Gauteng Women In Insurance: Leaderwalk 1 – Business Breakfast

The breakfast set a collaborative tone for the year, with four respected speakers sharing strategic insights that helped attendees make sense of an increasingly complex and fast-changing landscape.

 

GWII extends its appreciation to Main Sponsors Bryte and Camargue, Co-Sponsors Fairbridges, Qsure and Sasria, and Additional Sponsors Leppard and Lloyd’s for their valued support in bringing this session to life. 

 

The morning’s discussion provided both a high-level perspective and practical reflection on where the insurance industry is heading in 2026 and beyond. 

 

While each speaker focused on a different dimension of the industry, a common thread emerged – one of adaptation, preparedness, and opportunity in a rapidly shifting marketplace.

 

Katlego Thaba, Partner/Director and Senior Consulting Actuary at Deloitte, outlined key economic and strategic factors influencing the insurance industry as it enters 2026. He emphasised, “The insurers who thrive in the coming decade will be those who recognise that long-term growth is inseparable from societal impact and bold collaboration.” The industry is experiencing significant shifts, notably in technology, with artificial intelligence (AI) moving from experimentation to widespread deployment. However, successful AI adoption depends on robust data quality, system modernisation, and security. Insurers in Africa have an advantage because they can build more tailored, data-rich platforms without the constraints of legacy infrastructure.

 

Convergence between insurance, banking, and asset management is another major trend. As integrated financial solutions improve inclusion and efficiency, insurers face new competition and must adapt. Trust and societal impact also play a critical role. Customer trust remains fragile, with poor claims experiences eroding confidence. Meanwhile, climate risks and economic inequality are driving insurers to expand their roles beyond risk transfer to focus on resilience-building and stakeholder value creation.

The global insurance market is seeing slower growth and margin pressures. The short-term insurance sector is moving out of a hard market, with slower premium growth and margin compression due to factors like competition, social inflation, and catastrophe losses. Life insurance growth is moderating in developed markets, while emerging markets are more resilient.

 

Several macro forces demand strategic preparation. Climate and catastrophe risks are increasing in severity, and insurers must address these, especially in Africa, where the role of insurance in managing climate risks needs to be better defined. With increasing AI adoption, insurers must also ensure strong data governance and system resilience to mitigate operational risks.

 

Economic volatility and slower growth globally are additional challenges. In South Africa, higher lapse rates and pressure on disposable income are causing concern. Insurers need to manage persistency risks, capital allocation, and differentiate through service excellence and proprietary capabilities. The introduction of IFRS 17 is improving performance transparency, and regulators are increasingly scrutinising asset allocation, particularly in alternative investments.

 

Customer behaviour is shifting, with a growing demand for digital-first engagement. Insurers must adapt by offering affordable, flexible, modular products and by providing more than just risk transfer, offering preventative and advisory services. Leadership in 2026 requires technological fluency, financial discipline, and a focus on societal impact. “The year ahead presents both challenges and significant opportunities for insurers willing to innovate and collaborate.”

 

Natasha Naidoo, Director at Fairbridges, brought a regulatory lens to the discussion, illustrating how compliance expectations are evolving and how insurers and intermediaries must adapt to shifting legal, conduct, and accountability frameworks. She delivered a clear and uncompromising message: preparedness is no longer optional. With sweeping regulatory reform on the horizon, insurers and intermediaries must move from reactive compliance to embedded governance discipline.

 

Central to her address was the Conduct of Financial Institutions (COFI) Bill. “The COFI Bill will repeal the Long-Term Insurance Act (1998) and the Short-Term Insurance Act (1998). Insurers and related financial institutions will need to apply for a new licence under the consolidated COFI framework. Preparedness means plan today, survive tomorrow!” she warned. The shift, she emphasised, is structural rather than incremental. “Stricter governance for board members; increased focus on customer outcomes; robust compliance systems; implementation of a harmonised conduct standards framework; and licensing changes,” she outlined. For boards and executives, this means revisiting governance models, decision-making processes, and accountability frameworks now – not when implementation deadlines arrive.

 

Naidoo also highlighted the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2025, which “introduces stricter compliance duties for financial institutions, including insurers. Insurers are accountable institutions. The Bill affects operations and addresses concerns raised by the Financial Action Task Force regarding the country’s grey listing. It requires risk assessments for new and emerging technology and extends record-keeping requirements.”

 

Balancing compliance demands with operational agility remains one of the industry’s greatest tensions. Naidoo’s solution was integration: “Build compliance into everyday processes – product designs and system workflows – so regulatory requirements are included from the start. This avoids last-minute changes, helps teams work faster, and prevents compliance from slowing down delivery.”

 

A risk-based approach is essential. Organisations must “focus on high-risk areas, including data governance, solvency, AI-related controls, and customer conduct requirements.” However, implementation is not without pain points. “High investment costs and advanced tools require large upfront spending, which is challenging for smaller insurers. Data privacy and POPIA compliance are relevant to data analytics, machine learning, and cloud-based systems. Digital projects may be delayed, carrying additional compliance risks.”

 

Claims handling remains particularly vulnerable. Naidoo identified three recurring pressure points: claims handling, repudiation language, and inconsistent documentation. “More paperwork does not equal added protection. Poorly structured compliance documentation increases litigation risk, and inconsistencies become ammunition.”

 

She rejected the notion that compliance is merely an administrative burden. “If done correctly, it standardises decision-making, creates defensible audit trails, enhances claim consistency, and prevents reputational fallout. The cost of non-compliance is exponential.”

 

Closing her address to GWII members, Naidoo stressed: “Focus on conduct, accountability, and defensibility. Was the customer treated fairly? Was disclosure meaningful? Was the decision defensible? Is the claim’s outcome aligned with reasonable customer expectations?” In a year defined by regulatory intensification, she concluded, “2026 will reward preparedness, documentation discipline, consistent conduct, and leaders who see compliance as a competitive advantage. The future of insurance lies not only in underwriting risk but also in managing regulatory risk with the same sophistication.”

 

Fiona Oakley-Smith, Chief Information Officer at Sasria SOC Ltd, discussed the intersection of cyber risk, data, resilience, and AI, focusing on the emerging threats and tools shaping future preparedness in the insurance and financial services sectors.

 

Oakley-Smith emphasised that the threat landscape is evolving with the convergence of risks. “Cyber threats today sit at the intersection of technology, data, geopolitics, and societal behaviour,” she noted. She pointed out that while ransomware, supply chain attacks, and identity compromise remain prevalent, factors such as increased digitisation and political instability are amplifying these risks. Of particular concern are AI-enabled attacks like deepfakes, which exploit both technical vulnerabilities and human trust, creating a more complex and fast-moving threat environment.

 

AI, Oakley-Smith explained, is transforming cyber risk both defensively and offensively. On the defensive side, AI enhances security tools by improving detection, pattern recognition, and decision-making speed. “This allows organisations to identify anomalies earlier and respond more decisively,” she said. On the offensive side, AI empowers threat actors to scale and accelerate attacks, using techniques like adaptive malware and sophisticated phishing.

 

When discussing organisations’ response to cyber incidents, Oakley-Smith highlighted that effective management doesn’t mean avoiding impact altogether but containing and managing the incident swiftly. “Good handling is evidenced through rapid containment, regulator confidence, and sector stability,” she explained. She stressed the importance of clear leadership, communication, and well-rehearsed escalation procedures during incidents.

 

Insurance plays a pivotal role in strengthening cyber resilience, according to Oakley-Smith. It clarifies and quantifies cyber risks, which helps organisations understand their exposures and incentivises stronger mitigation measures. “Beyond risk transfer, insurers support resilience through scenario planning, crisis simulations, and expert access,” she added.

 

In conclusion, Oakley-Smith urged the importance of resilience, both technologically and socially. “Everything is connected,” she said. “Critical reasoning, data protection, and informed decision-making are no longer optional skills.” She also stressed that resilience is not just about technology but people. “How each employee communicates, escalates, and acts can materially influence the outcome,” she concluded. Preparing for crises through rehearsed plans is now a core leadership responsibility.

 

Lizelle van der Merwe, CEO of the Financial Intermediaries Association of Southern Africa (FIA), highlighted the critical role of brokers as connectors in the insurance ecosystem and advocates for customers. She identified three major challenges brokers face: compliance complexity, cost pressures, and the digital transformation gap. “Compliance complexity has reached unprecedented levels, with multiple reforms creating an exponential administrative burden. Each framework introduces operational burden; their interaction creates exponential complexity.” Rising FSCA levies, increasing professional indemnity insurance costs, and technology investment requirements are squeezing margins. Additionally, many businesses lack the capital or expertise to adopt technology confidently.

 

Despite these challenges, van der Merwe reframed 2026 as “not a year to merely survive, it’s a year to claim the value brokers always deliver.” She emphasised the demand for trusted guidance in uncertain times, noting that “Clients don’t need direct product sales; they need interpreters, strategists, and advocates.” Brokers’ competitive advantage lies in human judgment and fiduciary duty, which algorithms cannot replicate.

 

Van der Merwe outlined strategies for brokers to differentiate themselves, including shifting from transactional advice to comprehensive financial resilience, leveraging technology for underserved markets, and building niche specialisations. She stressed that “Brokers must invest in technology that enables efficiency without sacrificing personalisation.”

 

She also discussed evolving client expectations: accessibility, transparency, proactive engagement, and modern competence. “Meeting these expectations isn’t about becoming something you’re not. It’s about evolving how you deliver trusted, expert, client-focused advice.”

 

Van der Merwe emphasised that brokers are essential for maintaining competition and trust in the financial services ecosystem. “Brokers are a critical market mechanism that ensures the ecosystem remains competitive, accountable, and client-focused.” She concluded, “The broker model isn’t under threat, it’s under transformation. And transformation is where opportunity lives.”

 

Following the formal session, attendees continued the conversation over breakfast and networking – reflecting on what the next year may demand in terms of adaptation, strategic clarity and collaborative leadership within the sector.

 

Professionals left the room better informed and more connected, with a renewed sense of shared purpose as the industry prepares for the opportunities and challenges of 2026.

 

Thank you to all who attended and contributed to a meaningful and insightful morning.

 

#GWII #SheLeads #ConnectLeadInspire