COVER Magazine

The Role of Risk Cover in Critical Illness

Join Kresantha Pillay, Chief Specialist for Risk Products at Liberty, as she delves into the emotional and financial challenges surrounding critical illness, especially cancer. Discover how Liberty’s innovative products, like the Cancer Claim Booster and Critical Illness Booster, offer much-needed financial relief during these life-altering events. Kresantha highlights the importance of proactive planning, comprehensive risk cover, and the value of professional financial advice. Learn how Liberty is redefining critical illness cover to provide peace of mind and empower clients to focus on recovery. 

Workers Life’s Focus on Value-Driven Products

In a conversation with Cover Magazine, Jaco Mostert, Group CEO of Workers Life, discussed the challenges and opportunities in the insurance industry for 2024 and beyond. He highlighted the global gap in insurance, driven by inflation, distribution issues, and lack of access to coverage. Jaco emphasized the importance of making insurance products accessible and affordable for middle to lower-income populations. He outlined Workers Life's strategy to leverage technology, invest in marketing, and expand distribution capabilities. He also stressed the need for financial literacy and overcoming barriers for individuals in underserved markets. 

Understanding Marine and 4x4 Insurance

In this discussion, we sit down with Ian Georgeson, CEO of Cross Country Insurance, to explore the company’s role in South Africa’s specialist insurance market. Ian shares the journey of building a 27-year legacy in marine and 4x4 insurance, catering to adventurers and outdoor enthusiasts. From tackling unique challenges like underinsurance and equipment failures to fostering community through events like the Sodwana Fishing Competition, Ian provides valuable insights into the business of leisure lifestyle insurance. Tune in for expert advice, fascinating anecdotes, and a closer look at how Cross Country keeps its clients covered on land and water. 

Affordable Healthcare for All: The Challenge and Solutions

In this conversation, Martin Muller, Business Development Consultant at Medihelp, emphasises the importance of financial advice in healthcare funding. He explains the critical differences between medical aid and insurance, noting that while medical aid covers a vast array of conditions without limits, insurance policies often have caps. Muller also discusses Medihelp's efforts to create affordable medical aid options, particularly for students, and highlights the growing challenge of providing quality healthcare in an economically strained environment. Financial advisors, he stresses, are vital in ensuring clients make informed decisions regarding their health cover. 

Adapting to the Changing Investment Landscape

Shaun Ruiters, CEO of PPS Investments, shares insights on his first year leading the company and how PPS focuses on empowering South Africa’s graduate professionals.  
Ruiters highlights the evolving role of multi-management, shifting towards more tailored solutions for different client needs. With rising interest in passive investments, both globally and locally, PPS has embraced innovation while staying true to its purpose-driven approach.  
He also touches on the increased complexity in the financial advisory space and how PPS supports advisors in staying relevant and providing bespoke client solutions. 

Beyond the AI Hype: The True Focus of Digital Transformation

AI is a hot topic in insurance, but real digital transformation goes far beyond just implementing AI tools. Graham Harvey, CEO of Cardinal, emphasises that insurers must start with business needs—such as fraud prevention and process automation—before determining if AI is the right solution. Legacy systems remain the backbone of insurance operations, and integrating AI requires collaboration with system providers. Additionally, challenges like cybersecurity, regulatory compliance, and workforce reskilling must be addressed. Ultimately, successful digital transformation is about rethinking business processes strategically rather than blindly adopting new technology. 

Revolutionising the Funeral Insurance Industry: Insights on the SAFIS Summit

The funeral insurance industry is evolving, but challenges in compliance, fraud prevention, and innovation remain. In this insightful discussion, Marius Brits, CIO and Co-founder of 360 Administration Systems, unpacks the key pain points and solutions shaping the industry. From the role of technology in policy administration to the need for greater education and transparency, this conversation sets the stage for the upcoming SAFIS Summit. Whether you're a broker, insurer, or funeral parlour owner, this episode provides valuable insights into the sector’s pressing issues and future opportunities.

The Origin of KEU: Pioneering Entertainment Insurance in South Africa

KEU, a leading UMA in South Africa’s entertainment insurance sector, celebrates 24 years of innovation and personal connections. Founded by Denise Hattingh, KEU emerged during a pivotal shift in the insurance market, becoming a trusted name for event and film risk coverage. As Denise explains, “Each risk is unique, whether it’s aerial artists or liability claims.” Marketing lead Iola Edmayr highlights the importance of balancing digital tools, like broker portals, with personal touchpoints. The upcoming rebranding and website refresh, launching in early 2025, signals KEU’s commitment to staying relevant while fostering meaningful broker relationships.

Demystifying Premium Finance: A Guide for Policyholders and Brokers

Sachin Govender, Managing Director at Fulcrum Premium Finance, unpacks the concept of premium financing, a solution that offers structured payment methods for annual insurance premiums. He explains its wide-ranging benefits for policyholders, brokers, underwriters, and insurers, such as improved cash flow, reduced administrative burdens, and faster premium collection. Govender highlights the growing demand in sectors like heavy commercial vehicles, where high premiums necessitate financing options. He emphasises Fulcrum’s quick approval process, with quotes delivered in under a day, and a customer-focused approach, enabling clients to optimise their cash flow while brokers enhance their value proposition through flexible payment options. 

FNB Insure’s Approach to Health and Financial Security

In this episode, FNB Insure’s Product Portfolio Lead, Balesh Raniga, delves into the importance of affordable health insurance for South Africans. He explains FNB’s innovative approach, from the Health Cash Plan to Gap Cover, designed to provide essential financial support during health events.  
Balesh also shares insights on FNB’s goal to move beyond the “grudge purchase” mindset by making insurance accessible and meaningful. Tune in to learn how FNB Insure is addressing the unique challenges of South Africa’s insurance landscape and bridging the gaps in health funding, even for those who aren’t traditional medical scheme members.