If the life-insurance industry does not actively embrace the need to rid itself of institutional complexity then it faces the very real risk that it will suffer the same fate as that of the dinosaur. The stark reality is that SA has a life industry faced with a fundamental need to change. If it does not evolve to offer a more compelling proposition, then any group with a footprint within a meaningful client base can — and is likely to — move quickly to close the gap with financial solutions that clients feel better meet their personal needs. Not only will this disrupt the life-insurance model for good, but it will also probably trigger structural changes from which much of the sector might not ever recover. From technology companies to social-media platforms and retailers, there is an obvious business opportunity. But the opportunity for some is also a shot over the bow for many others. For the life-insurance industry, the desired outcome is not disruption for disruption’s sake, but...

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