Austin Mpandawana, Manager: Specialist Lines at Renasa
The specialist motor insurance market has experienced significant shifts in recent years, reflecting changes in the economy, business needs, and broker strategies. As Renasa continues to expand within this space, we recognise the evolving role of brokers and the increasing demand for tailored insurance solutions.
Having settled into our new home within the Telesure stable, we have been working tirelessly to enhance our offerings and provide brokers with the tools they need to thrive in an ever-changing environment.
The scope of specialist motor insurance – At Renasa, we take a broad view of what constitutes motor insurance, particularly in the specialist space. Beyond the standard passenger vehicles found in commercial fleets, we cater to a diverse range of vehicles and equipment, including:
- Fleet and Security Vehicles – These include patrol and armed response vehicles, which, while standard in build, serve a specialised purpose in security operations.
- Heavy Commercial Vehicles (HCVs) – Trucks over 8 tonnes, including trailers, tippers, and linkages, make up a significant part of our portfolio.
- Yellow Metal Equipment – This category includes machinery used in construction and engineering, such as TLBs, cranes, forklifts, and earth-moving equipment.
- Agricultural Implements – Farming machinery also falls under our specialist motor segment, covering everything from tractors to advanced harvesting equipment.
- Specialised Machinery – This includes highly specific equipment like mulchers used in the forestry industry, which, while not technically vehicles, are insured under our commercial motor policies.
The Size and Impact of the specialist motor segment – In the broader commercial insurance space, motor only insurance is often a secondary focus for insurers. At Renasa, within our commodity business, classes such as fire and accident insurance account for about half of our commercial book. However, in our specialist lines, motor insurance is dominant, accounting for approximately 70% of our portfolio.
Our commitment to this sector has positioned us as a key player in insuring large HCV fleets, giving us a strong foothold in the market. The shift in infrastructure, particularly the decline of rail transport, has led to an increase in road transportation, further expanding the demand for specialist motor insurance.
The changing role of brokers in specialist motor insurance – As the economic and business landscape evolves, so too must brokers. The growing reliance on road transport has necessitated a shift in broker expertise. It is no longer enough to simply provide financial advice—brokers must also understand the operational needs of transport businesses.
Fleet management has become a critical aspect of insurance services. Brokers who excel in this space offer more than just policies; they provide risk management solutions, data interpretation, and real-time business support.
For example, the integration of telematics and onboard cameras has introduced a new dimension to fleet insurance. These technologies generate vast amounts of data that must be analysed and leveraged to improve safety, efficiency, and claims outcomes. Brokers who can interpret this data and offer proactive risk management advice add immense value to their clients.
Additionally, the rise of value-added products—such as breakdown support, driver training programs, and route optimisation services—means that brokers must be well-versed in a wide range of solutions beyond traditional insurance.
Staying competitive and increasing revenue – Brokers who adapt to these changes are not only better positioned to retain clients but also to increase their revenue streams. The regulatory landscape has evolved, requiring brokers to justify their fees by offering additional services beyond core intermediary functions.
This shift presents an opportunity. Brokers who provide enhanced risk management, fleet monitoring, and advisory services can charge for these added offerings, diversifying their income while strengthening client relationships.
Renasa has always been the broker’s best friend.
Our entire business focus is exclusively on helping our intermediaries outcompete their competitors.
Now, as part of TIH, South Africa’s powerful insurance group,
we commit to do even more for our brokers.
RENASA’S COSTS AND CLAIMS CONTROLS REALLY HELP US MINIMISE OUR RISKS, ROGER.
- Renasa’s attention to detail ensures the best possible outcomes for your brokerage and your clients.
- Renasa now conducts regular customer satisfaction surveys and in-depth service provider reviews. This means we use only service providers that are honest, competent, and are proven to do the very best work.
- Consequently, Renasa is now able to give lifetime guarantees on motor repairs.
Renasa is a licensed non-life insurer and FSP. Telesure Investment Holdings (Pty) Ltd. All Rights Reserved. TIH is a licensed controlling company.
The brokers who will succeed in this environment are those who:
- Continuously educate themselves on new technologies and risk mitigation strategies.
- Establish strong partnerships with insurers who offer flexible, comprehensive products.
- Stay actively involved in their clients’ operations rather than taking a passive, policy-driven approach.
Renasa’s role in supporting brokers – At Renasa, we believe that our success is directly linked to the success of our brokers. Our role is to provide them with the tools, resources, and partnerships needed to thrive in the specialist motor insurance market.
With our recent integration into the Telesure Group, we now have greater procurement power and access to enhanced resources, allowing us to:
- Offer more competitive rates and products by leveraging Telesure’s network and expertise.
- Develop better risk management solutions that address brokers’ real-time challenges.
- Free up more time for direct broker engagement, ensuring we remain responsive to their evolving needs.
By working closely with brokers, we can continuously refine our offerings based on real-time market feedback. This dynamic, collaborative approach ensures that we stay ahead of emerging trends and deliver solutions that genuinely meet the needs of both brokers and their clients.
The future of specialist motor insurance – Looking ahead, the specialist motor insurance market presents significant opportunities for growth. While macroeconomic challenges persist, the fundamental need for transportation remains strong.
Renasa is committed to supporting brokers in this space by providing:
- Flexible and customised solutions tailored to the transport industry’s diverse requirements
- Cutting-edge risk management tools that enhance fleet performance and safety.
- Ongoing education and support to help brokers stay at the forefront of industry developments.
- Promoting and creating more products such as our IVP (Inception Value Product). Such a product is invaluable in as far as it eliminates the burden of balloon/residual payments in case of a total loss for financed vehicles, including HCVs. Not only that, but the protection of one’s fleet value plays such an important role in an environment where clients are always desperately scrambling for cash after one of their vehicles is a total loss.
We firmly believe that the brokers who embrace specialisation, technology, and proactive risk management will be the industry leaders of tomorrow. By working together, we can build a stronger, more resilient insurance market that delivers exceptional value to clients while fostering sustainable business growth.