Hot newsShort-term

There’s a need for insurance to create value for clients – Santam

Santam CEO Lize Lambrechts told brokers and staff to serve clients with passion, honesty, integrity, and humanity to create value for their clients. She said short-term insurance industry makes a positive contribution and is fundamental to the socio-economic prosperity in the world, it facilitate and support economic development.

Lambrechts was speaking during the Santam 2015 Conference in Midrand where hundreds of brokers came to listen to various expert speakers.

She was proud to announce that the group have seen a gross written premium growth and increased its headline earnings by 11% and has an underwriting margin of 8,9%. Commenting on the financial report results of the first six months this year. Lambrechts said “this is the good news for our shareholders” and she was also pleased that the company managed to create a total of R1,1 billion to the Broad-Based Black Economic Empowerment Scheme

She told brokers that Santam business is about creating value for its clients by guiding them towards quality insurance. During the claiming stage brokers need to ensure that clients experience positive claim outcome from day one.

Sharing Santam’s strategies with the brokers, she listed some of the areas where the company will focus on through the medium term. She said Santam wants to expand to Asia and the rest of Africa through its emerging markets, investments and partnerships, reinsurance business and pursue selective opportunities through cautious underwriting.

She also indicated that the group may look at acquisitions and will increase its focus on new segments, distribution capability and ensure profitable growth through diligent risk assessment. . And also other focus areas will be to continueing to retain skills, develop people, meet regulatory changes and as well as to build on transformation.

However she cautioned that the market is currently volatile and profitable growth remains a major challenge in more developed markets but emerging markets continue to show positive prospect.

She said technological advancement is presenting new risks and opportunity. “I think we should not be worried about the pace of change in the industry but we should embrace it and not ignore it. When I look at how insurance was done 10 years ago and how we do it today, is fundamentally different, we can’t wake up one day and make all the changes, we need to do it bit by bit.”

Donald Makhafola

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