Read Kurt’s article in IIG ‘Informer’

The latest newsletter from the Insurance Institute of Gauteng (IIG) is out! The Informer hit mailboxes at the end of April and is full of interesting and relevant articles that concern insurance professionals in the province and beyond.

One of the articles is by CN&CO’s Kurt Solomon, who is also broker distribution executive at Ami and sits on the IIG council. In the article, Kurt discusses how IoT and tech are revolutionising the personal lines insurance industry in South Africa.

Kurt argues that the rise of IoT and its impact on personal lines insurance is one of the biggest technological advancements in recent years.

“IoT, or the Internet of Things, refers to the interconnected network of devices, vehicles, and other objects embedded with sensors, software, and network connectivity that allows them to collect and exchange data,” he says. “In the insurance industry, IoT devices are being used more and more to gather data on risk factors to help insurance companies manage and personalise policies for their clients.

“For example, some insurance companies offer discounts to customers who have installed IoT devices such as smart home security systems or telematics devices in their cars, which track driving behaviour and can help determine premiums based on actual usage and risk factors. However, with this increased reliance on technology comes new risks and challenges. At a recent session with Lombard Partnerships and Ami,  Cybersecurity was one of the big topics for discussion as cyber threats and data breaches are a major concern to the industry. As more personal data is collected and stored through IoT devices, it is vital that proper security measures are in place to protect against cyber-attacks. The Cyber Insurance Risk in 2022 report from Black Kite, who researched 99 Insurance companies across the globe shows that 82% of the of the largest insurance carriers are the focus of ransomware attacks from cyber criminals. Scary.”

Read the full article here.