- Title
- The preparedness of the insurance industry for industry 4.0 in the Republic of South Africa (RSA) towards 2030
- Creator
- Haribans, Sarika
- Subject
- Insurance companies -- South Africa Industrial revolution -- Insurance -- South Africa
- Date Issued
- 2020
- Date
- 2020
- Type
- Thesis
- Type
- Masters
- Type
- MBA
- Identifier
- http://hdl.handle.net/10948/48147
- Identifier
- vital:40511
- Description
- The exponential growth of technology over the past few years has given rise to the term Industry 4.0. The term Industry 4.0 has since gained increasing relevance and importance. Klaus Schwab, founder of the World Economic Forum (WEF) emphasised that the world is on the verge of a technological revolution that will profoundly alter the way we live, work and relate to one another; and that the scale, scope and complexity of the transformation will be unlike anything humankind has experienced before (Schwab, 2016). Industry 4.0 is said to be unlike the previous three industrial revolutions, it is a distinct one of speed, extent and systems impact, characterised by a major disruption to all sectors of business, governments and individuals globally. Industry’s such as insurance, is considered conservative and slow to change, as such the industry has never been quick to adapt to technological advancements. One thing however, that is certain about Industry 4.0 and predicted by many, is its significant impact on jobs in the world as robotics; automation and artificial intelligence become more abundant. This phenomenon has a direct impact on South Africa, which is currently strained by challenges such as infrastructure constraints, political instability, high levels of unemployment, rising costs, and shortages of skills, the loss of further jobs should raise an alarm of concern for government and the private sector alike. The outcomes of the extensive analysis of future studies practice and theory in this research study gives credibility to the argument that the manner in which planning is taking place for the future of the Industry 4.0 in the South African insurance industry context, requires significant adjustments. Business is encouraged to make collaborative decisions and fashion strategies that are founded on and informed by futures studies as this involves the development of fresh insight, fundamental to the planning process. This research attempted to gain insight into the possible future of the South African insurance industry through the creation of four scenarios towards 2030. These are outlined as follows: Insurance innovators and expansionists, which is the ‘best case’ scenario, to which the country aspires; The divide, the ‘worst case’ scenario, in which everything takes a negative turn; The uninsurable, the outlier future based on a surprise future centred on a disruptive emerging area; and Sitting this one out, in which no change takes place, making it ‘business as usual’. The research further undertook to discover the preferred future for the insurance industry in the South African context, as a basis for the Future Vision of the insurance industry of South Africa towards 2030. Inayatullah’s (2008) six pillars of futures studies was employed as an instrument to to guide the mapping of the present and future, further deepening and broadening the future through the development of scenarios, and, finally, transforming the future by narrowing it down to the preferred. In order to achieve the preferred, Future Vision of the insurance industry of South Africa towards 2030 is up to the insurance industry of South Africa, in collaboration with public and private sectors to determine the path to be followed in the decisions surrounding the embrace, acceptance and implementation of Industry 4.0 for the greater good of all, as the country moves towards progression, financial inclusion and sustainable development.
- Format
- xiii, 167 leaves
- Format
- Publisher
- Nelson Mandela Metropolitan University
- Publisher
- Faculty of Business and Economic Sciences
- Language
- English
- Rights
- Nelson Mandela Metropolitan University
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| Thumbnail | File | Description | Size | Format | |||
|---|---|---|---|---|---|---|---|
| View Details Download | SOURCE1 | Haribans, S 217082904 Treatise April 2020.pdf | 1 MB | Adobe Acrobat PDF | View Details Download |