InsureTalk53 – Future-fit insurance: connecting people, platforms and purpose

Welcome to InsureTalk53, SA’s top monthly insurance webinar. The theme for this edition was “Future-fit insurance: connecting people, platforms and purpose”. Our accomplished emcee, Christelle Colman, once again did a sterling job of introducing our speakers – who, themselves, did a sterling job of unpacking their respective topics.

Matthew Green, product portfolio manager for underwritten life insurance at FNB, was first up. He began his talk by advocating for a shift in mindset: “Life insurance should no longer be seen in isolation, but as an integral part of a holistic financial plan.

“We’re not only looking at risk business,” he said, “we’re looking at investments, lending, transactional spending… improving all aspects of their lives so they can improve their wealth.”

He mapped out a comprehensive approach that addresses debt, emergency savings, income protection, retirement, education and entertainment. Life insurance, he stressed, supports many of these areas – from protecting income and assets to ensuring continuity through illness, disability or death.

He emphasised the very real risks South Africans face and how poorly prepared many of us are.

“A thousand people die every week from unnatural causes,” he said, and the ACISA GAP study reveals that most South Africans are underinsured by at least R1 million.

Safety net

He made the case for life insurance as a vital safety net, especially in a country with high unemployment and economic volatility. Retrenchment cover, in particular, is underutilised but critical:

“Statistically, you are more likely to be retrenched than to die or become disabled before 65.”

Matthew argued for more adaptable, term-structured products that meet customers’ changing needs over time. Whole-of-life policies are often unaffordable, especially as people age.

“Customers need a bit of both – traditional and niche products – to ensure they aren’t overpaying for cover they no longer need, or worse, underinsured when they need it most.”

He also warned of affordability risks associated with steep premium escalations that outpace customers’ ability to pay, especially later in life when frail care and medical costs rise.

Technology, he concluded, is key to enabling holistic advice and improving outcomes. Digital platforms help customers stay engaged and informed, while AI can enhance advisor capacity and personalise solutions.

“Life insurance is that product that supports customers when they are at their most vulnerable,” he said.

Ensuring trust, transparency and perceived value – through tools like rewards, self-service and seamless claims – builds loyalty and financial resilience.

“Risk planning needs to evolve,” he said, “particularly as longevity and conditions like dementia reshape the landscape of financial security.”

Jaco Oosthuizen, cofounder and MD of Yu Life South Africa, spoke on “Winning with ecosystems: the future of insurance is collaborative”.

The importance of ecosystems

Jaco opened his talk by acknowledging the traditional reputation of insurance as a “boring” industry and set the tone for disruption. As an actuary and co-founder of YuLife, he shared how the company was born from a desire to “inspire life” rather than simply insure it. Drawing on his background in venture capital and global startup investment, he explained the importance of ecosystems in reshaping the insurance landscape.

“The winners,” he said, “are those who are going to use these ecosystems to build their businesses going forward.”

An insurance ecosystem, in his view, is a network of partners and services that work together to offer real, daily value to customers.

Jaco emphasised how consumer expectations are shifting.

“Customers expect immediate gratification,” he noted, referencing tech experiences like Apple and Amazon. The future of insurance, he argued, must shift from being reactive to proactive – using tools like AI to detect risks early and improve health outcomes, ultimately reducing claims and boosting trust. He introduced YuLife’s own app as an example, describing it as “the Candy Crush of insurance”, gamified and joyful, where users engage daily in activities that promote wellbeing.

“45% of people use our app every day,” he said, “the highest engagement of any insurance app globally.”

He shared how large insurers often struggle to innovate due to bureaucracy, silos, and risk aversion. Startups, in contrast, are agile and better placed to disrupt the market. YuLife has embraced this by creating shared-value partnerships with traditional carriers – most recently with Old Mutual.

“We blend our gamified engagement platform with their 180-year-old brand,” he explained, allowing employees to manage their group risk benefits in a fun and accessible way. From onboarding and changing beneficiaries to interacting with documents and wellness perks, everything is designed to be seamless, engaging and intuitive.

Jaco closed with a call to embrace open, data-driven collaboration.

“Building an ecosystem is not about owning everything,” he said. “It’s about connecting the right players and solving real problems.”

With international expansion underway – including into the UK, Japan, and the US – YuLife is proving the power of this model. His key message: ecosystems accelerate innovation, foster loyalty, enable preventative care and future-proof the insurance industry. Through shared values and co-creation, he believes insurers can transform from commodity providers into partners that genuinely enhance people’s lives.

IISA CEO Thokozile Mahlangu spoke about the upcoming African Insurance Exchange, set to take place at Sun City and online from 27 to 30 July 2025. Thokozile’s talk was supported by a mini-interview between Tumelo Mothotoane, conference MC, and Francois Baird, distinguished fellow at the Energy Policy Research Foundation in Washington DC. Check it out below:

FAnews editor Rianet Whitehead delivered an update on the short-term insurance industry, starting with the challenges keeping brokers and insurers up at night.

“Service delivery frustrations, particularly from third-party providers, are damaging reputations across the board,” she said. “Inflation, volatile currency and parts shortages continue to squeeze underwriting margins, especially in motor. Climate volatility – especially flooding – is increasing reinsurance costs and raising questions about whether current risk pricing models are fit for purpose.”

On a more positive note, Rianet highlighted trends reshaping the industry for the better. AI and automation are showing real promise in claims handling and fraud detection, while niche underwriting is gaining ground. The hybrid work model remains in flux, but companies investing in intentional culture design seem to be faring best.

The Insurance Apprentice

She celebrated renewed energy around mentorship and leadership development, especially through The Insurance Apprentice (TIA), which is going mainstream with a move to TV in 2025.

“We’re spotlighting everything from climate risk to hybrid work,” she said, adding that relatability and storytelling are at the heart of the next season.

Wrapping up, she gave a shout-out to several interviews and partnerships featured on FAnews platforms, including chats with industry leaders from Guidewire, ApexU and Sapiens.

She urged listeners to keep telling the story of insurance – one of meaning, growth and service.

“Insurance is not just a job,” she said. “It’s a lifeline in people’s darkest moments.”

Singer Cole Adams provided guests with an upbeat set of popular songs – sponsored by Business and Arts South Africa – before Kim Johnson, president of the Insurance Institute of the Border, outlined her institute’s latest events and activities.

Kim brought warmth, humour and heart to her update from the IIB – soon to be renamed the Insurance Institute of Buffalo City, pending a public vote.

“The rebrand is about aligning with modern geographic relevance and embracing growth, not forgetting their roots,” she said.

Alongside the name change, the institute is stepping confidently into the digital era with a new website and social media presence. “If you didn’t post it, did it even happen?” she quipped.

Education remains central, and partnerships – affectionately dubbed “spartnerships” – have helped deliver a successful slate of events and CPD offerings.

Kim also highlighted the institute’s social impact through the Border Youth Insurance League, which supports previously disadvantaged learners in Mdantsane with tech, Wi-Fi and educational resources.

From Mandela Day fitness fundraisers to paint-and-sip socials and an Egyptian-themed annual dinner, the institute blends professionalism with personality.

“Together we grow and thrive,” she concluded. “And if thriving doesn’t work, there’s always the potjie competition.”

Mentorship initiative

Gerhard Genis was next up. He delivered a passionate and data-rich presentation on the Retiree Repurposing Programme (RRP), a national mentorship initiative aimed at transferring skills and leadership wisdom from seasoned professionals to younger insurance leaders. As he put it, “The RRP is not a soft skills experiment nor is it a nostalgic gesture. It is a critical response to a real shortage of skills and leadership.” Backed by the SAIA, IISA, FIA, and INSETA, the programme has completed two intakes and is awaiting funding for a third, with the goal of scaling up to 100 mentees nationally.

The programme is rigorous and structured, demanding serious commitment from both mentors and mentees. Each pair meets twice a month, and mentors often invest several hours in preparation for each session.

“Technical training is the starting point, but what emerges most powerfully is the hunger for leadership guidance and personal growth,” said Gerhard. “With tools like the Together platform and Upskillist courses, participants engage in skill gap assessments and continuous feedback, ensuring personalised and measurable development.

“What makes the programme particularly powerful is its impact on both mentors and mentees. It fosters real human connection, continuity in the sector, and a shift from self-preservation to self-actualisation.”

Bridging the generation gap

The programme not only bridges the skills gap but the value gap between generations.

“When legacy becomes leadership,” he said, “the industry becomes timeless.”

The reporting metrics are impressive: over 300 structured mentoring sessions, strong average feedback scores from both mentors and mentees, and consistent themes of increased confidence, communication and leadership among participants.

“Every time we pair a retired leader with a rising one,” Gerhard concluded, “we preserve memory, pass on values and create continuity that no AI can replicate.”

Our final slot for the day was filled by Clinton Da Costa Brown, solution sales advisor at SSP. Clinton’s talk explored embedded insurance. He urged the industry to move beyond the buzzword and treat it as a strategic imperative rather than a distribution gimmick.

At its core, embedded insurance is about offering seamless, contextual coverage at the point of need – whether booking a flight, purchasing a device or taking out a loan. Clinton stressed that successful embedded offerings are integrated naturally into the customer journey, not forced or complex, and should reflect the expectations of modern consumers: relevance, convenience and trust.

He identified three drivers propelling embedded insurance forward: evolving consumer expectations, projected global growth (with forecasts of $700 billion by 2030) and the availability of robust digital infrastructure.

He also warned against common pitfalls, including trying to force outdated legacy products into digital ecosystems.

“This is not an add-on,” he said. “It is a strategic approach.”

True success, Clinton said, depends on deep collaboration between insurers, tech providers and retail platforms, with each partner playing a clearly defined and equally invested role in delivering value to customers.

Trust, he noted, is the linchpin of embedded insurance.

“Since consumers often interact through familiar retail brands rather than insurers themselves, simplicity, transparency and seamless user experiences are essential,” he said.

API-first

On the tech side, Clinton highlighted the need for API-first architecture, rapid product configuration and real-time data capabilities.

‘The right technology partner must go beyond ticking boxes,” he said. “They must co-create, share strategic goals, and enable agility without compromising governance or compliance.”

Looking ahead, Clinton predicted that AI, IoT and behavioural data would play increasingly significant roles in real-time personalisation and pricing. He also encouraged insurers to explore new verticals such as healthcare, education and entertainment.

In closing, Clinton reminded guests that embedded insurance only works when it aligns with four key principles: relevance, timing, simplicity and trust.

“When you get that right,” he concluded, “embedded insurance stops being a buzzword and starts driving real value.”

If you missed the live webinar, feel free to watch the recording on YouTube below: