As the individuals near the peak of their careers, their spending habits increase, particularly on high-end products and technologies. When it comes to insurance, they want convenience and immediate solutions for their needs.
With the integration of artificial intelligence (AI), the insurance industry is fast adapting to provide solutions to meet the need.
International management consultancy McKinsey says AI could mimic the human mind when it comes to things such as perception and solving problems, which could transform the insurance industry and the way people buy insurance products.
Vera Nagtegaal, the executive head of online comparison website, Hippo.co.za, says there has been a significant shift in the insurance industry from detecting and repairing damage to predicting and preventing risks.