Reaching millennials has turned into one of the insurance industry’s biggest challenges, says Peter Castleden, CEO of Indie, a division started by Sanlam Life Insurance in 2016.
This is because about 90% of the industry’s business model is built on a single-channel service, via intermediaries, he says.
“Intermediaries generally only connect with clients within a ten-year range of their own age group. The problem here is that the average age of financial brokers, for various reasons, has been increasing for quite some time now, resulting in fewer players with which younger generations can connect.”
Proceed to Source : Fin24
The Blockchain cures all ails. It is an immutable (unchangeable) and unhackable database. It lowers transaction costs and enables trust between strangers. It unshackles us from authority. It will revolutionize insurance: Executives everywhere must pay attention. Blockchain is the new plastic. Or so the myth goes.
Numerous articles have explained how using a blockchain will lower costs, increase profitability, and produce a clear competitive advantage for insurers. Fewer articles cover blockchain mechanics and magic—yes, it contains some magic. Executives need to have a basic understanding of the mechanics and an appreciation of the magic in order to assess the applicability of blockchains to their insurance business problems. This article will step back from the hype and explain how a blockchain works. It will highlight some surprising capabilities and debunk some confusing myths and inaccuracies.
Blockchain is a Database
A blockchain is a database. Blockchain databases are generally distributed, that is, stored on multiple machines rather than held by a single authority.
Proceed to Source : Aon
JLT Employee Benefits (JLT), one of the UK’s leading employee benefit providers, has acquired the award-winning digital saving and investment service Moola, subject to regulatory approval.
Moola is an innovative, affordable and consumer-friendly investment service. It offers customers the opportunity to invest in Individual Savings Accounts (ISAs), Generalised Investment Accounts (GIA), as well as ethical and tax efficient portfolios. Moola provides free educational content to empower individuals with the knowledge to make smarter decisions with their money and enable them to cut through financial jargon.
Proceed to Source : Actuarial Post UK
Walter Cruttenden, co-founder of one of the most disruptive fintechs in the investment space, Acorns, launched a new savings app Tuesday called Blast.
Like Acorns, which has 3.7 million investment accounts in the U.S. and is adding 200,000 customers a month, Blast lets people save money without having to think about it or make a conscious effort.
Proceed to Source : American Banker
It was revealed today that Absa clients will now be allowed to do their banking via WhatsApp.
Banking via WhatsApp will be a first for South Africa. The company launched their new brand strategy today and said that using WhatsApp will be a major part of their new tech innovative platform.
This is not WhatsApp’s first foray into banking. The tech company made a major push into banking and transactional services in May this year, with their new service called WhatsApp Pay services. The service was introduced in India only.
Private lender Kotak Mahindra Bank introduced the service on a trial basis but Absa is the first bank to launch the service fully anywhere in the world.
Proceed to Source : Business Tech
Sanlam Investments, one of SA’s largest investment management companies, is using Project Portfolio Office’s (PPO) simple to use, cost-effective project portfolio management (PPM) tool for improved reporting and greater collaboration across the organisation.
Sanlam Investments offers a range of local and offshore investment products to end-investors, financial planners and institutions, including passively and actively managed unit trusts, hedge funds and segregated and pooled retirement funds.
Proceed to Source : ITWEB
Technology usage and forward planning for IT changes and advancements have become key focus areas for African companies to the extent that those lagging behind may as well be planning to fail, say top executives as firms and governments across the continent rope in Artificial Intelligence, internet of things, cloud computing and other technological platforms.
Further disruption is now expected across multi sectors ranging from financial services, telecom, and logistics to fashion and retail. Africa has also seen a mushrooming of various tech start-ups that are bringing further disruption and traditional companies have been urged to adapt to the emerging tech trends or risk going out of business.
Proceed to Source : africa.com
Liberty Life is the latest SA firm to have its data breached and has potentially exposed the personal details of millions
Millions of South Africans woke up on Sunday not to the afterglow of another stunning come-from-behind victory by the revitalised Springboks but to the news that their personal data may have been hacked — again.
Liberty Life sent out text messages to its customers early on Sunday warning them that it had “been subjected to unauthorised access to its IT infrastructure, by an external party”.
That Liberty took two days to inform its customers of the breach suggests it doesn’t have a strong-enough focus on its IT systems — which might not have been secure enough, commentators say.
Proceed to Source : Business Live
The cryptocurrency industry allowed several businesses to start new investments which have been very profitable. But cryptocurrency exchanges have provided extraordinary returns to their funders. This may be one of the reasons why Sygnia is moving to that industry.
Financial services firm 10X Investments has launched a new portal that enables clients to take charge of their own retirement plans.
Customer using My10X, which has been designed as mobile-first application, have access to all information about their retirement plan and investments. They can also make adjustments – such as change a beneficiary, increase a debit order, or make an additional once-off contribution – using their phone.
The service was made available to clients on the weekend by way of a soft launch, 10X told BusinessTech.
10X Investments founder and CEO, Steven Nathan, said My10X enables clients to plan, invest and monitor their retirement savings on their mobile phone or desktop.