Finalists share their secrets for success
• Business Day Insights put questions to the finalists about conditions in the industry and what makes for a successful company. The following are some of the questions and responses
Johan Minnie, group executive: sales, distribution and bancassurance at Liberty: “It is probably the most critical part of our business. Unfortunately, there have been many sad stories in the industry that have eroded the true image and nature of the average financial advisor and the organisations they work with. In some instances, legislation and regulation have removed some of the less ethical practices and individuals from the industry. Jeanette Marais … one purpose.
“As an intermediated business, it is something we take seriously, as do our advisors. We have a group of committed advisors who selfgovern via various forums, which enforce a strict code of conduct, driving the desired behaviour via peer review and clear standards.
“As a company, we do not believe that shortcuts are worth taking. We will always take the time to make sure we never have to not pay a claim. That means taking time in underwriting, doing the blood tests and filling in the forms; it also means we can proudly say we have paid more than R30bn in claims in the past 10 years alone and we are here when our customers need us most.”
Regard Budler, managing executive: solutions at Momentum Corporate and Public Sector: “One’s life on the outside reflects one’s life on the inside. This is why instilling and building a values-based culture is a strategic imperative.
“Clients value actions more than words and value how you make them feel. We expect all our staff to treat clients the same way they expect to be treated as a client — with the utmost respect.
“Consistent, values-driven delivery builds and maintains a relationship of trust with our clients, which is critical given that, in most instances, they trust us with their lifetime savings and the financial wellness of their families.”
Richard Eales, MD at Guardrisk Insurance: “The company considers values and ethics to be a cornerstone of any financial services firm, so it’s an indelible part of Guardrisk’s culture and DNA.
“We differentiate ourselves through service excellence and strong relationships with brokers and our value chain.”
Denise Hattingh, authorised representative of KEU Underwriting Manager: “Values and ethics are crucial — we are selling a promise. Without having either you should not be in the financial industry.”
Kerrin Land, CEO at Old Mutual Wealth: “Ethics are essential to the company’s success. Multiple research studies show that frequent switching of products and providers destroys value for clients. People have the best chance of success through a steady and consistent application of their plan over the course of decades.
“However, partnering with a provider in such a long-term financial journey requires a profound degree of trust, which can be broken in an instant.”
Jonathan Rosenberg, CEO at Renasa Insurance Company: “In financial services, one is selling a promise. Integrity and reliability are therefore prerequisites. Lapse on either quality and one is doomed.
“Renasa’s USP in terms of its insured clients is friendliness, approachability and good value for money. Concerning its distributors, optimising their competitiveness through efficient underwriting and claims service together with competitive pricing is crucial.”
HDr Jonathan Broomberg CEO at Discovery Health: “Innovation is ingrained into the DNA of Discovery. Whether it is products, processes, business models or people, we use constructive interrogation, collaboration and creativity to innovate. We identify problems our clients or other stakeholders are experiencing and work hard and innovatively to address these ‘point points’.
“This not only keeps us ahead of our competitors, but simultaneously ignites positive and meaningful change in our society and among our stakeholders. We believe that ideas can come from anywhere and we incentivise and support our people to challenge the status quo and come up with extraordinary solutions to extraordinary problems
“We stimulate and support innovation through the creation of several platforms where our people can channel their ideas and refine them into game-changing innovations.”
Jonathan Rosenberg, CEO at Renasa Insurance Company: “Innovation has been crucial to the company’s positioning in the market and to its success.
“Renasa’s technology has contributed significantly to its exceptional claims cost efficiency (approaching that of direct insurers) and the ability to bind quickly. Virtually all broker policy issuing systems are integrated to Renasa’s rating engines so intermediaries enjoy systemised pricing and discount mandates allowing them to bind quickly and without reference on personal lines. Should additional assistance be required, broker service consultants can deploy discounts above the broker’s mandate instantly by smartphone/tablet directly into the rating engine, ensuring that, no matter the circumstance, Renasa brokers’ response times on binding is unbeatable.”
Tania Joffe, head of Auto & General Brokers: “From the outset, Auto & General has been a progressive and innovative company of many firsts. Competing in an unsophisticated, paperintensive industry, Auto & General was the pioneer of paperless insurance and computerised underwriting.”
Marco Fonto, MD at Stratum Benefits: “Demarcation regulations have thrown all gap cover providers in the same pool where the competitive edge is no longer only a focus on product offering but service delivery. Innovation is always key but even more so with gap cover products being demarcated. Providers will have to explore benefit enhancements and additional supplementary products that address specific needs.”
Denise Hattingh, authorised representative of KEU Underwriting Manager: “The company continuously changes and adapt its products to fall in line with market requirements.”
Regard Budler, managing executive: solutions at Momentum Corporate and Public Sector: “Innovation is one of the company’s core values. We thrive on innovation by challenging ourselves to find better solutions for our clients, improving our processes and growing our people.
“Innovation is more than simply coming up with new products, but also focuses on finding ways to make life easier for our clients; providing a superior service experience which exceeds expectations, uncovering the gaps in their financial wellness journey and offering solutions to reduce those gaps without compromising lifestyles.”
Johan Minnie, group executive: sales, distribution and bancassurance at Liberty: “Innovation is important, some would even argue that it’s vital. But if you look at the insurance sector there is little to differentiate the one from the other. Instead, several insurers are turning to rewards, affinities and ‘fringe benefits’ which have nothing to do with ensuring you have the help and support you need when you need it — in some cases, even eroding the profitability of the product, putting the customer at risk.
“This is not something we are prepared to compromise on. For us, innovation is driven by customer need, finding and Martin Rimmer … specialists.
filling the gaps so that people can retire better, get better cover or invest more. But at the end of the day customers need great products which they can trust to deliver, particularly in uncertain times.”
WRichard Eales, MD at Guardrisk Insurance says it’s all about fostering new ways of thinking.
“In reality, the cell captive structure is a relatively new approach to traditional insurance and we pride ourselves in providing commercial insurance that’s different. Clients are not merely buying an off-the-shelf policy.
“The only sustainable differentiator is the impact we (the full value chain) have on our clients’ experience — from the sales/advice stage through to finalising and paying a claim.”
Jeanette Marais, director of distribution and client service, Allan Gray: “The company’s employees are all working towards one purpose: to create long-term wealth for clients.
“This focuses our efforts and guides our decision making. We are also driven by a set of core values, which we take into account when we hire new people. These values encourage independent mindedness, excellence, integrity and a client-centric approach in everything we do.”
Martin Rimmer, CEO at Sirago: “There are certain key positions within the company that are fundamental to the ongoing success of the business, besides the basic operational processes.
“As such, the people who fill these roles are specialists in their disciplines. The characteristics I believe are key for staff to perform optimally and effectively are: absolute trust, fully empowered, ability to be creative, self-expression, focused on customer centricity, self-motivated and visionary attitude, all with a risk exposure understanding.”
Edwyn O’ Neill, CEO at Bryte Insurance: “One of the badges we wear proudly at Bryte is our passionate commitment to partnering with our customers. We aim to keep exceptional customer service at the centre of what we do, using insights and foresight to add value by protecting them ahead of risk rather than just insuring them retrospectively.”
Johan Minnie – group executive: sales, distribution and bancassurance at Liberty: “A partnership approach is best. To do their jobs to the best of their ability, advisors need their administration load stripped to a minimum. Actually sitting in front of the customer and helping them to make the right decisions is where they add maximum value to both our customers and us.
“No voice in a call centre or smartphone application can replace or replicate that skill, or deliver that kind of value. The trick is in building the right relationship and trust with advisors so they trust you to handle the balance of the tasks required to deliver great products, service and advice.”
Regard Budler, managing executive: solutions at Momentum Corporate and Public Sector: “Our leadership and staff work hard to create a culture grounded in the values of accountability, excellence, integrity, diversity, innovation and teamwork. These values guide our thinking and actions, shaping our culture and commitment to excellence.”
Jonathan Rosenberg, CEO at Renasa Insurance Company: “The company pursues a philosophy of family in terms of which it contributes more than is common of commercial relationships recognising the ‘humanity’ of the business.
“Typically, key staff remain with the company for long careers and loyalty, by the company to its staff, brokers, insured clients and reinsurers, and vice versa, runs deep. The overarching management style is supportive and rewarding which encourages high achievement.”
Stuart Sinclair, authorised FAIS key individual and representative at Leppard Underwriting: “Understand that change is not necessarily a bad thing. We must change to grow and providing this type of environment encourages people to come up with new ideas. People must feel that they will be supported in the decisions that they make.”
Douglas Haig, MD at CIA Building Insurance: “Know your product and your industry – both locally and abroad given globalisation trends. Stay specialised in what you know and do, stay true to your brand and business ethos, and keep your clients at the centre of your business offering.”
HMarco Fonto … innovation is key. Kerrin Land, CEO at Old Mutual Wealth: “While the regulator is acting to protect client interests (which the company values and should be good for the industry in the long term), the level of effort involved in reporting makes providing service more expensive. Hopefully over time a balance is struck.”
Jonathan Rosenberg, CEO at Renasa Insurance Company: “Regulatory changes, both recent and prospective which have, towards laudable ends, among other results, raised operating costs and driven consolidation among insurers servicing the intermediated sector. There has also been consolidation among intermediaries with the pending finalisation of the Retail Distribution Review (RDR) fuelling this trend and a potential for acute consolidation on finalisation of the RDR.”
HJohan Minnie – group executive: sales, distribution and bancassurance at Liberty: “When you think about financial services and insurance in particular, there are so many horror stories and questionable products out there. Having an established brand, which is trusted and known in the market, especially one that has such an inspiring founder story like Liberty’s, is essential to get you in the front door.”
Denise Hattingh, authorised representative of KEU Underwriting Manager: “It has taken the company 16 years to build the brand — so it is very important. Our name should instill confidence.”
Marco Fonto, MD at Stratum Benefits: “It goes without saying that the company’s brand is vitally important. People do business with like-minded people whom they trust. We have earned trust by consistently delivering transparent quality and remarkable value.”
Jeanette Marais, director of distribution and client service, Allan Gray: “The company firmly believes that investment products should be bought not sold. This is why trust and confidence in our brand is so important to us. Clients need to trust us before they will entrust their hard-earned money to us. A brand is hard to build but easy to destroy – ours has taken more than 40 years to build, and we keep striving for excellence every single day to protect it.”