Understanding the digital disruption of the insurance industry in SA
This disruption of the insurance industry with FinTech and insurance-related technologies.
The client approached RIIS to help understand the nature of the new disruptive environment being created in its adjacent industry, commonly termed InsureTech (FinTech Insurance).
The established players in the financial industry have taken note of the numerous start-up opportunities that are currently being created. And realising the vast attractive investments being pumped into the InsureTech, financial service companies have realised synergies that they can also benefit from. This fosters and encourages co-opetition rather than competition.
Some of the client’s competitors have initiated responses to the FinTech revolution through acquisition, collaboration, and incubation. It was pertinent for the client to get involved in the Fintech revolution to preserve it’s market share while claiming a stake in the new market, thereby creating new revenue streams.
RIIS recommended to the client a corporate value proposition to maximise it’s possible InsureTech impact. This covered human centred strategies, improving the digital strategy of the organisation, as well as the necessary acquisitions and collaborations to position itself to have an impact in a rapidly developing industry.
The recommendations made by RIIS were followed by possible scenarios to help develop the client’s digital strategy.