COVER Magazine

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. 

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