The adoption of Insurance Technology solutions by customers in South Africa
| dc.contributor.author | Sibanda, Gift Sipho | |
| dc.contributor.supervisor | Sethibe, Tebogo | |
| dc.date.accessioned | 2024-08-27T13:17:38Z | |
| dc.date.available | 2024-08-27T13:17:38Z | |
| dc.date.issued | 2023 | |
| dc.description | A research report submitted in partial fulfillment of the requirements for the degree of Master of Management in the field of Digital Business to the Faculty of Commerce, Law and Management, Wits Business School, University of the Witwatersrand, Johannesburg, 2023 | |
| dc.description.abstract | 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 | |
| dc.description.submitter | MM2024 | |
| dc.faculty | Faculty of Commerce, Law and Management | |
| dc.identifier.citation | Sibanda, Gift Sipho.(2023). The role of design houses [Master’s dissertation, University of the Witwatersrand, Johannesburg]. WireDSpace. | |
| dc.identifier.uri | https://hdl.handle.net/10539/40348 | |
| dc.language.iso | en | |
| dc.publisher | University of the Witwatersrand, Johannesburg | |
| dc.rights | © 2023 University of the Witwatersrand, Johannesburg. All rights reserved. The copyright in this work vests in the University of the Witwatersrand, Johannesburg. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of University of the Witwatersrand, Johannesburg. | |
| dc.rights.holder | University of the Witwatersrand, Johannesburg | |
| dc.school | WITS Business School | |
| dc.subject | Digital adoption | |
| dc.subject | Digital platforms | |
| dc.subject | Insurance industry | |
| dc.subject | InsurTech | |
| dc.subject | Insurance products | |
| dc.subject | UTAUT | |
| dc.subject | UCTD | |
| dc.subject.other | SDG-8: Decent work and economic growth | |
| dc.title | The adoption of Insurance Technology solutions by customers in South Africa | |
| dc.type | Dissertation |