Understanding the influence of technological innovation within the insurance industry in KwaZulu-Natal

Abstract

The creation of new innovations, challenging the norms and giving rise to numerous opportunities have altered many landscapes. With this rise, many industries found themselves grappling with their new reality, having to use technological innovations to remain relevant and competitive. Innovation has led to the use of automation, online self – service platforms, increase in knowledge thus influencing the development of the insurance industry. In the following study, the researcher explored the influence of technological innovation in the insurance industry, from a holistic perspective. The researcher found that technological innovations aid the consultants, advisors or brokers in creating personalisation and client solutions, due to the relationship established. Despite the new technologies emerging, if consultants, advisors or brokers do not keep learning and insurance companies not implementing these changes. The data was collected through semi – structured interviews, which enabled the researcher to speak to 5 participants, providing an in – depth understanding. Recommendations remained for future researchers, to increase the sample size and expand the location to ensure that the data can be generalised. Furthermore, it can recommend that insurance companies and consultants on understanding the client and effectively utilising technological innovations to their advantage.