Faculty of Commerce, Law and Management (ETDs)

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    The adoption of Insurance Technology solutions by customers in South Africa
    (University of the Witwatersrand, Johannesburg, 2023) Sibanda, Gift Sipho; Sethibe, Tebogo
    This research study investigated factors driving customer adoption of Insurance Technology solutions or InsurTech in the insurance industry and what insurers should do to ensure positive acceptance of Insurance Technology by customers in South Africa. The research used the Unified Theory of Acceptance and Use of Technology (UTAUT) model. This study is essential as incumbent insurance and InsurTech companies have been investing in Insurance Technology solutions to offer affordable insurance solutions at lower operating costs; however, adoption of these technologies by customers remained low. The study used a quantitative methodology and an online questionnaire with 37 questions following the UTAUT model to collect data. This research study focussed on insurance and non-insurance customers in South Africa. A broker and an InsurTech company distributed the survey amongst insurance clients. The respondents were also derived from LinkedIn and the referrals by the network of the researchers. A total of 213 respondents attempted the online survey, although some still needed to complete the entire survey, which led to differing totals against different constructs. In addition, the construct scores were calculated for items with a missing value of less than 50% of the inferential statistics. As a result of the missing values, the sums for the various structures varied. According to the research study's findings, consumers' behavioural intention to utilize Insurance Technology solutions is significantly predicted by two main variables: performance expectancy and effort expectancy. Furthermore, general awareness and understanding, attitude, and trust where highlighted as important predictors. The study's findings highlighted several factors that prevent insurance technology adoption, including a lack of product and technology information, mobile data, internet security, and awareness. The study also found that easily accessible information, accessible technology, and ease-of-use were enablers of Insurance Technology 3 solutions adoption by customers. The study provides more insights into what insurance companies need to focus on to increase customers' adoption and use of Insurance Technology solutions. The study contributes to the body of knowledge and future studies on factors influencing the adoption of customers' adoption of Insurance Technology solutions
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    Factors facilitating conversational artificial intelligence at an insurance organisation in Johannesburg
    (2022) Tshifularo, Setebatebe B
    Globally the insurance industry is changing significantly due to new technological advances, data growth asymmetry and more recently the Covid-19 related disruptions (Balasubramanian, Libarikian, & McElhaney, 2021). Further to these changes, are consumer tastes and preferences fuelled by availability of information and accessibility of platforms such as social media. Consumers have become more price and product sensitive due to the many options available from competing products and companies. To keep up with these changes which present both risks and opportunities, insurers have been long exploring with technologies such as Artificial Intelligence, Internet of Things, Cloud computing to name a few (Santenac, Majkowski, Manchester, & Peters, 2019). Artificial Intelligence is a buzzword in the insurance industry as most insurers are looking at ways to drive effective distribution channels, be cost effective and exceed customer expectations (Accenture, 2018). Conversational AI is a subset of AI which this study seeks to explore in depth. The aim is to consider global, continental, regional and local insurers’ implementations of conversational AI and derive insights on factors that led to successful CAIs implementations.