Disruptive innovation seems to be the order of the day in all industry sectors. And it’s no different even in the insurance industry when it comes to who’s making the cut as the largest insurance underwriters in South Africa.
Most insurers want to significantly contribute to the increase in gross written premium.
As far as traditional insurers go Santam is still ranked top performing insurer when it comes to paying claims, responding to complaints.
And the market is still being dominated by the largest insurers that underwrite of the market’s gross written premiums. These include Santam, Hollard and Mutual & Federal.
Also progressive insurance companies are leading the way through technology.
Like MiWay is creating positive customer experiences through the effective use of their Miway App. Customers using the App to log a motor vehicle accident claim, receive a R1000 reduction in their applicable excess.
The MiWay App also allows users to request roadside assistance to their exact location, instantly notifying up to three contacts that they need assistance, request a call back from MiWay Client Services and locate the nearest inspection centres.
And also thinking outside the box is key to make fundamental strides in an industry where market share is hard to come by. With all these new insurance companies popping up everywhere almost every year such have included. Phishield, which brings a unique cyber fraud insurance to the South African market. This insurance includes, but is not limited to phishing fraud.