South African insurers have reported using AI at a baseline level for general efficiencies. (Image source: iStock) South African insurance providers are“quickly” catching up with banks in implementing artificial intelligence (AI) for their operations. However, the country has yet to formulate a National AI Policy, which has seen insurers formulating their own AI frameworks in…
More than three months after attackers took the personal information of insurance customers from software supplier MIP Holdings, the Information Regulator is still trying to establish how many insurers and policyholders were affected – and it is working that out with MIP, not the insurers. In a written response to questions from TechCentral, the regulator…
The criminal group behind the June breach at MIP Holdings is now extorting South African insurers directly after taking a ransom payment from the software supplier in exchange for an undertaking to destroy the stolen data. Some of the data has now been published online. TechCentral has reviewed material on a dark web leak site…
Personal information belonging to the customers of roughly 45 insurance companies was taken from IT service provider MIP Holdings in June, after intruders spent about three weeks inside a support platform the software company was in the middle of decommissioning, CEO Richard Firth has told TechCentral. The 45 organisations represent just under half of MIP’s…
AI-driven automation is helping insurers reduce turnaround times, while strengthening fraud detection and operational efficiency. Artificial intelligence (AI) is rapidly becoming a core part of South African insurers’ operating models, with firms using the technology to automate quoting, accelerate claims processing, strengthen fraud detection and improve customer service. While approaches differ, insurers increasingly view AI…
Like many first-time moms, Nathalia Marin Torres was excited when she found out she was pregnant last August, but she was also a bit nervous. The 33-year-old Colombia native didn’t click with her OB-GYN and felt like she needed more support navigating the health care system in the United States. “When you’re kind of far…
The banking, financial services and insurance sector is navigating an unprecedented convergence of economic and regulatory pressures. Rising cost-of-living pressures, household cash-flow stress, regulatory expansion and new risks linked to climate, fraud, conduct and geopolitical volatility all converge to create a perfect economic storm. Socio-political shifts mean that customers now expect greater transparency, demonstrable concern…
