Stay­ing savvy and sus­tain­able

RISKSA Magazine - - News -

Cre­at­ing a sus­tain­able busi­ness model has been an es­sen­tial fo­cus for MUA. Hav­ing ben­e­fited from Te­lesure’s highly ad­vanced tech­no­log­i­cal sys­tems, economies of scale re­lat­ing to its pro­cure­ment process and its in­no­va­tive un­der­writ­ing tech­niques; MUA has been able to en­sure that it main­tains a book of busi­ness that is prof­itable. “Bro­kers will con­tinue to do busi­ness with un­der­writ­ers who are in­no­va­tive and stay up to date with cur­rent trends in the dig­i­tal space. We’ve had our app for the past year and a half, and it’s been do­ing re­ally well for us. We are con­stantly look­ing to in­no­vate. De­vel­op­ing tools and so­lu­tions from a tech­no­log­i­cal per­spec­tive is the only way for­ward,” Fourie ex­plains. For MUA, the fo­cus is not solely around the con­cept of sim­ply de­vel­op­ing an app, but more on cre­at­ing greater ac­ces­si­bil­ity and ef­fi­cien­cies for the pol­icy and claims ad­min­is­tra­tion. “The more you can au­to­mate and in­no­vate around tech­nol­ogy, the eas­ier it be­comes and the more busi­ness we’re able to write,” she says. In re­duc­ing their loss ra­tio, MUA is in a bet­ter po­si­tion to fo­cus on im­prov­ing its value propo­si­tion and ser­vice to bro­kers and clients. One of the main driv­ing fac­tors in en­sur­ing this sus­tain­abil­ity is the abil­ity to man­age the cost of re­pairs and pro­cure­ment. This is done by and large through the bulk buy­ing power of the risk car­rier. They’ve been able to mit­i­gate the cost for re­pairs, es­pe­cially with the con­tin­ual price in­creases for parts as a re­sult of in­fla­tion and ex­change rates. The part­ner­ship with Te­lesure has also al­lowed MUA to fo­cus on the devel­op­ment of in­no­va­tive prod­ucts that it hopes to launch to mar­ket in the near fu­ture. MUA be­lieves that, in de­vel­op­ing th­ese prod­ucts, they will be able to not only pro­vide a bet­ter value propo­si­tion to their ex­ist­ing client base, but also po­ten­tially ex­plore pre­vi­ously un­tapped mar­ket seg­ments.

Plans in the pipe­line

Ac­cord­ing to Fourie, 2015 is all about im­prov­ing MUA’s un­der­writ­ing prof­itabil­ity. “We’re fo­cused on both con­sol­i­da­tion, as well as to make sure that we have the best busi­ness on our books for in­sur­ers and rein­sur­ers. We’re also fo­cused on in­no­va­tion and prod­uct devel­op­ment,” she says. She con­tin­ues, “Writ­ing a healthy book of busi­ness is al­ways im­por­tant to us. Next year is about prof­itable growth. We’ll con­tinue to fo­cus on the high net worth clients more than any­thing.” Fourie says it’s still busi­ness as usual at MUA. Through­out the part­ner­ship, MUA has re­tained its in­de­pen­dence and says it will con­tinue to of­fer the same stan­dard of ser­vice lev­els it has pro­vided over the past 26 years. “Bro­kers have been deal­ing with us since 1989. Not much has changed, ex­cept for a new risk car­rier that is ex­cep­tion­ally ac­com­mo­dat­ing, sup­port­ive and re­spect­ful of our busi­ness strat­egy and our part­ner­ships. We could not be hap­pier with our new risk car­rier,” Fourie com­ments. What can bro­kers and pol­i­cy­hold­ers look for­ward to in 2015? “We plan on launch­ing a new prod­uct at the be­gin­ning of the year [Fe­bru­ary 2015] that’s largely aimed at the young pro­fes­sional. This will be aimed more at the ‘ fi­nan­cially suc­cess­ful’ younger pro­fes­sional. There is def­i­nitely po­ten­tial in that space and we are look­ing to grab the op­por­tu­nity with both hands.” “Our re­la­tion­ships with our bro­kers, some who have been with MUA since the be­gin­ning, have proved in­valu­able and con­trib­uted to the suc­cess of the brand in the mar­ket­place. The change in risk car­ri­ers has been no ex­cep­tion to this, and they’ve been fully sup­port­ive through­out the en­tire process.”

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