COVER Magazine

How Cyber Risk Is Redefining Business Insurance

Spiros Fatouros, CEO of Marsh Africa, unpacks the evolving landscape of cyber risk and insurance. Spiros discusses key insights from the Marsh McLennan and Zurich report, which highlights that 99% of economic loss from cyber incidents remains uninsured.  
With cyberattacks becoming more frequent and costly, Spiros explains the importance of addressing this protection gap and outlines the growing interest in cyber insurance in South Africa.  
He also emphasises the need for public-private partnerships to tackle systemic risks. Listen to the podcast to explore the future of cyber risk management in Africa and beyond.

Expanding Access to Affordable Healthcare

Maria Makhabane, Chief Growth Officer at Discovery Health, shares her insights on expanding access to affordable healthcare in South Africa. In this interview, she explains Discovery Health's initiatives, such as FlexiCare, a prepaid healthcare product that provides essential medical services to underserved communities. Maria emphasises the importance of creating long-term healthcare solutions for those outside the traditional medical scheme environment, focusing on quality, affordability, and accessibility. She also discusses how these initiatives align with the broader national goal of universal healthcare, contributing to the ongoing development of the National Health Insurance (NHI) framework. 

A Trailblazer in Financial Services

Nonhlanhla (Noni) Nxele, CFP®, founder of Esteemed Financial Solutions, has been a trailblazer in the financial services industry for over 16 years. Starting her career as a financial advisor at Liberty, she earned multiple awards before moving into investments and later returning to Liberty’s head office. In 2021, she achieved the prestigious CFP® designation, motivated by her passion for educating and empowering communities. Noni was recently honored with the It Starts With Me award, recognising her dedication to pro bono work and upholding high ethical standards. As a leader, she’s committed to inspiring the next generation of financial advisors. 

The Rising Threat of Data Exfiltration

The Allianz Cybersecurity Resilience Report 2024 highlights key trends in cyber risk, with ransomware continuing to dominate large claims over €1 million. Data breaches and class action suits are also on the rise, particularly in the U.S. and Europe. Allianz Cyber Specialist Santho Mohapeloa emphasises that cybercriminals are increasingly shifting from encryption-based ransomware to data theft, making breaches more costly for victims. Best practices for risk mitigation include employee training, multi-factor authentication (MFA), and comprehensive disaster recovery plans. The report serves as an essential tool for brokers and risk managers to stay informed and prepared for future cyber threats. 

Understanding the Evolving Landscape of HCV and GRT Insurance

Curtis Davey, Divisional Director at Natsure Underwriting Managers discusses navigating the complex world of HCV and GIT.
The insurance landscape for heavy commercial vehicles (HCV) and goods in transit (GRT) is rapidly evolving, driven by trends in risk management and technological advancements. Fleet owners are increasingly adopting strategies such as telematics and surveillance cameras to enhance safety and efficiency. This shift necessitates a more in-depth underwriting process, where insurers assess how well fleet owners manage their vehicles and drivers. Brokers play a vital role, bridging the gap between insurers and clients by educating them on risk mitigation options. As the industry grows, opportunities for brokers and fleet owners to innovate and improve safety are abundant.

Living in the Moment

Nondumiso Mabece, head of brand and Santam Insurance fills us in on Santam's brand refresh which centers on the powerful new slogan, “This is Freedom. Live in the moment, not in the worry," encouraging clients to embrace living in the moment, free from the worry of potential risks. While maintaining their well-known commitment to providing "Insurance good and proper," Santam shifts focus toward empowering customers by emphasising the freedom that insurance offers. With risk management at its core, Santam seeks to simplify insurance processes, save clients time, and help them secure their assets. This transformation speaks to a broader vision of enabling both individuals and businesses to thrive without the burden of constantly worrying about unexpected events.

Breaking the Mold: Redefining Insurance with Data and Technology

In this engaging interview with the leadership team from Elevate, we explore how the company is revolutionising the insurance industry through data-driven solutions and technological innovation.  
With insights from Judith Ndaba, Matan Abraham, and Zane Heyl, we discuss the challenges of integrating healthcare data, improving underwriting efficiency, and creating real-time pricing strategies.  
The conversation highlights the team's commitment to continuous refinement and the importance of embedding their journey into the lives of both clients and advisors. Elevate’s vision is clear: to deliver seamless insurance experiences that benefit customers and streamline operational processes.

Growing brands podcast series - Marketing Session with Elliot Schwartz

There is a lot of good information on the topic of marketing out there but it's not always focused on the insurance industry. 
 
Having helped many small and large companies in the insurance industry with their brand building for more than 36 years, the COVER team decided that it would be helpful to create a podcast series that distills brand and digital marketing frameworks and concepts into actionable steps.  The focus is on helping insurance professionals, from brokers through to advisers and SMEs across the financial services industry, drive growth in their business. 
By blending our knowledge of Financial Services and marketing with our unique media approach and our insight into the South African and broader African markets, we make core marketing concepts understandable, actionable, and measurable to directly improve revenue and brand growth.  
 
COVER's Growing Brands series will provide resources and regular conversations with marketing professionals, bringing you better practice examples that can move the needle on growth. Pair that with an annual 'Marketing playbook' that can help guide you for the year ahead. 

Evolving Complexity in Engineering Claims

Firedart Claims Team—Shelly-Ann Whittaker, Claims Manager; Tlotlego Teffo, Claims Specialist; and Kami Joas Marima, Claims Specialist shed light on the evolving landscape of engineering claims, the complexities involved, and how they stay ahead in an ever-changing industry.  
Engineering claims have grown increasingly complex in recent years, driven by factors such as the slow recovery of the construction sector post-COVID-19 and financial strain on contractors. Disputes have risen, with coverage gaps and contested settlements adding to the challenge. Insurers must focus on both technical expertise and dispute resolution to manage these complexities effectively. Proactively understanding contractors’ challenges, combined with early intervention, is crucial in navigating the claims process. Leveraging technology, such as claims modules and predictive analytics, also offers opportunities to streamline claims management and ensure a smoother experience for all stakeholders involved.

Navigating Offshore Investments for South Africans

Offshore investments are becoming an increasingly vital component of wealth management for South Africans. Rex Cowley, co-founder of Overseas Trust and Pensions, highlights the importance of understanding the different customer segments in this space, from South Africans working abroad to those seeking to protect and preserve their wealth. Proper tax planning, regulatory considerations, and the potential complexities of international laws are key. Cowley emphasizes that working with regulated financial advisors is crucial to navigating the nuances of cross-border wealth management and ensuring that assets are protected and efficiently managed across multiple jurisdictions.