(Bloomberg) -- South Africa’s biggest insurers are considering technology and telecommunications partnerships as they seek ways to improve earnings to counter increased competition and a slowing economy, according to PricewaterhouseCoopers LLC.

"There are a few tie-ups being worked on,” Victor Muguto, PwC’s long-term insurance leader for Africa, told reporters in Johannesburg on Wednesday. “The driving force is that, if you look at the top four insurers in South Africa, they are mostly older than 100 years and have significant legacy issues. The future is about knowing your customers and being able to profile them.”

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