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It’s All Connected

ARTICLE BY

  • Tarina Vlok
  • MD
  • Elite Risk Acceptances, a subsidiary of Old Mutual Insure

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It’s easy to fall into the habit of being inward facing, but for the industry to move forward, we have to focus on building stronger connections.

Insurers can too easily become focused on internal processes, data analytics, and product development, operating in a bubble where technical expertise dominates the conversation. While these elements are important for success, we do not exist in a vacuum. The industry thrives on relationships, whether with clients, brokers, or industry peers. By actively establishing and growing strong connections with key stakeholders, insurers can build more resilient business models, enhance customer satisfaction, and drive sustainable growth in an increasingly competitive and complex environment.

In an era where customer expectations are evolving, a transactional approach to customer service is no longer sufficient. Clients today seek personalised experiences and want to feel understood and valued by their insurance providers. Therefore, cultivating long-term, trust-based relationships with intermediaries is crucial for maintaining broker and customer loyalty.

Brokers play a pivotal role in the insurance ecosystem. I believe our industry has evolved beyond brokers simply distributing insurance products to the market. With collaboration, we can unlock valuable synergies that drive business growth for both parties.

Brokers are on the front lines, interacting with clients, understanding their needs, and identifying potential gaps in coverage. By maintaining strong, ongoing relationships with brokers, insurers can gain deeper insights into market demand and emerging client expectations. This collaboration enables insurers to tailor products more effectively, meeting specific market needs while supporting brokers in delivering better client service.

To build these strong connections, we need to engage with brokers beyond the point of sale. Regular touchpoints, like feedback surveys, relevant communications, and proactive risk management advice, help insurers demonstrate that we are invested in our mutual clients’ long-term security, not just their premiums.

Understanding the life stage of clients through brokers enables insurers to proactively offer solutions according to changing circumstances, whether it is for business expansion, new life stages, or emerging risks.

The partnership between insurers and brokers should be underpinned by shared goals and mutual benefit. By maintaining an open dialogue, providing brokers with the resources needed to succeed, and actively seeking feedback, insurers can ensure meaningful relationships that benefit both parties and, ultimately, clients.

Industry relationships: leveraging collective knowledge

The insurance industry does not operate in isolation, and neither should its providers. Staying connected with industry peers, like other insurers, reinsurers, regulatory bodies, or industry associations, is critical for staying ahead in a rapidly evolving market. By maintaining relationships within the industry, insurers can share knowledge and learn collectively from emerging global challenges, like climate change and cyber threats, more effectively.

The KPMG 2024 South African Insurance Industry Survey highlights how insurers have had to strengthen collaboration with reinsurers and other stakeholders to manage rising risks, like climate change and economic volatility. For example, the non-life insurance sector saw significant growth (16.6% in gross written premiums in 2023), despite challenges like increased motor accident claims and the costs associated with crime and load shedding. These improvements are partly attributed to strategic adjustments in policy structures and premium rates, and more efficient collaboration with reinsurers and brokers to manage these risks.

Participation in industry forums and conferences offers insurers the opportunity to exchange ideas with peers, gain insights into best practices, and stay informed about the latest technologies. By actively engaging with the broader insurance community, we can remain at the forefront of industry innovation, responding quickly to new challenges and opportunities.

Breaking out of the bubble

The insurance industry is becoming more interconnected than ever before. To thrive in this environment, insurers must break free from their internal silos and cultivate meaningful relationships with clients, brokers, and industry colleagues. Success in the modern insurance landscape is no longer just about having the best products or the most sophisticated algorithms, it is about building trust, collaboration, and creating value through strong connections.

This means embracing open communication with all stakeholders. Collaboration with brokers ensures mutual success and enhances product distribution. And by staying connected with peers across the industry, insurers can tap into a wealth of knowledge and experience that helps them stay competitive and innovative.

In an increasingly complex and interconnected world, the most successful insurance providers will be those who recognise the power of connection. By stepping outside the bubbles and embracing strong, trust-based relationships, insurers can remain agile, responsive, and relevant, driving growth and protecting the future of clients and their businesses.

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