By JP Blignaut, CEO at Bryte Insurance
2022 Kicked off with a sense of palpable optimism as countries all over the globe seemed poised to leave the Covid-19 related restrictions behind. But a myriad of challenges, such as high inflation and global supply chain issues aggravated by geopolitical conflicts, offered little respite.
Despite the challenges, the industry emerged stronger, thanks to its partnerships, resilience, innovation, and disciplined strategies from many companies. These qualities will also be required to survive the challenges that await in 2023 and thrive in their wake.
Acclimatising to the new normal
The effects of climate change were seen the world over throughout 2022. South Africa felt the consequences acutely, with fires in the Western Cape blazing for four days, destroying 5 400 hectares of land in the process, including plantations and commercial fynbos farms. During April 2022, heavy rains, flooding, and mudslides hit the KwaZulu-Natal coast, leading to hundreds of lives lost and damaging private and public infrastructure.
The increasing frequency and severity of natural catastrophes are leading the sector’s push to review cover and premiums. For example, there has been a significant rise in rebuilding costs in the aftermath of the KwaZulu-Natal floods. Insurers adapted by reviewing pricing models for weather-related risks constantly.
Another element of insurance in need of evolution in the climate change age is claims management. Tapping into the power of weather data can enable insurers to forecast possible weather at the client level. To facilitate this process, insurers need to swiftly accelerate their digital transformation journey to allow them to employ big data analytics and forecasting, enhance business processes, better cater for evolving customer needs and provide a higher degree of personalisation for the benefit of our customers.
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Insure your business with Bryte. Visit bryteinsure.co.za or contact your broker.
Bryte Insurance Company Limited is a licensed insurer and an authorised FSP (17703)
High levels of risk awareness
The last few years brought some unusual and exceptional events in quick succession, ranging from drought, pandemic, lockdown, and social unrest, to devastating floods.
These events not only created opportunities to showcase the benefit of insurance to individuals, businesses, and society at large, but they also increased awareness around risk. This bodes well for the insurance industry, and recent years have demonstrated to policyholders the value of quality advice around risk and appropriate cover when it comes to the continuation of their businesses.
Capitalising on a Bryte spot for the travel sector
The travel industry was one of the hardest hit by Covid, but the sector has bounced back strongly in 2022. To capitalise on this while cementing our leadership position in travel insurance, Bryte launched our new transactional website focused on its travel business. It delivers more seamless services (obtaining quotes, buying travel insurance, submitting claims, etc. online) to customers.
Insurance companies need to make significant investments into their digital transformation journey, talent development, and enhancements to their products, services and partnerships to not only survive the business challenges of 2023 but thrive after that and beyond. At Bryte, we believe that the best way to manage an uncertain future and the risks it poses – is to be prepared and armed with the right advice and cover.
Start earning your January 2023 CPD by clicking on the link below: Course: COVER CPD Jan-Mar 2023 (learnon.co.za)
