Abstract:
The South African life insurance industry has traditionally operated the same way over
centuries. However, given the volatile environment that is characterised by uncertainty,
complex and ambiguous in recent times, the insurance industry must find other ways to
survive.
To demonstrate the need, there has been growing interest in understanding Business
Model Innovation in a Dynamic Capability lens. To fill the gap, this study explored enablers
and barriers of Business Model Innovation in the South African life insurance Industry.
Further aimed to understand what key internal capabilities are needed to enable an
effective Business Model Innovation process. At the same time, unpacking key initiatives
that were implemented during the COVID-19 pandemic. To under answer these objectives
a qualitative study was conducted to get deeper insights through 15 semi-structured
interviews held with experts in the industry. A thematic approach to research design where
themes were assigned to the data gathered was conducted.
The findings from the study were that the main enablers and barriers to business model
innovation were structured at multifaced levels: individual, organisational, and institutional.
In addition, specific finding on internal capabilities that were needed at an organisational
level related to the ability to deploy new structures in organisations. Finally, digitalise the
business model to be future ready.
