Local dental insurance firm’s global ambitions coming to fruition
South African dental insurance firm, Denis, has announced the appointment of Jim McGriskin as Chairman of its operations in the United Kingdom. McGriskin is currently chairman of a Lloyds International Insurance and Re-insurance broking firm, and has more than five decades’ experience in the international insurance market.
“With more than 70% market share in outsourced dental benefit management, we’re the leading player in South Africa when it comes to claims and risk management,” say Dr Gareth Hayton, CEO of Denis UK Limited. “And although we’ve had much success in the UK since opening our doors there in 2007, it is still a relatively new market for us. With Jim’s significant global expertise added to our team, we are able to further customise our third party administration services to UK clients, and replicate the dominant position we’ve achieved in South Africa.”
Denis has become well established as the South African market leader in dental benefit management over the past 16 years, and currently covers over one million members of select medical schemes for dental benefits.
The company offers a unique set of insured dental benefits, managed by a unique rules-based management system which enables dental costs to be effectively managed to the benefit of patients, the affiliated medical schemes and dentists.
“Our UK operations are waiting to take off. Our considerable market success to date has been noticed and there is significant appetite for our services in the UK,” says Hayton of the UK’s R10-billion private dental insurance market.
He adds that the company is currently in discussions with the National Health Ministry and submitted a proposal to the National Health Service (NHS) to provide them with strategic assistance in managing their dental. Other activity in the UK has included acquiring a 25% stake in a Lloyds underwriting agency specialising in personal accident and dental.
Dr Frans Coetsee, CEO of Denis in South Africa, attributes the company’s growing success to its focus on innovation and development: “We were the first company in South Africa to develop a sophisticated clinical rules programme for dental, and we were the first managed care company to take risk on our major healthcare contracts. We also took the initiative to develop a dental wellness and information programme for members of medical plans administered by Denis.”
In 2009, after Denis was registered as a financial service provider, the company expanded its offering and pioneered dental insurance products to the South African public and professional sportspeople. As part of the company’s marketing strategy Blue Bulls captain and Springbok vice-captain, Victor Matfield, was contracted as a brand ambassador for Denis.
Coetsee explains that because cover for dental treatment is not obligatory in terms of the Medical Schemes Act, dentistry is often neglected from a product offering perspective: “Many schemes simply control their dental expenditure by means of indiscriminate financial limits.”
“Dental insurance products make everyday dentistry accessible for individuals and families who cannot afford expensive medical aid plans or who have depleted medical savings accounts. We are also seeing companies moving towards offering dental insurance products as tangible employee benefits. As the public becomes more cost- and health-conscious, and as South Africa looks into its own National Health Initiative, we believe the need for dental insurance products will increase significantly,” Coetsee concluded.
Denis also has operations in Sweden, and is currently investigating the Australian market.
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