Revolutionising the Funeral Insurance Industry: Insights on the SAFIS Summit

The funeral insurance sector is more complex than it seems. While policies may appear simple, the underlying structures—ranging from compliance to payment processing—are highly intricate. In this episode, Marius Brits, CIO and Co-founder of 360 Administration Systems, unpacks the biggest challenges and opportunities shaping the industry today. 

Starting as an IT service provider for brokerages, 360 Administration Systems quickly became a trusted advisor, helping businesses navigate regulatory requirements, fraud risks, and innovative payment solutions. Marius discusses why compliance is a major issue, with many brokers unaware of licensing requirements, CPD points, and fraud risks associated with policy administration.

A key focus of the SAFIS Summit, taking place on February 13 in Sandton, is to educate industry stakeholders on these pressing issues. The event will feature discussions on microinsurance vs. traditional insurance, fraud prevention, and payment challenges unique to the funeral insurance space. With over 270 in-person attendees already confirmed, this summit is set to be a game-changer.

Tune in to gain valuable insights into the future of funeral insurance and how technology can streamline processes, improve transparency, and foster trust in the industry. Whether you’re a funeral parlour owner, insurer, or broker, this episode is a must-listen.

Key points

• Challenges in Compliance: Many brokers lack awareness of licensing requirements, CPD points, and fraud risks.
• Evolution of 360 Administration Systems: Started as a brokerage IT provider and evolved into an industry advisor, helping businesses connect with insurers, payment providers, and compliance experts.
• Why the SAFIS Summit? A response to repeated industry-wide challenges, aiming to educate stakeholders and introduce innovation. ‍
• Key Industry Issues:
  • ‍Differences between micro-insurance and traditional insurance.
  • Fraud risks, particularly with policy claims and SASA payments.
  • Payment processing challenges unique to the funeral insurance sector.
• Innovation in Funeral Insurance: The industry is often overlooked, but advancements like digital sign-ups, self-service portals, and AI-driven fraud detection are shaping the future.

‍