Latest news with #WholeLife
Zawya
27-02-2025
- Business
- Zawya
Made for you: Tailored solutions driving growth of South Africa's long-term insurance industry
Stronger-than-expected global economic growth, combined with high interest rates, has led to a 1.3% increase in the value of the long-term insurance market in South Africa. These conditions have created a favourable operating environment in 2024, with expectations of continued growth into 2025. Insurers, both global and local, are capitalising on this momentum by introducing customised, flexible Long-Term Insurance products and services. These innovative offerings go beyond meeting individual needs, and are designed to address specific consumer pain points, ensuring accessibility for a broad audience while maintaining the adaptability modern policyholders demand. Insight Survey's latest South African Long-Term Insurance Industry Landscape Report 2025 carefully uncovers the global and local Long-Term Insurance market, based on the latest information and research. It describes the key global and local market trends, innovation and technology, drivers, and challenges, to present an objective insight into the South African Long-Term Insurance industry and its future. The global InsurTech market continues to expand at a rapid pace, with a projected 27.0% compound annual growth rate between 2024 and 2033, reaching a staggering $239.3bn. This acceleration is largely driven by advancements in artificial intelligence, blockchain, and the Internet of Things, allowing insurers to deliver highly personalised, data-driven insurance solutions. By integrating these technologies, insurers are reshaping consumer engagement, improving risk assessments, and enhancing policy customisation. The rise of group and individual personalised and flexible Long-Term Insurance is a significant trend that is reshaping the global market, driven by advances in technology and data analytics, and the leveraging of data, to create policies that align with the circumstances of individuals and groups. As an example, Sun Life Singapore unveiled the SunBrilliance Whole Life insurance solution, revolutionising wealth transfer and legacy planning for High Net Worth (HNW) and Ultra High Net Worth (UHNW) clients, whilst ICICI Prudential Life Insurance, in collaboration with Reinsurance Group of America (RGA), unveiled 'ICICI Pru Wish,' a pioneering health insurance product tailored specifically to address critical illnesses and surgeries unique to women. Interestingly, this level of customisation has taken the form of hybrid Long-Term Insurance products which integrate life insurance with other benefits, most commonly long-term care coverage. These policies provide a death benefit to beneficiaries and can also cover expenses related to long-term care if the policyholder requires such services. A notable example is Federal Life's LifeStage product, a hybrid policy combining Indexed Universal Life (IUL) insurance with long-term care benefits. Designed for individuals aged 35 to 55, it adapts to evolving customer needs at key life stages, offering both financial security and essential care coverage. This trend of personalisation has also gained momentum in the local market, both at the group and individual levels. For instance, Metropolitan Life has partnered with the Nazareth Baptist (Shembe) Church - one of South Africa's most influential Christian-African movements - to launch a culturally-tailored funeral insurance product. This collaboration ensures that the community's religious and cultural practices are honoured, while providing essential coverage. Bidvest Life has also enhanced its FMI Individual product to better serve families, expanding eligibility for its market-leading seven-day income protection waiting period. Additionally, new benefits include Spouse Life and Child Life coverage, along with a Deferred Life benefit for applicants with pre-existing health conditions. Younger consumers are another key focus area, with insurers modernizing products and marketing strategies to engage this demographic. 1Life Insurance's Changes campaign, for example, leverages digital storytelling to make life insurance more relatable and accessible to younger South Africans - an audience traditionally disengaged from such offerings. This approach highlights the growing emphasis on meeting consumers where they are, both digitally and culturally. Similarly, FNB has introduced the FNB Life & Legacy Plan to enhance accessibility to Long-Term Insurance. This plan offers flexible coverage ranging from R100,000 to R1.5m, allowing policyholders to tailor their benefits. Customers can also choose between a lump-sum payout or a structured monthly income over 24 months - ensuring greater financial security for families navigating life's uncertainties. The South African Long-Term Insurance Industry Landscape Report 2024 (146 pages) provides a dynamic synthesis of industry research, examining the local and global Long-Term Insurance industry from a uniquely holistic perspective, with detailed insights into the entire value chain – from market size, industry trends, latest innovation and technology, key drivers and challenges, to a detailed competitor and product analysis. Some key questions the report will help you to answer: - What are the current market dynamics (overview, market environment, and key regional markets) in the Global Long-Term Insurance industry? - What are the latest news and developments in the South African Long-Term Insurance industry, as well as the current market dynamics (overview, market environment, and key industry statistics)? - What are the latest Global and South African Long-Term Insurance industry trends (including Insurtech), innovation and technology, drivers, and challenges? - How did South African Long-Term Insurance companies perform in 2024? - What is the latest company news for each South African Long-Term Insurance player, in terms of products, services, new launches, and marketing initiatives? - What is the latest marketing and advertising news for each of the key Long-Term Insurance players? About Insight Survey: Insight Survey is a South African B2B market research company with more than 15 years of heritage, focusing on business-to-business (B2B) and industry research to ensure smarter, more-profitable business decisions are made with reduced investment risk. We offer market research solutions to help you successfully improve or expand your business, enter new markets, launch new products, or better understand your internal or external environment. Our bespoke Competitive Business Intelligence Research can help give you the edge in a global marketplace, empowering your business to overcome industry challenges quickly and effectively, and enabling you to realise your potential and achieve your vision. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
ME Construction
14-02-2025
- Business
- ME Construction
Sobha One awarded Green Mark Platinum Super Low Energy (SLE) certification
Sustainability Sobha One awarded Green Mark Platinum Super Low Energy (SLE) certification By In addition to SLE certification, Sobha One has also been recognised with the Whole Life Carbon badge Sobha Realty has announced that its flagship Dubai project, Sobha One, has been awarded the Green Mark Platinum Super Low Energy (SLE) certification by Singapore's Building and Construction Authority (BCA). This achievement makes Sobha One the first building outside Singapore to earn this certification, highlighting Sobha Realty's commitment to environmentally friendly living experience, said a statement from the developer. In addition to the SLE certification, Sobha One has also been recognised with the Whole Life Carbon badge in testament to the project's dedication to low-impact development and eco-conscious design. The Green Mark certification is a globally recognised benchmark for environmental resourcefulness, assessing projects across five critical categories: Resilience, Whole Life Carbon, Health & Wellbeing, Intelligence, and Maintainability. Sobha One's innovative design delivers best-in-class energy performance, achieving an impressive 60% energy savings compared to 2005 standards, a testament to Sobha Realty's ethos of 'Art of The Detail', said the statement. Francis Alfred, Managing Director of Sobha Realty commented, 'Sustainability is a commitment woven into every aspect of our work. With Sobha One becoming the first building in the Middle East to achieve the Green Mark Platinum SLE certification, we are proud to set new standards in responsible living and low-carbon development. This milestone reflects our dedication to innovation, quality, and environmental responsibility; aligning with global sustainability goals and the UAE's Net Zero vision for 2050.' This achievement reflects attention to quality, climate-friendly leadership, and design that characterises every Sobha Realty development. Backward Integration model by Sobha Realty maintains complete control over the development process, integrating advanced technologies such as CAFM, Common Data Environment (CDE) platforms, digital twins, and predictive maintenance dashboards. Sobha One also aligns with climate risk assessments and the Task Force on Climate-related Financial Disclosures (TCFD) framework to mitigate and manage climate risks, the developer pointed out. The project's pre-certification will be verified post-construction to ensure compliance with the international sustainability standards. Sobha Realty's dedication to environmental stewardship likewise aligns with the UAE's Net Zero by 2050 Strategic Initiative and global climate goals, while demonstrating the company's leadership and clear strategy for emissions reduction through ESG reports, Greenhouse Gas (GHG) assessments and GRESB benchmarking assessments. Administered by Singapore's Building and Construction Authority (BCA), the Green Mark Scheme sets a global standard for sustainable design and best practices in construction. These innovations drive energy efficiency, resources optimisation, and long-term operational performance.
