The short-term insurance sector in South Africa has been slow to go digital. An Accenture survey shows that the local market prefers, and is ready for, digital engagement. If local players can meet this need, they can increase their gross written premiums (GWP) by R115.2 billion by 2020.
To achieve this, they need to re-imagine their business services and solutions around the customer, embed digital into their systems and processes, and meet five digital imperatives that will help them address key customer challenges.
The five imperatives for a digital provider: Be accessible, trusted, responsive, relevant and smart.
The South Africa short-term insurance sector’s slow move to digital has curtailed its growth considerably. Remedying this presents a significant opportunity to maximise existing business through cross- and up-selling.
Accenture calculates the size of the opportunity at R115.2 billion by 2020. To test the market, Accenture surveyed 1,500 insurance customers across South Africa, gaining insight into their perceptions, behaviour and preferences in terms of digital offerings and insurance value propositions.