Season 14 Episode 35

Yvonne Perumal on AI, insurance law, and consumer protection

17 August 2026 · 19:58 min

AI in insurance is creating major opportunities, but responsible innovation depends on strong regulation, data governance, and consumer protection.

Yvonne Perumal, Head of Legal at Standard Bank’s Insurance and Asset Management Business Unit, explains how South Africa’s legal framework supports… trust in insurance while allowing the industry to innovate. She discusses why every insurance policy is ultimately a legally enforceable promise and how regulation helps protect customers while supporting economic growth.

The conversation explores AI in underwriting, pricing, claims processing, fraud detection, and personalised insurance. Perumal explains why human oversight must remain central to automated decisions and why boards and senior management cannot outsource accountability to algorithms or technology providers.

She also discusses the Conduct of Financial Institutions Bill, cybersecurity, data privacy, treating customers fairly, and the growing importance of climate risk governance. For South African insurers, the challenge is balancing innovation with transparency, fairness, inclusion, and long-term trust.

0:00 Intro
1:19 Why insurance depends on legal trust
3:04 South Africa’s regulatory framework
5:04 Protecting customers while enabling innovation
7:05 AI, cybersecurity, and data governance
12:04 Insurance and economic resilience
14:38 Balancing innovation and regulation
16:47 Future insurance regulation

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