Faculty of Commerce, Law and Management (ETDs)

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Subject: search.filters.subject.Life insurance

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    Factors which influence purchasing life insurance in South Africa
    (University of the Witwatersrand, Johannesburg, 2024) Chetty, Jurant
    In the context of an evolving and innovating financial sector globally, South Africa’s insurance market has shown resilient. However, its ability to maintain this resilience is a question that remains uncertain. in the face of growing innovations and products by big tech and fintech companies. This comparative advantage can be eroded especially with a dynamic consumer landscape. Based on the backdrop of the South African market, the study investigated the varying socio-demographic, social, economic and market motives to take up life insurance and/or cancel life insurance amongst various age groups with a focus on Gen Z consumers. Through an ANOVA analysis technique, the study finds that Gen Z consumers from the perspective of South Africa are motivated to use a product if the insurer demonstrates innovation and that the respective cohort is less sensitive price-sensitive than their counterparts. The result points to a need for insurance companies in South Africa to innovate their products and adequately use effective marketing techniques to attract these students
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    Factors influencing e-commerce channels in the life insurance industry in South Africa
    (2022) Mazubane, Nokwethemba Judith
    General adoption of e-commerce in South Africa is increasing in other product areas such as electronic goods, general improvement of Internet infrastructure and accessibility. Adoption of smartphone technology and cell phone penetration increases the adoption of technology and creates opportunities for the insurance market to distribute their products using these channels. Companies that master digital transformation drive significantly higher profits. With rapid change to the insurance sector driven by digital transformation, it is prudent for insurance providers to provide e-commerce channels for customers. The purpose of this study is to discover the factors that influence the success of life insurance ecommerce channels in South Africa. The basis of the study was supported by the Theory of Buyer behaviour which breaks down how a consumer goes about the process of purchasing a product. The consumer decision theory was also included to inform the basis of how consumers make purchasing decisions. To understand the adoption behaviours for technology innovations the Diffusion of innovations theory was also included in the theoretical framework. Data was collected using one on one interviews with twenty participants from a South African insurance organisation as well as customers of life insurance products. Thematic analysis was applied to the data and the findings showed that the perceptions and attitudes of consumers towards life insurance are heavily influenced by the marketing activities of the insurance provider online. The findings also showed that consumer education is a big challenge for driving adoption of e-commerce channels for this product set. The digital transformation initiatives of the organisation were also found to be a contributing factor to providing superior customer experiences to customers online. The study makes practical and empirical contribution to the insurance industry body of knowledge in South Africa.
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    The perceived impact of artificial intelligence on operations performance in the South African life insurance industry
    (University of the Witwatersrand, Johannesburg, 2022) Kunene, Thamsanqa Mxolisi; Appiah, Erasmus Kofi
    Organisations are increasingly implementing AI applications in their operations in order to stay competitive. The Covid-19 pandemic has further fuelled the implementations of AI technologies. However, do these applications improve the operation’s performance of an organisation? The study investigates how managers and employees that have implemented AI technologies within life insurance organisations perceive AI to have impacted their operations performance. Operations performance measures used by the study are cost, quality, speed, flexibility, and dependability. A qualitative methodology was undertaken by the study, using in-depth interviews that were made up of open-ended questions. The participants that contributed to the study were selected based on their profile and experience with AI technologies and in the life insurance industry. The findings of the study show that AI technologies generally improved operations performance. However, it must be noted that AI implementations come at a very high cost. Therefore, using cost savings as a sole use case driver is discouraged. Also, AI must not be implemented to improve inefficient business processes. Lastly, the quality of data to be used by the AI application is essential to the success of the project. In conclusion, managers and employees that have implemented and/or used AI technologies in the life insurance industry perceive AI to have improved operations performance of their organisations. An improved operations performance helps the organisation to stay competitive among its peers.