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Bryte: Business Update

26 October 2021 Bryte

 

 

 


 

 

Business Update
 
As you are aware, our new internal underwriting administration platform went live in November 2020, with the introduction of new business issued under our new commercial product. Some of the immediate benefits to you, our broker partners, are quicker turnaround times – as experienced for claims which has been on the new platform since 2019 – and significantly improved quoting efficiencies for new business. You will also have noted that the quality of all documentation is much improved and more user friendly.
 
In 2021 thus far, we have added additional products, for new business, to our new platform as follows:
 

Flexiflite, Farming and Body Corporate products…


We are pleased to let you know that Flexiflite and Farming – our propositions that consolidate business and home insurance into a single policy – and our Body Corporate insurance solution aimed at residential, commercial and industrial premises are also now live on our new internal platform. As with the commercial product, we are taking a phased approach to implementation, starting with new business only on these products.
 
While the products were being developed on the system, we took the opportunity to make a couple of changes to the policy wordings. In addition, the previous domestic section in Flexiflite and Farming has been replaced with our standard personal lines wording and we have consolidated both commercial and personal lines into one policy wording for both products. Our stand-alone personal lines product was also updated to ensure that all of our wordings are aligned.

 

 

 

The changes, reflected in the key highlights overview documents and a complete breakdown of each of the product’s limits, risk extensions and excesses is also attached.

 

 

 

 

We are due to decommission our legacy I90 system in 2022 and, before that happens, we will need to migrate all policies from that internal platform to our new internal platform, coupled to the new enhanced products. Planning around this is at an advanced stage and you can expect further communication on this topic before that exercise starts. There are a few complexities like arrears to advance premium payments and annual paid monthly – we have plans and solutions for all of these matters and will guide you through the process at the right time.
 

Policy renewal process…


Our new renewal process for business already issued on our new internal platform is live and promises to bring with it quicker turnaround times and efficiencies from start-to-finish. Policies that are eventually migrated to the new internal platform will also benefit from these new, more agile processes in the years to come.
 
Whether it’s a straight-forward renewal or one that requires discussion, our schedules and renewal terms will be processed 90 days in advance, allowing sufficient time to change or negotiate the terms with Bryte and/or customers. Our improved, easy to read renewal and renewal terms schedules comprise the policy specifications as well as a premium summary that, in the case of renewal terms, provides an overview of pre and post renewal-terms.

 

Next in line…


Our focus for the remainder of the year will be on two of our specialist lines propositions – Engineering and Marine. These are also due to be issued from our new internal platform and migration of these active policies will also be migrated in an orderly manner at the right time.
 
Should you have any questions, please feel free to contact your usual Bryte representative.
 
Regards
Chris Grieve
Executive Head: Broker Distribution

 

 

 

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QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

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Infrastructure cap is way too high
Offshore limit still needs to be raised
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