COVER Magazine

Leadership in a Rapidly Evolving World

In a recent conversation, Ayanda Seboni, Group Executive for Mutuality at PPS, shared her insights on effective leadership in today’s fast-paced world. She emphasised the importance of adaptability, authenticity, and empathy as key traits for successful leaders.  
Seboni discussed how mutuals, like PPS, uniquely align client needs with business goals by eliminating conflicts between shareholders and clients. She also highlighted how advisors can benefit from adopting a client-centric approach, being flexible, and fostering trust through empathy.  
Her insights offer valuable guidance for navigating leadership and client relationships in the modern landscape. 

Overcoming Distribution Challenges in Agri-Insurance

Tony from COVER Magazine interviews Pascal Siphugu, Managing Director at LandBank Insurance, at the AIE conference. Pascal highlights LandBank Insurance’s focus on agri-insurance, specifically crop insurance, and its social mandate to support both commercial and small-scale farmers. He details plans to develop affordable, bespoke solutions like index insurance to aid small-scale farmers, a need currently unmet in South Africa. Pascal also mentions efforts to improve distribution by training black brokers and collaborating with commodity bodies. The discussion touches on government support, partnerships with reinsurers, and the importance of learning from other African countries’ experiences. 

From Youth to Professionals: GIFS's Pathways for Success

At AIE 2024’s 50th conference, Tony from COVER spoke with Kershen Pillay from GIFS. Kershen discussed GIFS’s unique approach to upskilling through programs like the Youth Accelerator and IIG Academic Program, which aim to professionalise the industry by transforming unemployed youth into insurance professionals. He also highlighted the importance of community-based consumer education to reduce risks and improve claim management. Kershen emphasized that consumer education is legislated under TCF principles, and engaging community leaders could enhance outreach. Reflecting on the conference, Kershen appreciated the timely discussions on democracy and the role of the financial services sector in global economics. 

Driving Digital Transformation in Insurance

At AIE 2024, Tony from COVER Magazine interviewed Gary Tessendorf, Sapiens' Country Manager for Africa. Gary reflected on Sapiens' remarkable growth over the past eight years, expanding to serve 600 insurance customers across Africa. He highlighted the increasing adoption of new technology within the insurance industry, driven by market pressures and advancements like AI. Gary emphasised the strong partnerships Sapiens has formed with customers, as well as the transfer of international knowledge to local markets. With their expanding presence in Africa, Gary expressed excitement about the future, noting that the possibilities with AI are just beginning. 

Expanding Horizons: Santam Specialist Insurance’s Strategy for Growth

Tony at COVER Magazine spoke with Gareth Beaver, CEO of Santam Specialist Insurance, at AIE 2024. During the conversation Gareth highlighted the value of networking at such events and the importance of Santam’s platinum sponsorship. He discussed Santam's strategy of consolidating specialist insurance brands under one umbrella, emphasising the efficiency and strength of a unified brand. Gareth also outlined the company's expansion goals, particularly in Africa and beyond, leveraging Santam’s strong reputation. The conversation underscored Santam's commitment to supporting brokers and adapting to a more professional and formalised regulatory environment across the insurance industry. 

Navigating Tech Trends in Africa’s Insurance Sector

Tony from COVER Magazine caught up with Clinton Da Costa Brown of SSP at the insurance conference. Clinton highlighted the impressive conference atmosphere and discussed the current landscape of technology in Africa. He emphasised that while AI and automation are key trends, insurers often face pitfalls by focusing too early on technology without a clear strategic plan. Clinton stressed the importance of understanding core functionalities and the need for a solid vision before engaging with vendors. He also noted the challenges of working with providers whose ownership might change, affecting long-term stability. Clinton remains optimistic about Africa's evolving insurance market. 

Transforming Insurance with AI and Data

In an insightful conversation at AIE 2024, Cliff De Wit, CTO of Netstar, shared with Tony of COVER the expansive role Netstar plays beyond vehicle recovery. Cliff highlighted the company's focus on leveraging high-quality data from telematics to help insurers make informed decisions. He also discussed the integration of video-based data and AI to enhance risk management, allowing insurers to offer more personalised, competitive products. Cliff emphasised the transformative potential of AI, comparing it to historical innovations like electricity, and how it's set to revolutionise the way we interact with technology. 

Navigating Africa's Engineering Insurance Landscape

At the Insurance Institute conference at Sun City, Philani Mbatha, Executive Head of African Region at Mirabilis, discussed the company's extensive experience in engineering insurance across Africa. With over 15 years in the market, Mirabilis operates continent-wide, responding to infrastructure projects as they emerge. Mbatha highlighted the growing infrastructure needs in Africa, from roads to ports, and emphasized the importance of understanding local regulations. He advised reinsurance brokers to work with knowledgeable partners like Mirabilis to navigate the complexities of the African market, respect local rules, and contribute to the region's economic growth. 

Adapting to a Changing Risk Landscape in South Africa

At a recent conference, Robert Attwell, CEO of Discovery Insure, discussed the evolving risk landscape, emphasising the need for insurers to adapt to "the era of the never normal." He highlighted the impacts of extreme weather and power stability on risk management. Attwell underscored the importance of working closely with advisors to understand client needs and maintain industry sustainability. He expressed optimism about South Africa's economic environment, noting improvements in inflation and political stability. The conference provided a valuable platform for industry professionals to discuss future trends and foster essential relationships.

Evolving Conflict Resolution in the Insurance Industry

At the AIE 2024, Donald Dinnie, Director at Norton Rose Fulbright, discussed the evolution of conflict resolution within the insurance industry. He highlighted the shift from primitive conflict handling to modern alternative dispute resolution (ADR) methods. The insurance sector has seen a significant increase in using mediation and arbitration, driven by the inefficiencies and delays in the court system. Dinnie emphasized the importance of proper documentation and early witness statements to ensure a smooth dispute resolution process. The introduction of new ombud rules has enhanced the industry's accountability, benefiting both insurers and insured parties.