Sustaining the life insurance industry in the Fourth Industrial Revolution

IF 0.1 Q4 BUSINESS, FINANCE
Lynn Molloy, L. Ronnie
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引用次数: 1

Abstract

As the Fourth Industrial Revolution (4IR) continues to change the ways of doing business across industries, organisations around the world are grappling with the unprecedented challenges imposed by radical and widespread technological change. In the face of this dilemma, the South African life insurance industry has remained remarkably resilient, exhibiting very little adaptation in terms of structural, cultural, or business model innovation. However, the stable environmental conditions that once enabled this position for incumbent organisations are weakening.  Transformational change, like that in the adjacent financial services industry, is imminent and adaptation on the part of incumbent insurers will be vital to sustaining relevance. This research examines the organisational beliefs and capabilities of South African insurance companies regarding the 4IR in order to gauge the current challenges within the broader industry. Semi-structured interviews were conducted with 12 senior leaders and decisionmakers from across the industry. A qualitative inductive analysis shows the inhibitors and enablers of digital innovation within the organisations. The pervasive lack of trust, agility, and urgency within the sector are cited as inhibitors of digital innovation. Enablers include a continuous learning mindset within the organisation, partnerships within the broader ecosystem, and the role of senior leaders for shaping cultural attitudes and structures. Overall, these findings show a disparity between what insurers know they must do to proactively lead change, enact digital innovation, and remain relevant, and what they are actually executing. Recommendations are provided for addressing this gap. Keywords: Fourth Industrial Revolution; life insurance; strategy; leadership; agility
在第四次工业革命中维持人寿保险业
随着第四次工业革命(4IR)继续改变各行业的经营方式,世界各地的组织都在努力应对激进和广泛的技术变革带来的前所未有的挑战。面对这种困境,南非人寿保险业仍然保持着非凡的韧性,在结构、文化或商业模式创新方面几乎没有表现出适应能力。然而,曾经为现任组织提供这一职位的稳定环境条件正在减弱。变革迫在眉睫,就像邻近的金融服务业一样,现任保险公司的适应对保持相关性至关重要。这项研究考察了南非保险公司对4IR的组织信念和能力,以衡量当前整个行业面临的挑战。对来自整个行业的12位高级领导和决策者进行了半结构化访谈。定性归纳分析显示了组织内部数字创新的阻碍因素和推动者。该行业普遍缺乏信任、灵活性和紧迫性,被认为是数字创新的阻碍因素。促成因素包括组织内的持续学习心态、更广泛生态系统内的伙伴关系,以及高级领导人在塑造文化态度和结构方面的作用。总的来说,这些发现表明,保险公司知道他们必须做些什么来积极领导变革、实施数字创新并保持相关性,与他们实际执行的内容之间存在差异。提出了解决这一差距的建议。关键词:第四次工业革命;人寿保险;策略领导敏捷性
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来源期刊
South African Actuarial Journal
South African Actuarial Journal BUSINESS, FINANCE-
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