What's Happening?

Facebook Twitter Youtube Linkedin

NEED HELP? QUESTIONS@FIA.ORG.ZA

become A FIA member TODAY
member login

The Magic Touch

ARTICLE BY

  • Pierre Geyer
  • Executive Head: Broker Distribution
  • Bryte

SHARE THIS POST

In the dynamic world of insurance, where technology and automation are rapidly transforming the landscape, the significance of human relationships remains paramount.

Following engagement with more than 400 brokers on Bryte’s annual roadshow this year, I sat down with FAnews to discuss the industry’s future. Reflecting on these recent engagements, I’ve realised once again that the insurance industry can only thrive when we achieve a symbiotic balance between the human touch and technology

Building trust and credibility

Trust is the foundation of any successful relationship in the insurance industry and the world as a whole. It can only be built over time. This trust is cultivated through consistent and meaningful interactions with clients and brokers. Returning phone calls promptly, engaging in genuine conversations, and understanding each client’s unique needs are essential practices for building credibility.

Personalised service in a digital age

Despite technological advancements, the irreplaceable value of personalised service cannot be overstated. While digital tools are being used to enhance efficiency, they cannot replace the human touch that fosters strong relationships. It remains critical for technology and human intervention to have a symbiotic relationship, especially in an increasingly automated industry. Technology unlocks new opportunities, but the insurance industry cannot function optimally without strong relationships and interventions that drive tailored client solutions.

Strategic relationship building

A strategic approach is required to nurture long-term partnerships that drive growth and value across the industry. Listening to clients and brokers, understanding their challenges, and providing tailored solutions are key. This approach not only strengthens relationships but also drives mutual growth and success.

Globally, the importance of relationships in the insurance industry is well-documented. For instance, a report by KPMG International found that more than 80% of insurance executives draw a direct correlation between their organisation’s ability to innovate and its future success. This innovation is often driven by strong partnerships and alliances, which are crucial for navigating the complexities of the modern insurance landscape. 

In South Africa, relationships are equally important. Research indicates that relational benefits positively impact customer satisfaction, enhancing the quality of these relationships. This is particularly important in a competitive market where customer retention is key to maintaining and growing market share.

To apply global best practices in the South African insurance industry, insurers can focus on several key areas, such as consistent and transparent communication with clients and brokers, leveraging technology to enhance efficiency while maintaining a personal touch in client interactions, and offering tailored solutions that meet clients’ unique needs, thereby improving satisfaction and loyalty.

Vision for the future

Bryte has a great culture, which excites me for the future. We provide great service to our customers by being responsive, agile, and swift in our decision-making. We keep things moving for our clients, leverage technology to create new opportunities, and offer brokers the path of least resistance.

There is no ego in the business; we have a positive outlook and culture, an entrepreneurial approach, and a lot of humanity. We want to be known for being solutions-oriented and highly rated by brokers.

In my new role, my focus is on growing the business profitably, creating value for all stakeholders and employees, being transformative in our service delivery, and giving the best to employees. We want to be the first call for brokers.

Building trust, offering personalised service, and adopting a strategic relationship-building approach are key practices that will help us continue to thrive in a competitive market.

Subscriber Terms and Conditions

  1. APPLICATION OF TERMS
    • These terms and conditions (“Subscriber Terms”) apply to the subscription by any qualifying member of the South African Underwriting Managers Association NPC (“SAUMA”) to the services and benefits offered by FIA Services (Pty) Ltd (“FIA Services”) under the SAUMA affiliation arrangement (“Subscription”).

  2. NATURE OF SUBSCRIPTION
    • A Subscription under this arrangement:
      • does not constitute membership of FIA NPC;
      • does not confer any voting rights or governance participation in FIA NPC; and
      • is governed solely by the contractual relationship between the Subscriber and FIA Services.

  1. ELIGIBILITY
    • To qualify for the Subscription, the applicant must, at the time of application, be a current paid-up member of SAUMA.
    • FIA Services will verify the applicant’s SAUMA membership status with SAUMA prior to activation, and may re-verify such status periodically.
    • If a Subscriber ceases to be a paid-up member of SAUMA, the Subscription will correspondingly be terminated.
    • Applicants are required to authorise FIA Services to confirm their SAUMA membership status with SAUMA as part of the application process.

  1. SERVICES
    • The Subscription entitles the Subscriber to the following benefits:
      • Complimentary access to the FIA CPD Platform;
      • Complimentary access to the FIA Insight Magazine (digital edition);
      • Advertising opportunities on FIA platforms at a discounted rate of 15% (fifteen percent) off the prevailing published rates; and
      • Invitations to attend FIA Technical Webinars annually.
    • FIA Services reserves the right to update, vary or substitute the Services from time to time, provided that the overall value and nature of the benefits remain materially the same.

  1. FEES AND PAYMENT
    • The monthly subscription fee is R260.00 (two hundred and sixty rand) for up to seven registered individuals (Key Individuals and Representatives), and R36.00 (thirty-six rand) per additional registered individual thereafter, excluding VAT.
    • The Subscriber shall provide FIA Services with the required details of each individual to be registered under the Subscription for the purposes of activation and billing.
    • All fees are exclusive of VAT, which shall be charged at the prevailing statutory rate.
    • Subscription fees are reviewed annually in March and may be adjusted with effect from 1 April.
    • Any changes to the Subscription, including but not limited to the number of Representatives and Key Individuals registered under the Subscription, may only be effected once annually during the annual review period in March of each year, with such changes taking effect from 1 April.
    • Subscription fees shall be billed monthly in arrears, unless the Subscriber elects an annual billing cycle at the time of application.
    • The Subscriber shall ensure that all billing information (including contact details, authorised signatories and bank account details) is kept accurate and up to date.
    • Non-payment of subscription fees may result in suspension of access to the Services until such fees are brought up to date.
    • The Subscriber acknowledges and agrees that all subscription fees payable under these Subscriber Terms may be collected by way of debit order, which shall be processed by the holding company, FIA NPC (The Financial Intermediary Association of South Africa), on behalf of FIA Services. Payment to FIA NPC shall be deemed to constitute valid and sufficient discharge of the Subscriber’s payment obligations to FIA Services under these Subscriber Terms.

  1. ONBOARDING
    • Onboarding will be conducted as a Subscription with FIA Services under the SAUMA affiliation arrangement.
    • Onboarding will not confer FIA NPC membership status or any associated rights.
    • Onboarding is conditional on confirmation of the Subscriber’s current SAUMA membership at the time of application

  1. DATA PROTECTION
    • FIA Services will process all personal information in accordance with the Protection of Personal Information Act 4 of 2013 (POPIA) as set out in our POPIA policies.
    • By subscribing, the Subscriber authorises FIA Services to confirm their SAUMA membership status with SAUMA and to process personal information for the purposes of fulfilling the Subscription.

  1. TERMINATION
    • The Subscriber may terminate the Subscription by giving FIA Services one calendar month’s written notice.
    • FIA Services may terminate the Subscription on one calendar month’s written notice, or immediately if the Subscriber breaches these Subscriber Terms and fails to remedy such breach within 14 (fourteen) days of receiving written notice.
    • Termination of the SAUMA–FIA Services affiliation agreement shall not automatically terminate these Subscriber Terms.
    • Termination by the Subscriber shall not relieve the Subscriber of liability for any subscription fees accrued up to the effective date of termination.
    • FIA Services may suspend or terminate the Subscription with immediate effect in the event of non-payment of fees by the Subscriber.

  1. GENERAL
    • These Subscriber Terms are governed by the laws of the Republic of South Africa.
    • Any disputes arising under these Subscriber Terms shall be dealt with in accordance with the dispute resolution provisions contained in the FIA NPC membership terms and conditions, as modified to reflect that the contractual relationship is with FIA Services.
    • Any notices required under these Subscriber Terms may be validly delivered by email to the addresses provided in the Subscriber’s application form, and such notices shall be deemed received on the day of transmission if sent during business hours.
    • The Subscriber may not assign, cede or transfer any of its rights or obligations under these Subscriber Terms without the prior written consent of FIA Services.
    • No variation of these Subscriber Terms shall be of any force or effect unless reduced to writing and signed by both FIA Services and the Subscriber.