SNIB celebrates five decades of relationship-building success
ACT with honesty and integrity; always do for your clients what you would do for yourself and your own family; and never betray the trust placed in you. These are the principles and values that have served as the foundation and building blocks of SNIB (Southern Natal Insurance Brokers) – one of the country’s most experienced and trusted independent financial services providers. Established in 1967 by George Singh, SNIB this year celebrates its 50th anniversary – a significant milestone rarely seen among independent players within the insurance and financial services sector.
A teacher by profession, George took early retirement in 1966 to pursue the potential he saw in the life assurance industry.
“I wanted to use my education background to make a significant difference in people’s lives by advising them on life assurance policies and products that would provide them with long-term financial security. This is something that had been denied to or severely restricted for people of colour,” explains George, referring to the discriminatory practices prevalent in the industry back then. These took the form of policies being unfairly “loaded” and in many cases, policies yielding less value and fewer benefits for the policy holders, based merely on their skin colour.
Armed with tenacity and determination, George led the charge against these discriminatory practices, tackling the guilty institutions head on in order to give his clients the best he could. “I was completely focused on the needs of my clients and on running the business without cutting any corners or compromising my principles.
“I quickly learnt that for people to invest their money with you, they have to be able to trust you completely and have full confidence in your abilities. I had to live by my word and be a person of honesty and integrity.”
He worked tirelessly – often starting at dawn and only finishing at midnight – steadily building his client base. Towards the end of the 1960s, he moved his family from the small town of umzinto to Durban and set up office in what was then Prince Edward Street.
With the business and its clientele continuing to grow month on month, it soon became necessary to get bigger premises. “There was a new building on the corner of Albert and Queen Streets that was perfect as a new location for the business. The problem was that it was on the ‘white’ side of town.” Unhindered, George used his powers of persuasion to talk the letting agent into allowing him to sign the lease. “Now positioned right in the middle of the business community, the business took off.”
In 1981, George’s son, Avin joined the business. Although he had just graduated with a Bcom Honours degree in Finance from a university in the US, his dad insisted he start at the bottom as a clerk and work his way up the company.
The next significant development took place in 1987, when the business changed focus to the short-term insurance industry. In 2007, the short-term side of the business was then sold off and SNIB reverted to focusing on its core business of financial planning.
Today, Avin heads up the business, with George continuing to play an advisory role as President of SNIB. The company offers professional advice to its clients in the areas of life, investment and retirement planning, business insurance, claims resolution, group benefits, estate planning, risk planning and health care.
“My Dad built this business on honesty, integrity and trust – and these values continue to underpin and direct everything we do at SNIB,” elaborates Avin.
“As an independent broker, we are able to offer our clients onestop access to those companies and products that offer the best value for money. We are able to put our clients first, ensuring at all times that their needs are covered by the most appropriate and affordable products available in the market.”
The priority with every client is to provide them with qualified, carefully thought-through advice in order to guide them in making the best decisions for their longterm financial security and that of their families.
One of Avin’s biggest concerns is that as a society, we are still not focusing enough on saving for our golden years. “No one is immortal and no business is indestructible. No matter who you are, you need to ensure that you will have sufficient funds to enjoy a comfortable and secure retirement or for when you can no longer generate an income.”
Consistency and stability are also among the company’s distinguishing strengths, with many of its consultants and advisors boasting long track records with the company. This means that SNIB boasts many years of collective experience and industry expertise to draw from when advising its clients.
Pravin Bhagwan, who joined the company at the same time as Avin and has been part of the team for 36 years, adds that SNIB’S approach to doing business face-to-face continues to set it apart in the sector. “Through our attention to detail, consistency and caring personal touch, we have been able to enrich people’s lives – and that has been truly satisfying,” says Bagwan.
In addition to its many highly experienced consultants, SNIB is also drawing new talent and fresh ideas into the business. Avikar Singh, Avin’s son and George’s grandson, has followed his father’s example by completing his Bcom Honours degree and then entering the business at the bottom. Also part of SNIB’S younger crop is another finance graduate, Dharshan Ramsunder, who has now been with the company for years.
As for what’s next for SNIB, Avin believes the future is bright for the financial services sector, as more and more people are beginning to understand the value of financial planning. “While we never want be a conglomerate, more growth is definitely on the cards for SNIB.
“We will continue to embrace technology (SNIB was one of the first in the industry to roll out paperless storage processes), while holding firm on the principles and values on which we were founded,” concludes Avin.