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South African Crime Stats – opportunity for consumers and insurance industry

The release of the South African crime stats lead to a lot of talk in the media, on social media as well as in public conversations. With the murder rate that continues to climb, there were a few notable decreases. Is the statistics just a subject matter at the next braai or board room meeting or is there something that the South African consumer and businesses can do with the data? This question is answered in two separate media articles.

In an article titled What South Africa’s Crime Stats Mean For Ordinary South Africans And Their Insurance on the iAfrica platform, Vera Nagtegaal, the executive head of Hippo.co.za shares: “The release of the annual crime statistics by the South African Police Service today should be seen as an opportunity for citizens to better understand how they can reduce their risks, as well as fine-tune their insurance policies in order to not only better protect themselves, but also mitigate any financial pitfalls as a result of a crime.”

This is not only an opportunity for citizens, but also an opportunity for financial advisers to use the release of the stats as a touch point in their engagement plan with their clients.

In a second article published by Business Day, Matthew Garrun of the Garrun Group is of the view that the industry should put insurers’ data to work against crime. “Data is the world’s latest and, many would argue, most valuable commodity, providing infinite opportunities that can be used more effectively”, Garrun says. He further explains that the insurance industry has the ability to play a concrete role in empowering citizens.

It’s about the collaboration of data and providing the level of detail that will ultimately improve everyone’s safety.

Click here to read the Business Day article.

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