COVER Magazine

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. 

Balancing Innovation and Empathy in Insurance

In a conversation at the IISA conference, Colin Greenhill, CEO of SSP Worldwide, emphasised the evolving role of technology in insurance. He highlighted that SSP's goal is to make their technology "invisible" to customers, ensuring seamless and reliable service. Greenhill shared insights on the industry's shift from a technology-centric focus to prioritising customer experiences. He noted that while SSP supports innovation, the end goal is to empower insurers and brokers to deliver excellent customer service. This approach enables insurance providers to focus on their core mission of protecting and reassuring clients.

Revolutionising Life Insurance with Wellbeing Data

In this conversation with Judith Ndaba from Elevate, we explored how their innovative customer portal enhances life insurance by integrating wellbeing data. The portal collects and consolidates clients' medical, financial, and fitness information, providing a holistic view of their health. By offering up to 35% premium refunds based on data engagement, it encourages regular updates and proactive health management. Judith highlighted surprising trends, noting that older clients are highly engaged, leveraging the portal’s comprehensive integration of wearables and other health data to improve their wellbeing and manage their insurance risk more effectively. 

Vincent Gaudel - Navigating Compliance Strategies for Financial Services

In an insightful interview with Tony Van Niekerk from Cover Magazine, Vincent Gaudel of LexisNexis Risk Solutions discusses the increasing significance of sanctions in the global landscape. Gaudel highlights the continued impact of sanctions following the Ukraine war, with key findings from their 2023 report showing ongoing extensive use and frequent updates to sanctions lists. He also addresses the challenges international businesses face in complying with far-reaching U.S. sanctions and provides a detailed perspective on South Africa's grey listing and its implications for financial services firms. Gaudel emphasises the importance of robust compliance processes and risk assessments in navigating this complex environment.

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.