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KZN

KwaZulu-Natal
Business Chambers Council
EVOLVE

THE 2017 KPMG SOUTH AFRICAN INDUSTRY INSURANCE SURVEY

the many digital platforms main contributors to the low GDP with information and captivated e fourth industrial revolution
Gerdus Dixon -
KPMG available, the customer can easily growth was the mining and by instant gratication,” says is here, being driven by the rapid
and quickly shop around for more quarrying industry, and the Gerdus Dixon, Partner and introduction of diverse and
competitive quotes and change its manufacturing industry, the tough National Head of Insurance at disruptive technologies, creating
insurance provider in a few easy trading conditions are clearly KPMG South Africa. enormous opportunities for both
steps. reected in the 2016 nancial new and existing businesses. e
results reported by the short-term Most millennials are between South African insurance industry
Today’s leading nancial insurance industry. 22 and 36 years of age and they landscape is well developed and
services companies are operating constitute 33% of the population competitive, which places more
in a new and more complex Growth in the industry is being within South Africa. In 2013, the pressure on insurers to nd
environment, one where the hindered by unfavourable spending power for this innovative methods to
fundamental denition of how macro-economic factors, weather generation was approximately dierentiate themselves in order to
customers experience and interact related disruptions and shrinking R2 billion. It can be assumed that maintain or grow market share.
with an insurer is being challenged disposable household income due this will increase as these
and redened. is is further to increasing unemployment rates individuals mature. eir early Insurance organisations are
complicated by millennials’ and increased ination. In experiences with technology, therefore faced with the
"At some point in your life, dramatically dierent buying addition, the industry reported having copious amounts of conundrum of how to better adapt
real-time information available to
their service oerings to support
patterns, alternate channels and
gross written premiums of R92.1
if you're lucky, you get to changing expectations for billion in 2016, an increase of them and being shaped by an optimal go-to market strategy
design the way in which consumer and digital experiences. 4.2% when compared to the R88.4 convenience has inuenced their for this particular customer
things evolve." - is new consumer-driven billion written in 2015. behaviours, opinions and choices segment in order to reduce
Daniel Day-Lewis business model is one that many on which products and services to churn and gain a competitive
insurers recognise and are striving “When we cross over to address use. advantage.
e 2017 edition of the annual to adopt in order to win and retain the role of disruptive technologies
KPMG Insurance Survey has customers. in Financial Services, millennials is, in itself, should coerce
revealed that the South African pop into my mind because they businesses of today to prioritise
economy has made growth in the Insofar as short term industry are the end user and the driving customer experience on the
insurance industry a sought-aer results are concerned, statistics force of this disruptive culture. business agenda, enhance their
commodity. Premium rate indicate that South Africa’s overall is group grew up in a digital product solutions, improve service
increases to the customer are met GDP grew by 0.3% in 2016. is is media saturated world, thus they levels and enable various channels
with much resistance due to lower than the growth of 1.3% are oen characterised as being of interaction with their
aordability constraints and, with reported in 2015. Even though the technologically savvy, resourceful consumers.

WORK PERMIT CHANGES

Large Scale Work Permit Changes On e Cards – Now Is e Time To Act

Points Based System – Easier for unless married to a South African Accordingly, the “point-based remains a gamble. e current
Tasia Brummer
the Foreign National Families citizen. system” will further monitor VISA processes operate very
e Paper proposes that a whether a person may qualify for smoothly where correctly done,
“points-based” system be put in e Toothbrush Test is Coming short- or long-term residency and so the bankable position is to
place for migrants who hold skills, e White Paper further will result in whether they may secure your expatriate permits
potential investments and/or have proposes ‘Marriage Clearance apply for permanent residency and status before the change.
business interests within the Certicates’ to be issued to and/or citizenship. Consequently, is means the new system can
Republic. us, we are adopting a foreigners whom intend to enter the process of residency and settle down before you have to
more strategy based and exible into spousal relationships with citizenship will be deemed to be apply again.
approach. is system may be citizens. is regime is only to delinked.
adjusted considering the ascertain the status of the b. Where you are a corporate
qualications, experience, capital marriage and to ensure that South African Citizens employer or have critical skill
Although the White Paper
employees, the White Paper
availability and willingness of the
respective foreigners are not
T he transfer of skills from foreign married in their home countries. focuses solely on migration to gives you a rare opportunity to
comment now on the changes.
nationals.
South Africa, it does however
White
identied, but, like in the
the Republic whom intend to
submitted, or please email me
Paper for South African Migration Expats with scarce skills will be e process hereof is yet to be further mention that citizens in is can either be directly
was released on 28 July 2017 by required to transfer their unique American movies, this will be emigrate for a period longer than (contact@workpermitsouthafrica.
the Department of Home Aairs. skills and experiences to citizens where they put you in dierent three (3) months will be mandated co.za) and we will ensure this is
Where you have foreign workers of South Africa. is requirement rooms and check that you know to apply for registration as per the added to our submission to the
in South Africa, South African will further ll the skills gap the colour of your spouse’s Department of International Minister.
workers abroad, or deal in any within the labour market and toothbrush, who sleeps what side, Relations and Cooperation
capacity within these changes, decrease the scarcity of the needed is the pillow hard or so and how (DIRCO). is is to ensure that c. e change to permanent
there is now a unique window to skills. e acclaimed Critical Skills you feel that your mother-in-law ‘strong ties’ are maintained residency will have signicant
get your house in order and list will be reviewed to ensure that interferes in the marriage. together with the development impact on current expatiates
contribute to this important ‘scarce skills’ aren’t over- agenda for the country, but we can planning to stay longer. Now is
development in emigration law. capacitated. Permanent Residency to Longer see that SARS will probably also the time for them to assess their
Term Visas be very interested in this database. situation and consider
Overview is system will make it far Permanent residency is application under the more
e White Paper aims to easier for the correct expatriates to proposed to be replaced with Immediate Actions lenient existing regime.
improve the management, security access long-stay visas. longer term visas in order to Although the White Paper
and inux and outux of foreign Furthermore, which can only be dismiss the misunderstanding that focuses solely on the future, there T: 011 467 0810
and local nationals within South applauded, expats' immediate expats may have in terms of are three immediate takeaways – contact@workpermitsouthafrica.co.za
www.xpatweb.co.za
Africa and the current regimes family members may apply as one progressing to citizenship by only
thereof. Not only will foreign unit and will thus enable the taking into consideration the a. Where you have been part of
nationals whom are sojourning family members to conduct work number of years they have spent the previous emigration law
and those who wish to sojourn in and study without needing to in the country. e progression is changes, you will freshly
the Republic be aected, but South apply for alternative visas. is is a thus aimed at expats who hold the remember the painful change-
African citizens who work abroad large positive compared to current necessary qualities which will over. Perhaps there will be
must also take note of important law where accompanying family contribute to the South African quicker policies and procedures
changes. members are not allowed to work economy. in place this time, but this

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