Business Talk – Liberty’s Kresantha Pillay discusses South Africa’s gender-based retrenchment claim disparity
In this Business Talk with Michael Avery interview, Kresantha Pillay discusses the retrenchment claims and insurance disparity between men and women.
Pillay is the Chief Specialist for Risk Products at Liberty Group South Africa and a veteran of the financial services industry – with over 20 years of experience in product development, pricing, valuations, and reinsurance.
She previously worked as a Pricing and Product Actuary and a Lead Specialist for Lifestyle Protection at Liberty.
Along with her time at Liberty, Pillay’s experience includes working as an Actuarial Manager for Hollard Insurance and a Senior Actuarial Analyst for Momentum.
Pillay holds an MBA from the Gordon Institute of Business Science (GIBS) and is a Fellow of the Actuarial Society of South Africa and the Institute of Actuaries.
The interview
In this Business Talk interview, Pillay outlines the imbalance in retrenchment claims between women and men – despite both genders having equal access to retrenchment cover.
She notes why 35 to 44-year-old females are the most impacted by this trend and how South Africa compares with global retrenchment trends.
Pillay then explains why women remain under-insured compared to men in South Africa – despite equal access – and how solution designers can begin creating products tailored to women.
She touches on the importance of improved distribution methods and how digital tools and technologies can promote better accessibility to cover targeted at women.
Pillay concludes the interview by sharing her message to the industry on addressing this issue.
Watch the interview with Kresantha Pillay below.
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