Rule 19 – how it affects advisers and the industry, and are there tools to support advisers in complying?
January 11, 2021
By: Schalk Malan, CEO of BrightRock In September 2019, Rule 19 of the Policyholder Protection Rules underwent critical changes impacting insurers and financial advisors. The changes in relation to the termination of long-term policies brought…
Keeping your 2021 in check
January 7, 2021
By: Bertus Visser, Chief Executive of Distribution at PSG Insure The new year is in full swing already, but for those who enjoyed a festive break, holding on to that holiday feeling might be quite…
Santam commences assessment process for settlement of CBI claims impacted by recent judgments
January 6, 2021
By: Santam Santam announced recently that it will commence the process for assessing claims for policies with contingent business interruption (CBI) extensions. The claims assessment process will specifically apply to policies impacted by the recent judgment in…
thryve wishes our staff, customers and partners a happy holiday season and prosperous 2021
January 5, 2021
By: thryve thryve would like to wish our employees, customers, partners and the market a happy holiday season and best wishes for 2021. There is little doubt that 2020 will be a year for the…
Holiday rentals: Don’t take on unnecessary risk for short-term gains
December 29, 2020
By: Jason Mellow, MiWay Head of Business Insurance Well, what a year it’s been – and the tourism industry has been one of the hardest hit. Among the casualties, the once-booming industry providing accommodation for…
Demystifying the role of a comparison platform
December 29, 2020
South African insurance companies are benefiting from the route to market provided by comparison platforms, with consumers enjoying great deals in the process, writes Hippo.co.za CEO Bradley Du Chenne. The current marketplace for insurers is…
By: Swiss Re Swiss Re Corporate Solutions announces that it has received a direct insurance authorisation from the South African joint regulators Prudential Authority and Financial Sector Conduct Authority. Located in Johannesburg and fully operational,…
Mitig8 overwhelmed by positive support
December 13, 2020
By: Mike Cannon, director & co – founder Mitig8 Mitig8, an insurtech business that launched earlier this year to offer a better, more consistent, and efficient solution to commercial property surveys, is finishing the year on a high. The company has welcomed five insurers onto its world-first app and has completed its first 100 surveys. “We have 85 surveyors actively using the system across the country, allowing us to offer a truly nation-wide, localised service,” says Mitig8 director and co-founder, Mike Cannon. “Having a broad geographical spread means participating surveyors can be found in the area where the survey is needed, rather than having to travel from elsewhere. This saves the client a considerable amount of money per survey.” The Mitig8 app was in development for 18 months and launched in March 2020. “What is rewarding, looking back on the dev process and the nine months since we launched, is that our end goal of providing better, more consistent, faster surveys to the industry is being achieved,” says Cannon. “We identified a problem and what we see now through feedback from our clients is that this problem is being solved. “Even more exciting is how the data being captured onto the system with each survey is starting to show huge value in how risks can potentially be better underwritten in future. The potential for each underwriter is incredible when this data reaches a tipping point and can start to be used for very smart reporting internally. “A special thanks to our founding partner, Lombard Insurance, who took a leap of faith and backed us before we had a positive track record or proof that the system would work. Lombard is a business that holds partnerships at the core of its corporate values, and we are so grateful for the partnership we have experienced with the team to date.” Cannon says the future looks rosy. “With 100 successful surveys completed we are optimistic that 2021 will bring great evolution in the way that survey reports are used for active risk management.”