UMA and Insurer partnership model key to serving the needs of a changing market

‍Health & Accident Underwriting Managers has announced its partnership with GENRIC Insurance Company Limited (GENRIC Insurance) to bring its health and personal accident insurance products to market.

Health & Accident Underwriting Managers develops, distributes and administers niche insurance solutions from personal accident cover, emergency response cover, gap insurance, and group risk employee benefits.

GENRIC Insurance has established partnerships with specialist underwriting management agencies (UMAs), emerging start-up enterprises and InsurTech pioneers, offering a diverse array of innovative and niche insurance solutions designed for the South African market, utilising its extensive network of brokers.

“The backing and support of an insurer partner like GENRIC Insurance provides the financial strength, systems, processes, technical support, compliance and tech innovation that can take our business forward in this highly competitive market,” explains Adrian Hofman, Managing Director of Health & Accident Underwriting Managers, founded in 1994.

“As an underwriting management agency (UMA), we were looking for an underwriting partner that embraces the specialist, expert skills that UMAs bring to the market. GENRIC Insurance Company is well known in the industry for its partner focused model with UMAs, brokers, and insurtech businesses. We’re looking forward to the opportunities that our underwriting partnership brings in expanding into new markets and growing our existing ones with the backing of an insurance partner that is actively involved in market development and product and process innovation,” says Hofman.

Cornel Schoeman, Chief Operating Officer of GENRIC Insurance, explains: “Strong processes and resources, expanding underwriting, sales and claims support and insurtech investment means that our UMA partners have the financial and technical backing of an insurer that is solely focused on finding innovative ways to meet changing needs, market and distribution pressures through niche insurance solutions that meet evolving risk challenges. Our UMA partners are embraced for their superior product knowledge, entrepreneurial spirit, speed to market, innovation and customer centricity, without the distraction or red tape of large corporate environments and bureaucracy,” says Schoeman.