At the recent Broker Leadership Forum, co-hosted by the Insurance Institute of Gauteng and Discovery Insure, industry leaders came together to discuss how brokers can thrive during uncertain times. How? By focusing on human connection and putting the clients’ needs first. Here, we share useful highlights that emerged from the event.
The event opened with an address by Professor Bonang Mohale, Chancellor of the University of the Free State, author of multiple books, and chairman / non-executive director on various JSE-listed boards. He spoke on how leadership is about being obsessed with the development of others, and not being self-centred. “We are no more human than when we are helping others,” said Mohale. He noted the onus on executives to practise ethical and principled leadership as we rise from (and above) the material macro issues we face in our country.
How Discovery has turned challenges into opportunities
In Discovery Insure’s CEO Robert Attwell’s talk, he urged brokers and financial advisers to view adversity as an opportunity. “We’ve all experienced adversity over the past five years,” he reflected, citing economic instability, inflation, rising compliance costs, and increasingly complex regulations. Yet, he stressed that difficult times often give way to possibilities. “Thriving through adversity involves reframing it as an opportunity,” he explained, drawing parallels with Discovery’s launch during South Africa’s tumultuous early Nineties.
“In 1992, South Africa was a complex place: life expectancy was low, there was a shortage of doctors, and there was significant political uncertainty,” said Attwell. “There was a massive opportunity to rethink healthcare, and that was the start of the Discovery journey.”
Since then, the Discovery group has consistently risen to meet the challenges facing South Africans. Attwell added that in 2011, Discovery Insure was launched in response to the high road fatality rate in South Africa. “The idea was to launch an insurer that encourages people to drive well and help make South African roads safer for all.” He noted that Discovery Bank, the world’s first behavioural bank, launched in 2019 to help clients improve their financial health, and when Covid-19 hit, Discovery launched the largest private mass vaccination programme in the country.
“The current challenge facing the health insurance industry is National Health Insurance, but our positioning is that there’s also an opportunity there. It is workable, but only with private- sector collaboration. We’re working closely with government to see how we can turn that challenge into opportunity for a collective solution.”
Attwell highlighted three qualities necessary for success in adversity: innovation, resilience, and emotional intelligence. For Attwell, innovation is at the heart of progress. “When we innovate, we don’t just expect clients to pay more or buy more; we look at our data to find value,” he said, referencing Discovery Insure’s new Vitality Car Rating. This benefit allows clients to unlock up to 15% more on the resale value of their vehicles based on their driving behaviour. This is a solution borne from – and only offered by – Discovery’s Vitality Drive data.
“We have the best data in the industry in terms of how a vehicle is driven, who drives it, and the vehicle itself. If we know how well a car is driven, we can predict the factors that have the largest impact on the risk of future mechanical breakdown.”
“Discovery Insure has longitudinal data – essentially a ‘mortality table’ of a car. From the moment that car comes onto our book, we can see how it was driven and how it has been ageing. This is an opportunity: if we combine the cross-sectional dealership data, like the mileage and DEKRA report with the Discovery Insure Car Rating data, we can unlock more value for the client and monetise that for the insurer.”
Resilience, Attwell added, is critical, particularly in a country like South Africa, where load-shedding, inflation, and other disruptions test businesses and individuals. “It’s not easy running a business here, but it’s about encouraging your team to push through those difficult times,” he said.
Attwell also emphasised the power of emotional intelligence, especially in client-focused industries like insurance. He shared the story of Discovery Insure’s Trauma Concierge, a team dedicated to helping clients after traumatic events such as hijackings. “When our clients experience trauma, it’s about more than just paying out claims – it’s about making a real impact on their lives.”
He noted an incident where a family with three small boys experienced a housebreaking, with their iPads and backpacks stolen. “They absolutely loved Spiderman, so the Trauma Concierge organised an actor dressed up as Spiderman to deliver iPads to the boys,” said Attwell. “That way you create a client for life, and I encourage you to think about how you can create magical moments for your clients.”
The role of technology in staying competitive
Azim Omar, Partner at Africa EY Parthenon delivered a talk on embracing digital transformation and the importance of a relevant corporate strategy. He highlighted how technology, especially AI, can ease the burden of rising costs. “Why aren’t you using technology to help you get around it?” he challenged brokers. He also emphasised the need for personalisation, as this is the key differentiator in a highly competitive market.
Omar underscored the importance of rethinking client relationships. “We need to look at how clients want to interact – whether it’s digitally, in-person, or more often, and what information they need to make the right choices that will impact their risk profile. We must adapt to that by customising customer connections.”
When it comes to technology, Omar advised brokers to keep things simple, as “humans are still humans”. He also emphasised that brokers must refresh their business strategy yearly because the landscape is constantly changing. “Focus on three to five items, over the next three years, with an annual milestone check-in. You also need to keep track of what’s happening in your clients’ lives. You don’t have to send flowers but be connected with them as much as you can – a small reminder makes a big difference.”
Success lies in client-centricity
The panel discussion included Attwell and Omar, as well as Bukhosi Khumalo, president of the Insurance Institute of Gauteng, and Darryl Grater, Chief Growth Officer at Discovery Insure and Vitality Drive International. It expanded on these themes, particularly focusing on client-centricity.
Attwell noted, “Clients are looking for a multichannel approach, but at the moment of taking out a policy, they still value human guidance.” Grater echoed this, explaining that while digital engagement is growing, the role of brokers remains crucial. “High-net-worth individuals, for example, will still prefer face-to-face interactions when it comes to significant decisions. Khumalo emphasised the need for brokers to walk the journey with their clients, even in an industry rapidly shifting to digital solutions.
Grater stressed the importance of embracing data and technology to provide better solutions for clients. “The data is a goldmine,” he said. “Partner with insurers that show you the data and enable you to communicate to your clients – especially in a time where, globally, insurers and underwriting managers are refining risk management linked to macro-reinsurance risk concentration. This is important to enable brokers to engage with their clients where risk markets, capacity and rates are materially different to years past.”
Attwell believes that the insurance industry faces significant changes ahead. The nature of risk is changing. Brokers currently face an environment where people need cover against increasing catastrophe events – but at the right price – as well as emerging risks.
Insurance will always be needed. “I’m personally concerned about the insurance gap in South Africa, where we’re only servicing those who can afford it, and there are many people who are affected by devastating damage due to natural disasters,” said Attwell. “That’s why the insurance industry is moving towards parametric insurance and unique ways of serving lower-income segments because there is a real need, and there might be a bigger shift towards that over time.”