THE IMPACT OF NON DISCLOSURE ON THE SOUTH AFRICAN LIFE INSURANCE INDUSTRY – FEEDBACK FROM SCOR’s INDUSTRY WIDE NON DISCLOSURE SURVEY

Pedrie le RouxDuane Hoffeldt

PresentationAudio Recording

18 October 2017 | 10:15 – 11:15 | Ballroom 2|3|4

Relevant practice area(s):Life Insurance

Suggested audience knowledge level: Foundational

Abstract:

 

SCOR Africa has carried out an industry wide survey which has investigated the levels of non-disclosure currently prevalent in the South African market, what insurers are doing to identify and act on this and the detrimental impact this is having on insurers, distributors and the end customer. The key differentiators of this session are firstly to highlight the financial impact that non-disclosure is having on the South African industry but also to identify what insurers can do proactively to identify and ultimately reduce the levels of non-disclosure which can have a beneficial impact for all stakeholders involved.

Expected outcomes:

This session will initially present the key findings from our survey including;

Industry best practice in terms of identifying, monitoring and communicating levels of non-disclosure

Various methods used to identify non-disclosure

Benchmarking of current levels of non-disclosure across the industry

Market practice for treatment of non-disclosure

The financial impact of non-disclosure on the industry and your business and what impact reducing levels can have

The session will also look at data analytical techniques which are used in other markets to predict under disclosure and establish whether this can be applied effectively in the South African market.

The final aspect of our session will look at what impact lower levels of non-disclosure and a more robust framework for identifying it could have on the customer journey in South Africa.