COVER Magazine

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.

Momentum Insure’s Journey: Insights from CEO Brand Pretorius

Momentum Insure has undergone a significant transformation since its acquisition of Alexander Forbes Insurance in 2019/2020. In this discussion with Momentum Insure’s CEO Brant Pretorius, he fills us in Momentum Insure’s journey and transformation since this acquisition.  
Despite industry challenges such as climate change, inflation, and failing infrastructure, Momentum Insure has successfully realigned its strategy. With a focus on claims ratio improvement, cost reduction, and digitalisation, the company has achieved remarkable growth and profitability.  
Pretorius highlights the importance of intermediaries in this journey, emphasising their evolving role in providing advice and leveraging technology. Looking ahead, he says that the company remains committed to maintaining profitability, driving growth, and fostering strong partnerships with intermediaries.

The Future of Premium Collection: A Conversation with Fulcrum’s Tech Team

Jade Jensen, MD of Fulcrum Group South Africa, and Dave Stevens, CTO, explore Fulcrum’s new Air Collect model. They discuss the complexities of premium finance and how Air Collect is transforming the collection process for brokers and insurers.  
Jade and Dave explain the technical and operational advantages of Air Collect, which consolidates collections and streamlines payment distributions. This innovative solution minimises risks, reduces administrative burdens, and simplifies monthly reconciliations for brokers.  
If you're in the insurance industry, this podcast provides valuable insights into how Fulcrum’s solutions can enhance efficiency and mitigate financial risks. 

Generational Insights in Insurance Claims

Nic Smit, from Bidvest Life, shares key insights from their annual claims report, offering a generational perspective on insurance needs. Millennials are 55 times more likely to claim for income protection than death benefits, highlighting a critical gap in awareness and coverage. Smit emphasises the need for financial advisers to adapt their approaches to reach younger clients and discusses innovative solutions, such as combining critical illness benefits with income protection for improved claims experiences. Additionally, he highlights their impressive claims payout ratios and quick turnaround times, showcasing Bidvest Life’s commitment to supporting policyholders in times of need. 
 

Innovating Reinsurance: Insights from Jephita Gwatipedza, Zep Re

Jephita Gwatipedza, COO of Zep Re, highlights the evolving reinsurance landscape across Southern Africa. Despite challenges like economic constraints and localised regulatory shifts, opportunities are emerging in micro-insurance, agriculture insurance, and parametric solutions. Zep Re’s initiatives include World Bank-backed agricultural insurance projects and innovative products like collateral replacement indemnities to enhance insurance accessibility. Skills development remains a priority, with the RI Academy training over 22,000 professionals in five years. Jephita underscores the need for local expertise and international collaboration to unlock the region's growth potential while addressing critical risks such as flooding and emerging threats like cyber risks. 

Driving Excellence Through People and Processes at My Glass

Join Tony from COVER as he chats with Gary Stieger, CEO of My Glass, about their recent award win and the drivers behind their success. Gary shares insights into how My Glass delivers exceptional service through passionate teams, robust systems, and a culture of continuous improvement. Learn how My Glass balances the needs of insurers, brokers, and clients while maintaining a 98-99% customer satisfaction rating. With a strong network of service providers and innovative systems, My Glass is redefining service standards in the fitment industry. 

Emerging Risks and Resilience in African Markets

In this engaging discussion, Patty K. Martin, CEO and President of the African Insurance Organisation (AIO), explores the current state and future opportunities in the reinsurance sector. She highlights how reinsurance serves as a barometer for the African insurance industry's health and resilience. Key topics include emerging risks like cyberattacks, climate change, and geopolitical challenges, as well as the rising demand for innovative products such as parametric insurance. Patty also emphasises the importance of addressing skills gaps, fostering collaboration, and leveraging technology to meet Africa’s evolving insurance needs. Her insights offer a compelling vision for the industry's future. 

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.