By: Denise Hattingh, Managing Director, KEU Underwriting Managers
From a young age, I always dreamt of doing something on my own, although I never imagined it would happen at just 28 years old. When the opportunity presented itself, it made perfect sense to jump in and see if I could succeed. With a strong support system and loyal brokers by my side, I took the leap. Being young certainly helped, I feared less, and my mindset was, “Why not?”
The Challenges of Growing a Business
The decision to start my own business came easily, but the reality of it quickly set in. On Monday, April 2, 2001, I found myself in my freshly painted office, which had previously been my children’s playroom, armed with nothing but a fax and telephone system. I remember praying that the brokers would remember to call me. Fortunately, our product offering was niche and needed in the market, which helped us get our first policies through the door. However, I soon realized that continuous marketing, development, and hard work were necessary to keep the momentum going. With 90% of our book consisting of once-off policies, it was an ongoing challenge.
In the beginning, I had no staff and worked around the clock—typing policy schedules, drafting wordings, attending meetings, handling claims, and processing all the administration. It was exhausting and stressful, but I loved every moment of it.
Being a Woman in Business
Being a woman in this industry did present some unique challenges. Balancing motherhood and entrepreneurship meant that I couldn’t attend every function, play golf, or have leisurely lunches while building my business. It was different being the mom who worked on her own and then had to network. Interestingly, my first six brokers were all women, and they kept their promise to stay with me and give me a chance. This provided me with a sense of comfort, as many of them also ran their own businesses and understood the initial hiccups in getting infrastructure sorted. Moving from working for a big international company to setting up an office in my children’s playroom while maintaining the same quality of product and turnaround time was a significant transition—especially with the technology of that time.
My Leadership Style
Today, we have a small team, and my leadership style is a mix of flat structure with specific, defined roles that create boundaries and a safety net. While the final responsibility always ends at my door—whether that’s a good or bad outcome—I rely heavily on my team’s strengths, vision, and perspectives. Being the owner doesn’t mean I have all the answers, and I value the input from different generations. My co-Director, Iola, often brings ideas that scare me, but I’ve learned to trust her and allow her to implement changes and advances.
Looking Ahead for KEU
Looking ahead, KEU is constantly seeking new technology to improve our service offerings. We’re focused on making our products easier to understand and sell, especially to younger generations. As technology in film and events evolves, so do our products, and it’s crucial that we stay on top of these advancements, as well as any legislative changes.
Advice for Aspiring Entrepreneurs
To aspiring entrepreneurs in the insurance industry, my advice is simple: if you have a dream, chase it. Yes, it’s very different today, with FSP registration and capital requirements posing challenges. But it would be far more disastrous to look back and say, “I should have,” than to say, “I did, and it failed.”
Running a business is never easy, regardless of who you are. You’ll need to dig deep on a personal level to keep going when it feels like everything is against you. But remember, there are many people out there willing to listen, offer advice, lend an ear, and, when needed, share a glass of wine.