Insight Survey’s South African Short-Term Insurance Industry Landscape Report 2024

Insight Survey’s latest South African Short-Term Insurance Industry Landscape Report 2024 carefully uncovers the global and South African short-term insurance landscape, based on the latest intelligence and research. It describes the latest global and local market trends, innovation and technology, drivers and challenges, as well as a detailed competitor analysis, to present an objective insight into the South African short-term insurance market environment and its future.

Global InsurTech Market Growth

In terms of the global InsurTech market specifically, significant growth is again expected, with the market expected to reach $26.0bn in 2024 and forecast to grow at a massive compound annual growth rate (CAGR) of 38.8% to reach $496.6bn in 2033. Growth of the global InsurTech market is being driven by several factors, including the growing consumer demand for digital-first, personalised insurance solutions that are able to offer greater convenience and flexibility, as well as the rise in numbers of tech-savvy millennials and generation Z consumers, among others.

African InsurTech Market Highlights

According to FinTech Global Research, the African InsurTech market also continues to thrive, with companies raising a combined total of US$30.4 million in 2023. Interestingly, three out of the top four InsurTech companies in Africa in 2023, in terms of InsurTech deals, were South African companies. This included Pineapple, Inclusivity Solutions, and Root, which achieved a combined deal total of $24.9m in 2023.

AI Integration in the Insurance Industry

In line with continued efforts towards digital transformation, the incorporation of artificial intelligence (AI) in the insurance industry is proving to be a significant trend both globally and in South Africa. Examples of this in the global space include Rival Insurance Technology, which announced its new Rival Platform & Marketplace (RPM), an AI-driven web application that is set to transform the way brokers and managing general agents operate. In an industry first, GTAL also recently incorporated AI agents as a core element of its technology platform, in efforts to operate real workflows and shift accuracy by more than 40%, compared to conventional AI.

AI Innovations in South Africa

In South Africa, the integration of AI, particularly AI chatbots and generative AI, is also proving to be a major trend, offering players the ability to enhance customer engagement, streamline operations, and improve service delivery. With this, several new AI innovations have been launched over the past year, alongside announcements of future investment in, and focus on AI integration.

Examples of AI Innovations

• OneSure Direct launched InsureBot, an AI-powered digital assistant, to simplify insurance interactions.
• Blink by MiWay introduced an AI-powered WhatsApp chatbot for streamlined car insurance quotes.
• Rather.chat integrated ChatGPT into its chatbot technology for a complete quoting and purchasing experience.
• iWYZE and FNB are exploring generative AI for fraud prevention and risk management.

South African Short-Term Insurance Industry Landscape Report 2024

The South African Short-Term Insurance Industry Landscape Report 2024 provides a dynamic synthesis of industry research, examining the South African and global short-term insurance industry from a uniquely holistic perspective.

• Current market dynamics
• Latest news and developments
• Global and South African industry trends
• Company performance insights
• Competitor analysis

For more information, email info@insightsurvey.co.za, or call our Cape Town office at (021) 045-0202 or Johannesburg office at (010) 140-5756.

About Insight Survey

Insight Survey is a South African B2B market research company with more than 15 years of heritage, focusing on business-to-business (B2B) and industry research to ensure smarter, more-profitable business decisions are made with reduced investment risk.

We offer bespoke Competitive Business Intelligence Research to help businesses overcome industry challenges quickly and effectively, empowering them to achieve their vision.