PWC GLOBAL SURVEY
Online demand from small business a challenge for insurers
More South African small to medium enterprises (SMEs) are embracing e-commerce, with 34% indicating that they would prefer to buy their business insurance online, according to a study by PwC.The survey shows how the insurance market for SMEs is likely to transform to match the digital transformation seen in personal insurance over the past decade.The insurance industry needs to act now to meet this growing demand from small businesses, PwC said.Victor Muguto, insurance leader for PwC Africa, said that digitisation was disrupting all sectors of the economy.He said that the insurance industry was no exception. Muguto said the insights of this study were both an opportunity and a challenge for the insurance industry."The survey findings uncovered a demand for digital insurance services that is not being met by the industry."Players in the insurance industry will have to develop a clear strategy on how to deliver products and services across multiple channels."They will need to understa...
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