COVER Magazine

Adapting to Climate Change

At the AIE 2024 conference in Sun City, Dawn Miller, Chief Commercial Officer of Lloyd's, discussed the critical issues facing the insurance industry, particularly in South Africa. She highlighted the increasing relevance of climate change, pointing out that urbanization and shifting populations are exacerbating risks. Miller emphasised the importance of collaboration and innovation, especially in risk management and addressing new technologies. Lloyd's, through initiatives like the Lloyd’s Lab, is fostering a space for the insurance market to innovate and tackle complex risks, from cyber threats to climate-related incidents. 

Workerslife's Role in South Africa's Insurance Landscape

Tony from Cover Magazine interviews Betty Masemula, Managing Director at Workerslife. Workerslife, a wholly black-owned insurance company established in 1996, offers both life and non-life insurance products. The company serves core markets, including pop crew members, and is expanding to reach broader audiences. Betty highlights their innovative products, such as a life insurance plan that provides monthly income without medical underwriting. Workerslife uses a multi-channel distribution approach, including face-to-face, online, and call centers. They are attending the AIE 50th celebration to enhance brand visibility and seek collaborations. Betty emphasizes their mission to provide accessible insurance solutions.

Upskilling the Financial Sector

Tony from Cover Magazine interviews Abbot Pfukwa, CEO of Octomate Education, at AIE 2024. Abbot explains that Octomate, founded in 2009, specialises in education, training, and skills development, focusing on the financial services industry.  
They offer programs such as learnerships, internships, and regulatory exam preparation, and have developed the RE5 Made Easy app.  
Octomate also provides CPD programs and e-learning options. The company extends its offerings beyond insurance and banking, including business analysis and compliance courses. At the conference, Abbot appreciates insights on leadership and collaboration shared by esteemed speakers. 

A holistic approach to customer experience in the glass business

A chat with Damien Goodrum, Business Analyst at My Glass

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.