Outsurance: Out with the old, in with the new
New insurtech players are changing the face of the industry with time- and money-saving options
It is part of the business cycle that the disruptor becomes the disruptee. It might have been innovative to advertise cut-price insurance on TV 20 years ago, but Outsurance’s old media-focused campaigns now look dated.Its endless "We can save you R300" ads make the Clientèle Life infomercials look like Citizen Kane.The backbone of Outsurance is still its call centre, which would fill an aircraft carrier.It will no doubt need to reduce this as functions are taken over by artificial intelligence devices. There are signs of Outsurance running out of road, at least in SA.In its last financial year (to June 2018) its short-term premiums in SA were up just 5%.CEO Marthinus Visser says that was entirely made up of unit growth as there was no premium inflation."But claims experience is also getting better as more people use Uber for nights out and the technology of vehicles improves — automatically braking before rear-ending, for example."Outsurance is one of the unlisted companies that man...
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