AVBOB Integrated Annual Report 2018

Looking ahead If there is something to be learnt from the year 2018, it is that change is inevitable. The fourth industrial revolution is here, being driven by rapid introduction of diverse and disruptive technology, creating enormous opportunities for both new and existing businesses. The South African insurance industry is well developed and competitive, which places more pressure on insurers to find innovative methods to differentiate themselves in order to maintain or grow market share. With the introduction of Millennials and Generation X-ers into the marketplace insurance is not an easy sell as it often lacks the element of instant gratification. The reliance on technology is not only important when considering the type of insurance to offer this market segment, but also considering channels of communication and interaction with them. Millennials and Generation X-ers are the new age customer across all industries and challenge organisations to rethink their “business as usual”. Appreciation AVBOB exists because of the 8 000 employees who work every day to add value to the nearly 2,0 million policyholders. I am grateful for their dedication and ongoing commitment to embrace change, thus ensuring AVBOB leads the competition while living a strongly ethical culture. I would also like to extend my gratitude to our Chief Executive Officer, Frik Rademan, and his executive team for the ongoing commitment on delivering on our strategy every day. I extend my thanks to my fellow Board members for their diligence and dedication to the Group and for their ongoing support and challenge, and their commitment to do the best for AVBOB without fear, favour or prejudice. I also wish to thank all our stakeholders including our policyholders, colleagues, regulators and communities for their steadfast support and commitment. We remain committed to doing all we can do to build long-term value creation for you and all those connected to our business. PA DELPORT CHAIRMAN 17