The function of competitive intelligence in South African insurance post-COVID-19 outbreak

Abstract

Background: Competitive intelligence (CI) involves monitoring competitors and providing organisations with actionable and meaningful intelligence. Some studies have focussed on the role of CI in other industries post-COVID-19 pandemic.

Objectives: This article aims to examine the impact of COVID-19 on the South African insurance sector and how the integration of CI and related technologies can sustain the South African insurance sector post-COVID-19 epidemic.

Method: Qualitative research with an exploratory-driven approach was used to examine the impact of the COVID-19 pandemic on the South African insurance sector. Qualitative secondary data analyses were conducted to measure insurance claims and death benefits paid during the COVID-19 pandemic.

Results: The research findings showed that the COVID-19 pandemic significantly impacted the South African insurance industry, leading to a reassessment of pricing, products, and risk management. COVID-19 caused disparities in death benefits and claims between provinces; not everyone was insured. Despite challenges, South African insurers remained well-capitalised and attentive to policyholders. Integrating CI and analytical technologies could enhance the flexibility of prevention, risk management, and product design.

Conclusion: COVID-19 requires digital transformation and CI for South African insurers’ competitiveness. Integrating artificial intelligence (AI), big data (BD), and CI enhances value, efficiency, and risk assessments.

Contribution: This study highlights the importance of integrating CI strategies and related technologies into South African insurance firms’ operations to aid in their recovery from the COVID-19 crisis. It addresses a research gap and adds to academic knowledge in this area.