COVER Magazine

Engineering Insurance in the SME Landscape

In an insightful interview, Fergus Mc Namara, Managing Director at FDM Engineering UM, shares the journey of their 20-year-old company and the growth opportunities within the engineering insurance space
Highlighting the importance of focusing on this sector, Mc Namara points out the substantial potential for brokers, especially with government investments in infrastructure.
He notes a significant annual growth rate of around 15%, driven largely by smaller brokers serving SMEs.
Emphasizing the need for technical expertise and experience in underwriting, Mc Namara stresses the importance of collaboration between brokers and underwriters to navigate the complexities of engineering insurance.

Celebrating Milestones: What to Expect at the 50th AIE Conference

In this discussion, Tony from Cover Magazine interviews Thokozile Mahlangu, CEO of IISA. Thokozile shares highlights from the first half of the year, including financial growth and the Youth Accelerator Program.
They discuss IISA’s renewal of its CII affiliation, emphasizing its importance for maintaining high professional standards.
The conversation concludes with an exciting preview of the upcoming 50th AIE Conference, which promises to be a landmark event for the insurance industry. Key topics include IISA's achievements, youth initiatives, global collaborations, and the much-anticipated AIE Conference.

Current Challenges in the Group Benefits Space

In this discussion, Tony from Cover Magazine interviews Sheldon Friedericksen, General Manager of Group Benefits at FedGroup. They explore the challenges in the group benefits space, such as outdated benefit packages and the impact of the post-COVID cost of living crisis.
Sheldon emphasizes the need for practical steps to enhance retirement preparedness, including building trust, simplifying financial products, and supporting financial literacy.
They discuss leveraging technology and innovative approaches to provide personalized financial advice and ensure financial security in retirement.
The conversation highlights the importance of adapting group benefits to meet the evolving needs of a global and mobile workforce.

Understanding the Power of Attorney in South Africa

In this insightful interview, Tony from Cover Magazine speaks with Louis van Vuren, CEO of the Fiduciary Institute of South Africa (FISA). They delve into the intricacies of powers of attorney within South African law, distinguishing between general and specific types.
Louis explains the limitations of the enduring power of attorney in South Africa and discusses alternative legal measures for managing the affairs of individuals who lose mental capacity.
The conversation also highlights proactive steps, like setting up trusts, to safeguard financial interests against future incapacity. This discussion is essential for anyone seeking to understand fiduciary responsibilities and legal protections in South Africa.

Unlocking Generational Wealth: Insights from a Chief Wealth Advisor

In this enlightening interview, Paul Counihan, Chief Wealth Advisor at Fedgroup, delves into the intricacies of generational wealth and its significance in financial planning.
Counihan defines generational wealth as the passing on of wealth from one generation to another, emphasizing its role in providing future generations with the flexibility to pursue their aspirations without financial constraints.
He discusses various assets, including businesses, education, real estate, and investments, as vehicles for building generational wealth. Counihan highlights the importance of proactive planning and professional advice in preserving wealth across generations. Additionally, he sheds light on fixed endowments as a strategic tool for securing and transferring wealth to future heirs.
Throughout the conversation, Counihan underscores the necessity for families to prioritize generational wealth planning, irrespective of their socioeconomic status, and emphasizes the pivotal role of financial advisors in guiding clients through this intricate process.

Driving Innovation: Agility and Data in the Modern Insurance Industry

In an insightful interview with Cover Magazine’s Tony, Dane Richards, CEO of JMR, delves into the concept of business agility, particularly within the insurance industry.
Richards emphasizes the importance of adapting quickly to ever-changing environments by leveraging comprehensive data insights. He discusses how agility involves making rapid decisions based on accurate information, crucial for both traditional and innovative insurance models.
Richards also highlights the significance of regulatory compliance and data management in achieving agility.

Balancing Innovation and Compliance

Tristan Marot, an associate at Norton Rose Fulbright, delves into the intersection of technological innovation and regulatory compliance.
Tristan shares insights into the increasing demand for legal advice in the FinTech and InsurTech sectors, particularly regarding artificial intelligence solutions and automated decision making.
He discusses the challenges of keeping up with rapid technological advancements and emphasizes the importance of a holistic approach to regulation that understands underlying technologies.
The conversation highlights the need for open communication channels with regulators and the significance of fostering innovation while protecting consumers.

Driving Agility in Insurance: Insights from SSP’s Leslie Muthen

Leslie Muthen, Territory Head for Africa at SSP, discusses the critical role of agility in the insurance industry. Highlighting the rapid pace of technological advancements and shifting market demands, Muthen emphasizes the need for insurers to adapt swiftly.
SSP’s approach includes continuous innovation, customer-focused solutions, and a culture of responsiveness. Muthen outlines how embracing agile technologies can enhance operations, improve customer experiences, and maintain competitiveness.
With insights on future challenges and opportunities, Muthen underscores the importance of agility in navigating the evolving landscape of the insurance sector.

The Role of Technology Providers in Driving Innovation

In an insightful interview, Paul Donnelly from Fineos discusses the challenges insurers face with legacy systems and the imperative for agility in the ever-evolving tech landscape.
He emphasizes the need for a strategic approach to system replacement, advocating for modular solutions that enable phased transitions. Donnelly highlights the importance of aligning long-term vision with short-term pressures, underscoring the role of C-suite leadership in guiding organizational strategy.
Additionally, he explores the role of technology providers in offering both independent advice and adaptable solutions to drive innovation in the insurance sector.

Challenges and Opportunities in South Africa's Economic Growth Outlook

In the interview, Arthur Kamp discusses the utilization of the GFECRA account, emphasizing the importance of balancing liabilities and assets. He scrutinizes the impact of budgetary decisions on the state's balance sheet, cautioning against weakening it further.
Kamp highlights concerns over increased consumption spending and reduced capital investment, stressing the need for economic growth to alleviate fiscal pressures. He acknowledges the Treasury's efforts but underscores the imperative of implementing economic reforms to sustain long-term stability.
Kamp also addresses the significance of foreign investment and legislative reforms in stimulating economic development, emphasizing the need for practical implementation.