Boosting black assessor numbers key to realising full potential of South Africa’s insurance market
The quickest way to realise the insurance potential of
Many township dwellers with good jobs in town choose to remain in townships, upgrading their four room homes into larger residences while purchasing smart cars for commuting. “Yet despite a growing accumulation of assets in
And certainly the numbers bear this out. Extrapolating from its own figures Alexander Forbes estimates that only 3 – 5% of
In short, “We have neither the basic knowledge to assess township risk accurately nor the capacity to service it effectively”, says Dombo. Not having enough black assessors means no having people on the ground in townships with an intimate knowledge of the kinds, frequency and costs of risk particular to these areas. Economies that use insurance effectively have a lot of information and statistics about suburbs, incomes, spending patters, accidents and crimes etc. Since a major factor driving pricing in short term insurance is claims data the absence of such information on townships makes insurance costly. “Until we have the statistics as well as the first hand experience-based information at our fingertips that we have on traditionally white suburbs we’ll never price township insurance right - or demonstrate its value to township residents”, says Dombo. The moment you don’t understand an area you start working with perceptions, not facts. And right now the general perception is that townships are higher risk. As such township dwellers pay higher premiums. “This might not, however, be an accurate reflection of reality”, says Dombo who is aware of a number of townships that are safer than traditional suburbs thanks to strong community policing. “What this means is that while residents of townships are able to purchase insurance, the price is unlikely to accurately reflect the risk”, says Dombo. Opportunities to learn more about township spending patterns with an eye to growing the South African insurance market to its full potential will only start happening when people familiar with these areas are employed in sufficient number – and we start building up the stats. Until then those few township residents that are currently insured will continue paying the price for the industry not knowing. And,adds Dombo, “As long as we don’t know the numbers, we will be unlikely to make significant inroads into what could be
To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo. To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo. In short, “We have neither the basic knowledge to assess township risk accurately nor the capacity to service it effectively”, says Dombo. Not having enough black assessors means no having people on the ground in townships with an intimate knowledge of the kinds, frequency and costs of risk particular to these areas. Economies that use insurance effectively have a lot of information and statistics about suburbs, incomes, spending patters, accidents and crimes etc. Since a major factor driving pricing in short term insurance is claims data the absence of such information on townships makes insurance costly. “Until we have the statistics as well as the first hand experience-based information at our fingertips that we have on traditionally white suburbs we’ll never price township insurance right - or demonstrate its value to township residents”, says Dombo. The moment you don’t understand an area you start working with perceptions, not facts. And right now the general perception is that townships are higher risk. As such township dwellers pay higher premiums. “This might not, however, be an accurate reflection of reality”, says Dombo who is aware of a number of townships that are safer than traditional suburbs thanks to strong community policing. “What this means is that while residents of townships are able to purchase insurance, the price is unlikely to accurately reflect the risk”, says Dombo. Opportunities to learn more about township spending patterns with an eye to growing the South African insurance market to its full potential will only start happening when people familiar with these areas are employed in sufficient number – and we start building up the stats. Until then those few township residents that are currently insured will continue paying the price for the industry not knowing. And,adds Dombo, “As long as we don’t know the numbers, we will be unlikely to make significant inroads into what could be
To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo. To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
And certainly the numbers bear this out.
Extrapolating from its own figures Alexander Forbes estimates that only 3 – 5% of
In short, “We have neither the basic knowledge to assess township risk accurately nor the capacity to service it effectively”, says Dombo. Not having enough black assessors means no having people on the ground in townships with an intimate knowledge of the kinds, frequency and costs of risk particular to these areas. Economies that use insurance effectively have a lot of information and statistics about suburbs, incomes, spending patters, accidents and crimes etc. Since a major factor driving pricing in short term insurance is claims data the absence of such information on townships makes insurance costly. “Until we have the statistics as well as the first hand experience-based information at our fingertips that we have on traditionally white suburbs we’ll never price township insurance right - or demonstrate its value to township residents”, says Dombo. The moment you don’t understand an area you start working with perceptions, not facts. And right now the general perception is that townships are higher risk. As such township dwellers pay higher premiums. “This might not, however, be an accurate reflection of reality”, says Dombo who is aware of a number of townships that are safer than traditional suburbs thanks to strong community policing. “What this means is that while residents of townships are able to purchase insurance, the price is unlikely to accurately reflect the risk”, says Dombo. Opportunities to learn more about township spending patterns with an eye to growing the South African insurance market to its full potential will only start happening when people familiar with these areas are employed in sufficient number – and we start building up the stats. Until then those few township residents that are currently insured will continue paying the price for the industry not knowing. And,adds Dombo, “As long as we don’t know the numbers, we will be unlikely to make significant inroads into what could be
To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo. To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
In short, “We have neither the basic knowledge to assess township risk accurately nor the capacity to service it effectively”, says Dombo.
Not having enough black assessors means no having people on the ground in townships with an intimate knowledge of the kinds, frequency and costs of risk particular to these areas.
Economies that use insurance effectively have a lot of information and statistics about suburbs, incomes, spending patters, accidents and crimes etc.
Since a major factor driving pricing in short term insurance is claims data the absence of such information on townships makes insurance costly.
“Until we have the statistics as well as the first hand experience-based information at our fingertips that we have on traditionally white suburbs we’ll never price township insurance right - or demonstrate its value to township residents”, says Dombo.
The moment you don’t understand an area you start working with perceptions, not facts.
And right now the general perception is that townships are higher risk. As such township dwellers pay higher premiums.
“This might not, however, be an accurate reflection of reality”, says Dombo who is aware of a number of townships that are safer than traditional suburbs thanks to strong community policing.
“What this means is that while residents of townships are able to purchase insurance, the price is unlikely to accurately reflect the risk”, says Dombo.
Opportunities to learn more about township spending patterns with an eye to growing the South African insurance market to its full potential will only start happening when people familiar with these areas are employed in sufficient number – and we start building up the stats.
Until then those few township residents that are currently insured will continue paying the price for the industry not knowing.
And,adds Dombo, “As long as we don’t know the numbers, we will be unlikely to make significant inroads into what could be
To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
To this endAlexander Forbes has made huge strides in changing its demographics.
Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth.
These include empowering township panel beaters to deliver quality work.
"It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
Many township dwellers with good jobs in town choose to remain in townships, upgrading their four room homes into larger residences while purchasing smart cars for commuting.
“Yet despite a growing accumulation of assets in
And certainly the numbers bear this out. Extrapolating from its own figures Alexander Forbes estimates that only 3 – 5% of
In short, “We have neither the basic knowledge to assess township risk accurately nor the capacity to service it effectively”, says Dombo. Not having enough black assessors means no having people on the ground in townships with an intimate knowledge of the kinds, frequency and costs of risk particular to these areas. Economies that use insurance effectively have a lot of information and statistics about suburbs, incomes, spending patters, accidents and crimes etc. Since a major factor driving pricing in short term insurance is claims data the absence of such information on townships makes insurance costly. “Until we have the statistics as well as the first hand experience-based information at our fingertips that we have on traditionally white suburbs we’ll never price township insurance right - or demonstrate its value to township residents”, says Dombo. The moment you don’t understand an area you start working with perceptions, not facts. And right now the general perception is that townships are higher risk. As such township dwellers pay higher premiums. “This might not, however, be an accurate reflection of reality”, says Dombo who is aware of a number of townships that are safer than traditional suburbs thanks to strong community policing. “What this means is that while residents of townships are able to purchase insurance, the price is unlikely to accurately reflect the risk”, says Dombo. Opportunities to learn more about township spending patterns with an eye to growing the South African insurance market to its full potential will only start happening when people familiar with these areas are employed in sufficient number – and we start building up the stats. Until then those few township residents that are currently insured will continue paying the price for the industry not knowing. And,adds Dombo, “As long as we don’t know the numbers, we will be unlikely to make significant inroads into what could be
To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo. To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
In short, “We have neither the basic knowledge to assess township risk accurately nor the capacity to service it effectively”, says Dombo.
Not having enough black assessors means no having people on the ground in townships with an intimate knowledge of the kinds, frequency and costs of risk particular to these areas.
Economies that use insurance effectively have a lot of information and statistics about suburbs, incomes, spending patters, accidents and crimes etc.
Since a major factor driving pricing in short term insurance is claims data the absence of such information on townships makes insurance costly.
“Until we have the statistics as well as the first hand experience-based information at our fingertips that we have on traditionally white suburbs we’ll never price township insurance right - or demonstrate its value to township residents”, says Dombo.
The moment you don’t understand an area you start working with perceptions, not facts.
And right now the general perception is that townships are higher risk. As such township dwellers pay higher premiums.
“This might not, however, be an accurate reflection of reality”, says Dombo who is aware of a number of townships that are safer than traditional suburbs thanks to strong community policing.
“What this means is that while residents of townships are able to purchase insurance, the price is unlikely to accurately reflect the risk”, says Dombo.
Opportunities to learn more about township spending patterns with an eye to growing the South African insurance market to its full potential will only start happening when people familiar with these areas are employed in sufficient number – and we start building up the stats.
Until then those few township residents that are currently insured will continue paying the price for the industry not knowing.
And,adds Dombo, “As long as we don’t know the numbers, we will be unlikely to make significant inroads into what could be
To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
To this endAlexander Forbes has made huge strides in changing its demographics.
Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth.
These include empowering township panel beaters to deliver quality work.
"It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
And certainly the numbers bear this out.
Extrapolating from its own figures Alexander Forbes estimates that only 3 – 5% of
In short, “We have neither the basic knowledge to assess township risk accurately nor the capacity to service it effectively”, says Dombo. Not having enough black assessors means no having people on the ground in townships with an intimate knowledge of the kinds, frequency and costs of risk particular to these areas. Economies that use insurance effectively have a lot of information and statistics about suburbs, incomes, spending patters, accidents and crimes etc. Since a major factor driving pricing in short term insurance is claims data the absence of such information on townships makes insurance costly. “Until we have the statistics as well as the first hand experience-based information at our fingertips that we have on traditionally white suburbs we’ll never price township insurance right - or demonstrate its value to township residents”, says Dombo. The moment you don’t understand an area you start working with perceptions, not facts. And right now the general perception is that townships are higher risk. As such township dwellers pay higher premiums. “This might not, however, be an accurate reflection of reality”, says Dombo who is aware of a number of townships that are safer than traditional suburbs thanks to strong community policing. “What this means is that while residents of townships are able to purchase insurance, the price is unlikely to accurately reflect the risk”, says Dombo. Opportunities to learn more about township spending patterns with an eye to growing the South African insurance market to its full potential will only start happening when people familiar with these areas are employed in sufficient number – and we start building up the stats. Until then those few township residents that are currently insured will continue paying the price for the industry not knowing. And,adds Dombo, “As long as we don’t know the numbers, we will be unlikely to make significant inroads into what could be
To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo. To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
In short, “We have neither the basic knowledge to assess township risk accurately nor the capacity to service it effectively”, says Dombo.
Not having enough black assessors means no having people on the ground in townships with an intimate knowledge of the kinds, frequency and costs of risk particular to these areas.
Economies that use insurance effectively have a lot of information and statistics about suburbs, incomes, spending patters, accidents and crimes etc.
Since a major factor driving pricing in short term insurance is claims data the absence of such information on townships makes insurance costly.
“Until we have the statistics as well as the first hand experience-based information at our fingertips that we have on traditionally white suburbs we’ll never price township insurance right - or demonstrate its value to township residents”, says Dombo.
The moment you don’t understand an area you start working with perceptions, not facts.
And right now the general perception is that townships are higher risk. As such township dwellers pay higher premiums.
“This might not, however, be an accurate reflection of reality”, says Dombo who is aware of a number of townships that are safer than traditional suburbs thanks to strong community policing.
“What this means is that while residents of townships are able to purchase insurance, the price is unlikely to accurately reflect the risk”, says Dombo.
Opportunities to learn more about township spending patterns with an eye to growing the South African insurance market to its full potential will only start happening when people familiar with these areas are employed in sufficient number – and we start building up the stats.
Until then those few township residents that are currently insured will continue paying the price for the industry not knowing.
And,adds Dombo, “As long as we don’t know the numbers, we will be unlikely to make significant inroads into what could be
To this endAlexander Forbes has made huge strides in changing its demographics. Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth. These include empowering township panel beaters to deliver quality work. "It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
To this endAlexander Forbes has made huge strides in changing its demographics.
Having more than 50% of staff from previously disadvantaged backgrounds has helped increase penetration of the township market - realising significant opportunities for growth.
These include empowering township panel beaters to deliver quality work.
"It also involves employing staff from diverse backgrounds so that stereotypes, myths and misunderstandings can be dispelled asthe organisationrealises the potential and value of a diverse, multi-cultural and multi-skilled workforce", concludes Dombo.
