Our Three Prong Method
Tyler Botha, Head of Claims, VAPS Insurance
In a country riddled with crime, failing SOEs, growing population, and a weak currency, how can we as Transport insurers keep our heads above water? As Transport specialist insurers, we pride ourselves on staying in touch with the transport industry and the challenges they face. We have learned to adapt to the challenges and overcome them.
Underwriting and onboarding a client
We believe one of the most important rules to follow is to work as a team; insurer, broker, and client together. The days of underwriting a specialist product like a transporter policy without understanding the client’s risk and challenges are gone. One can only supply the best policy and management of this policy by truly understanding the risk, and this is only possible if you work with your brokers and clients.
Monitoring and tracking
Then we get to an active policy, and it is all about monitoring. This needs to happen from all sides. As an insurer, we need to constantly monitor the policy and assist if the policy is not performing. The sooner action is taken, the better. This helps smooth the corrective action process, making sure clients do not suffer major financial loss.
Monitoring of drivers is essential. Trucks are getting more expensive, and there is extreme poverty in our country, so this leads to theft, and often drivers are involved. Monitoring of drivers also helps to ensure good behaviour whilst driving, reducing the risk of an accident.
The best way to do this monitoring is by using the vast variety of camera systems and AI that is available to clients. These systems also help us as insurers with 3rd party recoveries and liabilities.
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 has always been the broker’s best friend.
Renasa no longer does procurement in isolation. Now, as part of a big group, our procurement clout means even lower costs of claims and, consequently, even more competitive premiums.
Renasa is a licensed non-life insurer and FSP. Telesure Investment Holdings (Pty) Ltd. All Rights Reserved. TIH is a licensed controlling company.
Claims and cost control
As an insurer, we understand regardless of the risk and risk management, claims will happen. The trick is how to deal with claims when they occur. At VAPS, we believe in being efficient, economical, and making sure the standard remains high. This is why we only use specialised repairers, assessors, towing operators, and GIT agents. When you apply this type of procurement, you minimise claim leakage; this benefits the insured as well as stakeholders. As a UMA, we make sure we are hands on and oversee all processes in VAPS. Thís helps us micromanage a policy ensuring the best results.
Transport and Transport insurance are facing hard times, and at VAPS, we have mastered the art of specialised underwriting and procurement. Through this, we believe that this will carry us through hard times together.