Outgoing CEO reflects on Altrisk successes

FA NEWS: You have been with Altrisk since 2006… Can you tell us a bit about your future plans and how your decision impacts the group’s management structure and capabilities?

Craig: It was always my intention to remain involved at Altrisk. I remain a shareholder and will probably be in the office a couple of hours each day for the time being. We are looking for a new chief executive and their needs will guide my ongoing involvement at the group. On the one hand they may want me involved, on the other they may prefer for me to tidy up my things and clear the way.

There were a number of rumours doing the rounds that I might join one of the domestic insurance start-ups. This is not the case, and apart from my ongoing involvement at Altrisk I will not be involved in any life business in Africa. My new challenge is as CFO of a small hospital group with interests in the rest of Africa. The business is currently listed in London on the secondary (AIMS) exchange.

FA NEWS: Will your departure result in any significant changes at Altrisk?

Craig: No – it is business as usual at Altrisk. The company has built up an incredibly strong team over the past seven or eight years. We have competent people who are leaders in their respective fields. Any strategy changes at the group will be to adapt to the rapidly changing industry rather than to accommodate my departure.

FA NEWS: You mentioned rapid changes in the industry – what challenges do you expect the group to face through 2012?

Craig: The main challenge will be how Altrisk responds to regulatory and legislative changes. Issues such as Regulatory Examinations, financial sector capital requirements and the battle for a share of distribution will dominate. Overall, the industry will be internally focused over the next couple of years. This introspection – which is ironically not in the best interest of consumers or the market – stems from the regulator’s ongoing drive to implement consumer protection measures. I am worried that the pendulum has swung too far in favour of consumers and that we risk undoing the access to financial services products already achieved.

FA NEWS: Can you single out some of the highlights in your time with Altrisk?

Craig: The group’s 10-year celebration was a major milestone. If you consider the number of start-ups that survive three, five or even seven years, then our achievement, in a mature industry, is amazing. The changes that product providers such as Altrisk and some of our younger competitors have brought about are important for the consumer.

FA NEWS: Do you think new start-ups will prosper given the increasing burdens of regulatory compliance?

Craig: We operate in an industry that has always been creative and innovative. This innovation combined with an abundance of talent will mean that future competitive challenges come from smaller competitors.

FA NEWS: In the event the new chief executive asks you to pack your bags, what would you miss most about the company?

Craig: We have almost 100 000 policyholders which means we have given around 50 000 people access to life cover over the past decade. Internally, I will miss the ongoing push to find ways to do things differently. When you keep innovating at the margin, improving at the margin, over time you make a real and genuine difference. From an external point of view I will miss the ongoing engagement with insurance brokers. I will miss the debates around the role the industry plays in extending better cover to our policyholders and improving South Africa as a result. When all is said and done the people you work with matter more than anything – I will miss my colleagues most of all.