ABOUT ME
With an impressive 46 years in the Short Term Insurance industry, I’ve cultivated a deep and extensive understanding of the business landscape. Early on, I took the hands-on approach of personally visiting and assessing each risk before turning it into a policy.
This immersive experience not only widened my perspective on the industry but also granted me a distinct edge over newer players in the field. What truly captivated me was the diversity of risk types I encountered four days a week. This constant exposure ignited a fervent passion for the industry, making every day feel fresh and each risk a chance to expand my horizons.
The journey was nothing short of an enriching learning experience, one that fueled my dedication. Today, I’m committed to sharing this knowledge and identifying potential pitfalls in the industry. Through meticulously conducted, industry-regulated audits on Broker Businesses, I offer not just insights but also a guiding hand. This approach serves both the brokers and the stakeholders – the Insurers, the clients, even the reinsurers – to create a harmonious and informed insurance landscape.
CONSULTING PORTFOLIO
Underwriting Reviews
Underwriting Reviews are an integral part of the range of services that I offer as an independent contractor. My services are available to various stakeholders, including Insurers, Underwriting Managers, and Brokers. I provide risk management services on portfolios of business and conduct Risk Surveys at Commercial or Corporate Risks to ensure that their Underwriting is effective. In addition, I also ensure that Reinsurance is in place if needed, thereby providing a comprehensive service to all my clients.
Broker Assessment Reviews
I conduct independent Assessments (Audits) on behalf of Insurers and Underwriting Managers regularly, per Directive 159 and the Short-Term Insurance Act, no 53 of 1998. These assessments are specifically focused on Outsource Agreements and Binder Agreements, as applicable. As a seasoned professional in the industry, I have a deep understanding of how to effectively conduct this function, ensuring that all parties are kept on track and in compliance with regulatory requirements.
Risk & Insurance Consultant
As a Risk & Insurance Consultant, I am well-equipped to assist Insurers, Underwriting Management Companies, and Brokers during times when the loss ratio on a Portfolio of business is under pressure. Drawing on my vast experience in Portfolio Management, I am able to conduct a thorough assessment and identify areas for improvement that will benefit all stakeholders. By implementing effective strategies and solutions, I can help to remedy a Portfolio of Business and improve its performance.
Mentorship, Training & Business Coaching
Providing Mentorship, Training, and Business Coaching is a key aspect of my services as a seasoned professional in the Short Term Insurance Industry. I find great fulfillment in teaching and mentoring young insurance employees, as well as playing a mentorship role in the careers of Insurance Executives. With 43 years of experience in the industry, imparting knowledge and sharing my expertise is a privilege that I take very seriously. I am committed to providing valuable guidance and support to those who are looking to grow and succeed in this dynamic and exciting field.
MY SERVICES
Training in the Short-Term Insurance Environment became close to heart with the skills gap and training needed in our Industry.
I have concluded an arrangement, with a Business, the Insurance Portal, hosting a full adult online learning platform used by many Universities, and will be providing Product Specific Training, as well as CDP accredited courses, which will also be available as a package and individually.
We bring actuarial skills, risk management and underwriting training courses from level 4 and above, to the Short-Term Insurance market in South Africa.
The Insurance Industry in South Africa today is highly Regulated by both the Financial Sector Conduct Authority (FSCA), and the South African Reserve Bank, the so-called Twin Peaks Model). Various Acts, Regulations and Directives apply to the industry, especially in my field of expertise, the Short-Term Insurance Industry.
Directive 159, and the regulations of the FAIS Act (Financial Advisory & Intermediary Services (Act) provide certain guidelines on how Underwriting Managers (UMA’s) must conduct and administer the binder functions delegated to them. The Act requires Binder Holders to be audited on a regular basis, or at least once a year. This is where I use my experience and skills developed over years to contract my services to carry out an independent Assessment/Audit, on behalf of the Insurer or UMA. Brokers also consult and contract my services to ensure they conduct their business within the parameters of the FAIS Act. I have a specific methodology and way to conduct it, which is acceptable to my clients.
Since my early days with an Insurer, being involved in Underwriting, to me Underwriting is a discipline to be followed on any Risk. As an underwriter you will have the responsibility to evaluate a new Insurance Proposal, the risk factors, and client history is called upon, and with the facts on hand an informed underwriting decision is made to accept or decline a policy proposal, and convert to a policy. As underwriter you may decide to accept the risk presented on certain terms and conditions, and you must ensure the relevant warranties and clauses appear on the Schedule of Insurance. Nothing can take away knowledge and experience built over years, that give you that deep intuition, as to whether to accept a risk or decline, or accept with terms.
As an Underwriting Consultant, in many instances Portfolios of Business start to show an unacceptable loss ratio, and I am called upon and offer my Portfolio Management services to Insurers, Underwiring Management Companies and Brokers. With experience gained over many years, to remedy a Portfolio of business, with all stakeholders in mind, but to ensure, I turn a poor performing portfolio of business to one that makes profits, to the risk taker, the Insurer, however still having the Insured interest in mind.
With decades of experience and fully fit and proper under FAIS regulations, I provide Key Individual Services to Financial Services Providers lacking a qualified Key Individual. My services ensure compliance with regulatory standards, effective risk management, and operational integrity.
Whether for a new business or transitioning leadership, I offer trusted expertise to help navigate regulatory complexities and maintain continuity. Partner with me for reliable, professional guidance in fulfilling your Key Individual requirements.
Any successful businessman /entrepreneur, at the time of starting off in a career, in the Corporate World, had a mentor or coach without sometimes knowing it.
I my early, career, I had a mentor at Protea Assurance Company, a late Mr. Eric Walker. He was my go-to guide, he was the man that was hard on me, he was the man that lifted me up when I was down. This I refer to is more than 40 years ago, when we still had time the interact and collaborate. We had time to play and time to work.
As the times went by, and the Business and Corporate world developed from Computers to laptops, to smartphones, and instead of being mentored, technology and even today Artificial Intelligence is driving a businessman, no more the time for personal Interaction.
Many young entrepreneurs, need to be coached, interactively and personally, like I was coached by Mr. Walker.
I and for that matter in many industries picked up this need, and there is nothing more fulfilling, than to coach or mentor a young Insurance Executive, with my 42 years in the industry, imparting to such a person the knowledge gained over years and steering them away from the potholes that I had to climb out from.
The South African Insurance Environment is highly regulated by the Short-Term Insurance Act no. 53 of 1998, as amended by certain regulations in 2017.Our Industry has many more acts and regulations that apply to Insurance Companies, Insurance Brokers, Underwriting Managers (UMA) etc.
In South Africa we have more than 120 niche and general UMA’s, with the Short-Term Insurer outsourcing Binder Functions to an UMA’ giving them the ability to act in the shoes so to say of the Insurer. Certain Binder Functions is also outsourced to Outsourced Brokers. entering, varying, or renewing policies, determining policy wordings, premiums, or benefits, and settling claims.
“Binder holders are third parties, who act as “front faces” for, and behalf of insurers and perform specific functions related to any type of policy. Per the respective Long-term and Short-term Insurance Acts, binder holders may perform the binder functions on behalf of insurers.” Google Wikipedia. About Broker Assessment Reviews, my wording of a Broker Audit, to put it more in context, the Management and review of the operating and conducting of Binder Functions outsourced is ultimately the responsibility of the Insurer. The only way it can be done is by conducting regular audits or reviews at the Binder holders, on how they are using the outsourced “pen”, responsibly, or with neglect. With my experience I offer my services to Insurers and UMA’s to conduct these assessments, independently on a regular basis, to ensure all stakeholders conduct their business in line with all the Regulations and Directives. These Broker Assessments are required in terms of Directive 159 of the FIAS Act.
MY BACKGROUND
As a son of the Orange Free State, growing up in Kimberley, and transferred to Bloemfontein, my career in Insurance started in 1979.
Joining Protea Insurance Company, in 1982, working through the ranks, in 1989, after my transfer to open a Branch, in the Free State Town of Welkom, in 1985 top management in Protea, identified me and escalated my career, by going through extensive Psychometric testing, advanced training courses ending in me obtaining my Fellowship, and a MDP Management Diploma through the Unisa School of Business Leadership.
What sparked, and motivated me, was the trust put in my ability at the young age of 32 in 1989, by the General Management and the Board of Protea, by providing me with a full, Letter of Authority, authorising and empowering me to accept, underwrite Policies and/or Reinsurance on the Companies Behalf.
I was mandate to institute legal proceedings in any Court of Competent Jurisdiction in South Africa, including to in name appear in any Court of Law to defend a case on hand on behalf of the Company.
Authorised to execute and deliver Bonds of Security by various Masters of the Supreme Court.
The unconditional trust in my ability placed in me by Protea Assurance Company Ltd, gave me the guts and zest to tackle any challenge – I can really say Protea gave me “Wings”.