COVER Magazine

The Role and Responsibilities of Insurers in Data Sharing

In a COVER Magazine interview, Tony discusses data sharing in the insurance industry with Sharon Paterson, CEO of Infiniti Insurance, and Angus Black, Director at Barn Owl Data Solutions.
Sharon explains the regulatory and business imperatives for insurers to obtain daily data dumps and maintain full access to client information. She emphasises that accurate data is crucial for managing claims, especially in weather-related catastrophes, and for regulatory compliance.
Angus outlines the technical complexities of receiving data in various formats from different broker systems and the importance of data standardisation and cleansing. He shares that Barn Owl Data Solutions has developed relationships with numerous insurance management systems to streamline this process, ensuring high-quality data for reporting and analysis.
Both Sharon and Angus highlight the benefits of effective data management. For brokers, accurate data reporting provides insights into client claims history, rate benchmarking, and regional comparisons. These improvements help brokers serve their clients better and maintain competitive pricing.
They also discuss the challenges, such as load shedding, which can disrupt data collection, and the importance of ongoing technical innovation to mitigate these issues. Overall, the interview underscores the critical role of data in enhancing the efficiency and effectiveness of the insurance industry.

Engineering Insurance in Africa: Building from the Ground Up

Cassim Hansa, a seasoned technical underwriter at Firedart Engineering Underwriters, highlighted the critical role of engineering insurance in Africa’s infrastructure development. He emphasised the dynamic nature of underwriting, where projects are often insured from the ground up. Collaboration is key, as no single insurer can manage the risks of large-scale projects alone. Hansa is particularly excited about opportunities in East Africa and Malawi, where ambitious projects like the Lake Malawi water initiative are poised to drive significant economic growth across the continent.

The Hidden Costs of Fraud: Beyond Financial Losses

In an insightful conversation, Jason Lane Sellers, Director of Fraud and Identity at LexisNexis Risk Solutions, discusses the growing challenges of digital fraud in financial and retail e-commerce sectors with Tony from Cover Magazine. Highlighting findings from their latest report, Jason explains how digitization has increased fraud incidents, with 52% now originating from digital channels. He emphasizes the broader costs of fraud beyond financial losses, including customer dissatisfaction and regulatory penalties. Jason also touches on the evolving nature of fraud, particularly in the insurance industry, and suggests advanced solutions like behavioral intelligence to balance security and customer experience.

Innovation in Insurance: Cardinal's Integrated Approach

In this insightful discussion, Tony van Niekerk of COVER, engages in a comprehensive conversation with Graham Harvey, CEO of Cardinal, a leading insurance technology provider. With over 25 years in the industry, Graham shares the journey of Cardinal’s flagship platform, C360, detailing how it stands out in an increasingly competitive market.
Tune in to learn how Cardinal is shaping the future of insurance technology by staying ahead of the curve and continuously adapting to the evolving needs of the industry.

Harnessing AI in Insurance: Insights from Sapiens' Alex Zukerman

In an insightful interview, Alex Zukerman, Chief Strategy Officer at Sapiens, discusses the transformative role of AI in the insurance industry. He explains the evolution from traditional AI, which enhances data analysis and predictions, to generative AI, which understands human interactions and provides nuanced responses. Highlighting a strategic partnership with Microsoft, Zukerman underscores the potential of AI to revolutionize claims management, underwriting, and customer service, enhancing efficiency and accuracy. He emphasizes the importance of adaptable and innovative AI solutions, ensuring they meet current needs while being poised for future advancements.

Revolutionizing Life Insurance Distribution: A Fresh Approach by Elevate Life

In a conversation with Tony, Matan Abraham, CEO of Elevate Life, discusses the need for innovation in the life insurance industry, focusing on distribution and wellness rewards. Elevate Life aims to modernize archaic offerings, emphasizing comprehensive coverages and leveraging technology for streamlined onboarding. By integrating wellness data through the "Elevate me" application, they incentivize healthy behaviors, aligning insurer and client interests. Matan highlights the importance of intermediaries and how Elevate Life simplifies their role, enabling them to provide better service to clients. Elevate Life’s approach promises to revolutionize the industry, offering a fresh and efficient alternative to traditional life insurance.

Engineering Insurance in the SME Landscape

In an insightful interview, Fergus Mc Namara, Managing Director at FDM Engineering UM, shares the journey of their 20-year-old company and the growth opportunities within the engineering insurance space
Highlighting the importance of focusing on this sector, Mc Namara points out the substantial potential for brokers, especially with government investments in infrastructure.
He notes a significant annual growth rate of around 15%, driven largely by smaller brokers serving SMEs.
Emphasizing the need for technical expertise and experience in underwriting, Mc Namara stresses the importance of collaboration between brokers and underwriters to navigate the complexities of engineering insurance.

Celebrating Milestones: What to Expect at the 50th AIE Conference

In this discussion, Tony from Cover Magazine interviews Thokozile Mahlangu, CEO of IISA. Thokozile shares highlights from the first half of the year, including financial growth and the Youth Accelerator Program.
They discuss IISA’s renewal of its CII affiliation, emphasizing its importance for maintaining high professional standards.
The conversation concludes with an exciting preview of the upcoming 50th AIE Conference, which promises to be a landmark event for the insurance industry. Key topics include IISA's achievements, youth initiatives, global collaborations, and the much-anticipated AIE Conference.

Current Challenges in the Group Benefits Space

In this discussion, Tony from Cover Magazine interviews Sheldon Friedericksen, General Manager of Group Benefits at FedGroup. They explore the challenges in the group benefits space, such as outdated benefit packages and the impact of the post-COVID cost of living crisis.
Sheldon emphasizes the need for practical steps to enhance retirement preparedness, including building trust, simplifying financial products, and supporting financial literacy.
They discuss leveraging technology and innovative approaches to provide personalized financial advice and ensure financial security in retirement.
The conversation highlights the importance of adapting group benefits to meet the evolving needs of a global and mobile workforce.

Understanding the Power of Attorney in South Africa

In this insightful interview, Tony from Cover Magazine speaks with Louis van Vuren, CEO of the Fiduciary Institute of South Africa (FISA). They delve into the intricacies of powers of attorney within South African law, distinguishing between general and specific types.
Louis explains the limitations of the enduring power of attorney in South Africa and discusses alternative legal measures for managing the affairs of individuals who lose mental capacity.
The conversation also highlights proactive steps, like setting up trusts, to safeguard financial interests against future incapacity. This discussion is essential for anyone seeking to understand fiduciary responsibilities and legal protections in South Africa.