COVER Magazine

Reinsurance Resilience: Jane March's Outlook for 2025

Jane March, CEO of Guy Carpenter South Africa, discusses the current state and outlook of the Southern African reinsurance market. After three challenging years marked by COVID-19, natural disasters, and economic constraints, the market shows signs of stabilisation. Jane highlights key opportunities, including parametric solutions and capacity growth in catastrophe insurance. Despite economic pressures, innovation, knowledge sharing, and skills development are reshaping the industry. With improved underwriting discipline and international collaboration, Jane forecasts a cautiously optimistic outlook for 2025. Her insights underscore the resilience of the industry and its role in supporting local insurers through tailored solutions and expertise.

AI and Machine Learning in Insurance Analytics

Adrian Mincher, Director at Earnix, delves into how data analytics and AI are reshaping underwriting in insurance. Traditional approaches relying on experience are giving way to data-driven decisions that enhance risk assessment and pricing strategies. By integrating advanced technologies, insurers gain granular insights into exposure trends, enabling more informed decisions, improved loss ratios, and greater efficiency. Mincher also highlights the implications of global pricing regulations, such as “price walking,” and how they may influence the South African market. As the industry evolves, leveraging data and analytics is critical for insurers to remain competitive, efficient, and responsive to regulatory changes.

AI, Data, and the Urgency for Change in Insurance

Marcus Looft, Strategy Director at Earnix, talks about the findings of Earnix's 2024 Insurance Trends Report.  
Marcus explores the industry's biggest challenges, including legacy system modernisation, AI adoption, and the growing urgency for innovation.  
He shares insights into how insurers are leveraging data-driven technologies to enhance decision-making and collaboration while navigating regulatory pressures and emerging risks like cybersecurity.  
Discover how these advancements are reshaping the competitive landscape and why modernisation is no longer optional but essential. 

Evolving Insurance with Business Intelligence

Graham Harvey, CEO of Cardinal, talks about the evolving role of business intelligence (BI) in the insurance industry. Graham discusses how technology has moved from the back office to the forefront of strategic decision-making.  
Cardinal's investment in BI solutions, including partnerships with tools like Power BI and QlikSense, has enabled insurers to better analyze data and make more informed decisions. Tune in to learn how BI is revolutionising insurance operations and why building an ecosystem of best-of-breed technology partners is key to staying competitive in the industry. 

Unlocking the Potential of Embedded Insurance in Everyday Transactions

oin us as we explore the game-changing world of embedded insurance with Charlotte Koep, CEO of Root shares insight into the game-changing world of embedded insurance.  
She explains how embedded insurance integrates seamlessly into everyday transactions, providing immediate protection for consumers and businesses alike.  
Charlotte delves into how Root's technology enables insurers to digitise their operations and collaborate with non-insurance brands to offer risk coverage at the point of purchase.  
Learn how embedded insurance is helping close the protection gap, especially in underserved markets across Africa. 

Unlocking the Power of Data: Insights from Angus Black - Part 2

In a recent discussion, Angus Black, Director at BDS BarnOwn Data Services, emphasised the transformative power of data in the insurance industry. Highlighting its evolution over 16 years, he noted that the use of data has expanded beyond regulatory compliance to include underwriting, actuarial analysis, and claims management. Angus explained that a solid data standard allows for automation, enhancing data quality and streamlining processes. He underscored the importance of integrating various data sources to support brokers and insurers, enabling more informed decision-making and fostering stronger relationships within the industry. 

Understanding Data Standards in the Insurance Industry - Part 1

In a conversation with COVER Magazine, Angus Black, Director at BarnOwl Data Services, discussed the critical role of data standards in the insurance industry. He emphasised that data standards consist of three main elements: defining data fields, identifying essential data elements, and setting clear rules for data collection. Angus explained that while regulations provide a framework for data uniformity, flexibility and repeatability are key to ensuring accurate and shareable data across platforms. Automation plays a vital role in managing large volumes of data, but human oversight is necessary to ensure accuracy and handle unique cases. 

Building Lasting Client Relationships

Natasja Norvall Hart of Evolution Wealth, the 2010 Financial Planner of the Year, reflects on her two-decade journey in the financial planning industry. She emphasises the critical role financial planners play in clients’ lives, particularly during significant life events. Natasja highlights the importance of holistic financial planning and maintaining lasting client relationships. She praises the evolution of the industry, noting how product providers are transitioning from transactional to partnership models. Additionally, Natasja discusses the value of the CFP designation and the significance of continuous professional development and ethics in navigating potential conflicts of interest.

Insights from past Financial Planner of the Year: Hester van der Merwe

In a conversation with Tony from Cover, Hester van der Merwe of Ultima Financial Planning reflects on her journey in the financial planning industry. Winning the Financial Planner of the Year award in 2020 transformed her perception of the profession, which she describes as evolving from sales-driven to client-centered advice. Hester emphasizes the importance of authentic relationships with clients and encourages the next generation to enter the profession, highlighting the role of paraplanning as a valuable entry point. She advocates for a coaching approach, urging advisors to listen and understand their clients’ unique life situations. 

Mentoring the Next Generation of Financial Planners

Wouter Fourie of ASCO Independent Wealth Managers and past FPI Financial Planner of the Year, reflects on the firm’s 20-year journey in providing holistic financial planning. Wouter discusses how the industry has evolved from sales-driven practices to a professional, client-focused service. He highlights the importance of mentoring the next generation, educating clients, and integrating technology, particularly AI, into financial planning. Wouter shares his passion for the technical side of the business and emphasizes that education, both for clients and financial planners, is essential for navigating South Africa’s complex economic challenges.