investment risk.

We offer B2B and industry research solutions to help you to successfully improve or expand your business, enter new markets, launch new products or better understand your internal or external environment.

Our bespoke Competitive Business Intelligence Research can help give you the edge in a global marketplace, empowering your business to overcome industry challenges quickly and effectively, and enabling you to realise your potential and achieve your vision.

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