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Insurance brokers: Between a rock and a hard place

12 October 2021

South Africa’s financial intermediaries face an uphill struggle in managing their own liability risks due to market forces that are largely out of their control. The liability market is influenced by a range of complex factors, further complicated by the rising frequency and severity of losses and claims that typically span multiple years. A panel discussion at the 2021 FIA Virtual Advice Summit set out to demystify liability and the capacity in the market surrounding liability insurance, as well as to reflect on the growing advice-related liability exposures that advisers and brokers face. The overarching objective was to promote sustainable, broker-led risk transfer and risk management for the end-customer, the insured.

The human side of advice practice mergers & acquisitions

11 October 2021

There are three ways to build a mega-financial advice practice… You can grow your business organically over decades; you can accelerate your growth by merging with practices of similar mindset and size; or, assuming you are a heavyweight financial services provider (FSP), you can acquire advice practices that meet your shareholders’ needs. FAnews frequently interacts with FSPs who are on the hunt for books of business, especially in the short-term commercial space. So, if you are considering an exit from your commercial short-term practice, we encourage you to get in touch with us for a possible introduction.

Brokers must access, apply digital technology to benefit themselves and their customers

28 September 2021

With South Africa being a nation of small businesses, and insurance an essential service underpinning the resilience of those businesses, brokers must consider digital technology as an integral component of their value proposition. The reasons are simple: efficiency, accuracy and improved delivery driven by modern technology not only results in a better service to every customer, technology also drives down the cost of providing insurance cover.

Brokers will steer the future risk narrative

14 September 2021

Major catastrophes such as the Covid-19 pandemic and ensuing lockdowns, and more recently the civil commotion in Gauteng and KwaZulu-Natal, have stress-tested the products and relationships that bind short-term insurers, insurance intermediaries and their clients. According to Andrew Coutts, Head: Intermediated Distribution at Santam, disasters of such magnitude present opportunities for non-life insurance stakeholders to reassess their approach to risk. Brokers, in particular, will play an active role in steering future risk discussions with their clients.

quick poll

Question

How is your business leveraging the efficiencies and scale offered by technology without diluting your human edge?

Answer

Automating admin, not advice Being selective about tech adoption Human only in the last mile Tech to scale, people for trust

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