Putting the client at the centre of your business

FA NEWS: Could you provide a brief history of Centriq Insurance?

Michael: In 2005 Santam acquired Nova Group Holdings, incorporating Nova Risk Partners and Nova Life Partners, and merged these operations with their cell captive specialist subsidiary, Santam Risk Finance. The combined operation was renamed Centriq Insurance and has been trading under this brand ever since.

FA NEWS: Centriq is well known among both long and short-term insurance stakeholders. How would you explain the business to a new entrant to the industry?

Michael: We customise first party (corporate cell captive and risk finance) and third party (outsourced UMA and general commercial and personal lines) insurance arrangements via a partnership model. We are currently considering our options to offer conventional retail products under our own brand(s). The name Centriq is derived from "client centric” to reflect that we always put our clients at the centre of our business and thinking.

FA NEWS: What distinguishes Centriq from its competitors?

Michael: The first factor that springs to mind is the innovation and thought leadership applied to both our service and product offerings. Centriq is 100% professional in how we structure our business models, product and service offerings, and how we interact with employees and clients. We have built a long-term sustainable business around our non-negotiable approach to compliance and governance. Our strong focus on skills development – whereby we encourage employees and business partners to ‘be the best they can be’ – also distinguishes us from the crowd.

FA NEWS: What are your competitive advantages?

Michael: We are good at building relationships and structuring sustainable partnerships with clients – and we excel at cultivating and developing these relationships over time.

FA NEWS: How do you make sure that your products and services remain relevant to the brokers?

Michael: Our partnership model enables us to tap into the collective awareness of our many partners, who are usually closer to the end customer than we are. We engage these partners during product development to refine our offerings to the market.

FA NEWS: Have you got any advice for our readers, the brokers?

Michael: Always remember: You get what you pay for! Cheap is not necessarily the best option for your client. You need to be sure that when a claim or service need arises both you and your client receive the very best service… Your insurer must be financially sound in order to meet your client’s expectations. Quality and security are paramount, so do your due diligence on who is underwriting your client’s policy.

FA NEWS: A great deal has been written about skills shortages in the insurance sector. How do you make sure you attract and retain the best staff?

Michael: We focus on building a modern, dynamic and professional culture in which performance-driven individuals flourish. Over time we have created a ‘pull’ effect, with leaders in the industry approaching us for employment opportunities!

FA NEWS: Could you describe how ‘service’ fits into the Centriq business model?

Michael: Service means doing what you said you would do, on time, and right the first time. This is our goal! We make every effort to meet our customers’ expectations within our overall risk appetite.

FA NEWS: You have been in the insurance game for many years. How has risk management changed?

Michael: Risk management has grown from an obscure function to a professional and executive-level responsibility in its own right. Corporate failures such as Enron, the recent global financial crisis, and regulatory responses to these developments have put the spotlight on the field. Nowadays the risk manager must adhere to and apply professional standards and norms in performing his or her duties.

FA NEWS: Do you have any exciting plans for 2012?

Michael: Yes –Watch the press for details!