In sub-Saharan Africa, 52% of adults save in some way, according to the World Bank. Over the last decade, South Africa has made positive strides in financial inclusion, and more than 80% of the adult population now has bank accounts. But real financial inclusion is more than just having a bank account.
Because traditional insurers often still rely on legacy systems and technology, their ability to innovate, expand their product offerings, and engage with their customer base in a familiar setting, is limited. “At its core, insurance provides protection against risks and uncertainties for individuals and businesses,” says Koep. “Without car insurance, for example, an accident could result in financial ruin for the driver. Uninsured business owners are unable to take the necessary risks to run and grow their businesses.”
Source: News Formal (newsformal.com)
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