PFP Insurance Broker’s (PFP) focus on support for local brokers, service mentality and innovation in African markets has resulted in significant income growth in 12 months, reports Paul Lewis, PFP’s head of African expansion.
“We have consolidated our position in Africa through continued correspondent broker relationships. Our intention from the start has been to support as far as possible the local broker, by empowering local brokers and insurers to retain as much of the risk as possible. We are very supportive of the concept of local content,” he says.
The service mentality of being present, with lots of face time and personal contact with the local brokers is of the utmost importance, he adds. The PFP Africa team travels to designated African cities every month. “We believe our success lies in being highly accessible.”
Along with that, innovation is key with emphasis placed on working with the local brokers to develop specific packages to meet their needs.
“The South African market is currently a ‘soft ‘market and is therefore a buyer’s market. PFP has been quite specific in developing relationships with insurers keen on Africa development. While the SA Credit rating downgrade has presented an industry challenge, as automatically all insurance companies have been downgraded in terms of their rating, PFP has worked around this,” says Lewis.
In terms of new developments, PFP has made progress in East, West and Southern African countries. “We have consolidated our position of regular distribution in East Africa through ARIS – the local correspondent broker. ARIS has always had a big office in Tanzania, and has just opened a new office in Kampala, Uganda. ARIS are about to open an office Kenya. Our focus is on the following sectors: energy; healthcare; large infrastructure projects; marine, hull and cargo.”
The DRC has been one of PFP’s bigger territories for quite some time. “We have partnered with ALLIA which is a Belgian broker. The big news is that ALLIA have just opened an office in Kinshasa called ORBIS. Through ORBIS our position in DRC and Kinshasa has been strengthened,” he says. “Since business in the DRC is heavily focused on the mining sector and PFP has capabilities in this sector, it is a good fit.”
“In West Africa, our London office has made significant in-roads into the Energy market in Nigeria with our partner ARK.”
Focussing on Southern Africa, PFP has now partnered with a company called Savannah Insurance Brokers in Zambia, again targeting sectors including energy; healthcare; large Infrastructure projects and marine, hull and cargo.
In Botswana, PFP has partnered with Barry O’Connell Insurance Brokers with the focus on mining and tourism.
“We are excited about our growth in these strategic areas and believe there is a wealth of knowledge to be gained which can be translated into development into other countries. We are looking forward to another 12 months of positive income growth,” concludes Lewis.