Insurance and Technology in the South African Insurer
While not immune to the global recession, many large South African insurers continue to pursue large programs of change and are investing in technology intrinsic to this change.
In a new report, Insurance and Technology in the South African Insurer, Celent provides some of the latest available market sizing information, along with views on the market challenges and technology priorities of South African insurers.
Total premiums in South Africa for 2008 were US$42 billion, just over 1% of global premiums. Long-term insurance made up over 80% of the total premiums, with short-term insurance contributing only US$4.7 billion to the total.
“The South African insurance industry is undergoing a serious makeover,” says Catherine Stagg-Macey, senior analyst with Celent’s Insurance Group and author of the report. “There are several insurers investing heavily in changing their business models to reflect the new South Africa. In order to do this, most insurers in South Africa are having to overcome legacy technology issues to support changes in their business priorities.”
This report examines specific market challenges in the country, addressing legacy issues facing South African CIOs, and discusses some of the strategies for solving this problem.