In this episode of The Expert Studio, iTOO’s Justin Naylor sits down with futurist Graeme Codrington, the facilitator of the recent Insurance Institute of Gauteng (IIG) CEO Roundtable, where 100 of the industry’s top leaders gathered to discuss trends and risks in the South African insurance industry.
Whether you’re interested in how AI will influence insurance or the growing role of sustainability, this episode gives you a front-row seat to the discussions that took place, and provides a roadmap for navigating the disruptions and opportunities the insurance industry is facing.
The episode discusses four key insurance trends that were identified. The first was technology as it relates to data and the implications of issues such as identity theft in the insurance industry. The second was how environmental issues such as climate change, dwindling natural resources, pollution and water shedding are affecting the insurance industry. The third trend identified the pressing challenge of talent acquisition and retention in the industry, including both young people passionate about technology, sustainability and solving future challenges, as well as more experienced professionals. The fourth trend was the significant shift in the geopolitical landscape, including the rise of BRICS that is changing the geopolitical landscape.
As insurance firms look to the future, the consensus is clear: innovative solutions must blend cutting-edge technology with human insights to mitigate the multitude of risks in the insurance industry. This will also mean engaging with clients and working with brokers, reinsurers and competitors to find collaborative solutions.
