INSURANCE
Adapt or Die, and the Changing Nature of the Insurance Industry By Teko Moumakwa, the BIHL Group Programmes Manager
S
ignificant events and shifts in geopolitics, global health, technology and climate change are transforming behaviours in the financial markets at an unprecedented pace. Investor confidence is challenged every day, and market trends are changing just as quickly. In true “adapt or die” philosophy, businesses continue to come up with strategies to respond to most of these trends, to mitigate against new and emergent risks, and to make their mark in an ever-evolving socio-economic climate. Technology transformation is at the forefront of these market trends. Technological advances are accelerating not just how we live, but how we work, how we deliver products and solutions to market, and how our economy functions. Governments are also adapting their approaches to regulation and support, as we all strive towards the most conducive ecosystems possible. The insurance sector is no different, equally within the mix of balancing need and anticipatory desire to progress with agility and innovation approaches including but not limited to digital transformation, customer loyalty and people management strategies. For context, we need to appreciate the reality that the Botswana insurance market is dominated by the life insurance sector. This sector
Strides Magazine
14
July 2021
