Renasa, a leading insurance provider focused exclusively on the intermediated market, is pleased to announce a significant leadership transition and strategic focus aimed at enhancing its position in the insurance market and empowering its intermediaries to outcompete their competitors. The changes come in the wake of the TIH Insurance Group’s acquisition of Renasa earlier this year, which set the company on a new trajectory.
Jonathan Rosenberg, the CEO (Chief Executive Officer) of Renasa, provided insights into the developments that led to this transition. Speaking about the factors that influenced the decision, he highlighted the technological advancements, demographic changes, increased consumerism, and regulatory shifts that had been affecting the intermediated insurance market since 2016.
These changes posed a challenge for insurers servicing the intermediated market, leading to a consolidation in the industry and at least 10 insurers leaving the intermediated segment.
According to Jonathan, they projected that, unless the intermediated segment embraced the changes necessary to match direct market efficiency in commoditised lines, the South African market would likely follow the UK (United Kingdom) trend which left the personal lines classes entirely in the hands of direct insurers, a development which, given that it is the largest segment of the South African market, would cost South African intermediaries billions annually.
Why Renasa, Roger?
BECAUSE BROKERS TRUST
RENASA TO HELP THEM BUILD
THEIR CLIENTS’ TRUST.
Recognising the need for a different approach to secure the sustainability of the market, Renasa aimed to embrace technological advancements to effectively handle personal lines classes. To achieve this, it sought to raise institutional capital and acquire advanced technology and analytics capabilities. The acquisition by the TIH Insurance Group proved to be a watershed moment for Renasa, providing the necessary institutional capital and resources to remain competitive in the market.
As part of this strategic transformation, Jonathan Rosenberg is stepping down from his role as CEO. After extending his retirement age to 70, Jonathan will continue to serve on the board until January 2025 in an advisory capacity. Herman Scheepers, the current General Manager of Risk and Technology at Renasa, will assume the role of CEO from the beginning of September.
Herman Scheepers expressed his excitement about taking over as the CEO, emphasising Renasa’s commitment to remaining the broker’s best friend and delivering tailored solutions to the intermediated market. He highlighted the importance of maintaining personal service and direct relationships with independent brokers, even amidst technological advancements. With a focus on strengthening bonds with intermediaries, delivering innovative technology, advanced analytics, and a strong procurement muscle, Herman aims to enhance Renasa’s position as a viable competitor to the largest intermediated-based insurers.
Jonathan and Herman both believe that the combination of rock-solid capacity and cutting-edge technology will empower intermediaries to outshine their competition and secure a promising future for Renasa.
About Renasa: Renasa is a prominent insurance provider dedicated to serving the intermediated market in South Africa. With a long-standing commitment to personal service and strong relationships with brokers and underwriting managers, Renasa continues to thrive as a reliable insurance partner.
For media inquiries, please contact: Elliot Schwartz elliotschwartz@iafrica.com