As we step into 2024, the insurance industry finds itself at a crossroads, grappling with the challenges posed by inflation, economic stagnation, and the ever-increasing pressure on claims costs.
In a recent conversation with Herman Scheepers, CEO of Renasa, I gained valuable insights into the company’s journey through 2023 and the transformative impact of joining the TIH family.
Reflecting on the past year, Herman Scheepers acknowledged the industry-wide challenges, emphasising the struggle to increase premium volume amidst rising costs. However, Renasa’s integration into the TIH family stands out as a pivotal moment that has laid the groundwork for operating in a different league. Herman highlighted the internal changes within Renasa and their commitment to solidifying relationships with brokers, ensuring that business processes and product offerings are not only maintained but improved.
A catalyst for change, the merger with TIH has already borne fruit in the form of several initiatives aimed at positively impacting brokers in the market. Herman shed light on the procurement front, detailing the benefits of leveraging TIH group initiatives. However, beyond technical abilities, Renasa has prioritized reinforcing trust relationships with brokers, focusing on providing accessible, efficient, and empowered individuals for day-to-day interactions.
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.
The conversation delved into the strengths Renasa gains from being part of the TIH group, particularly the upgraded A rating from GCR (Global Credit Rating) and the financial stability provided by the larger entity. This stability translates into peace of mind for brokers, assuring them of a consistent and stable environment, free from the capital constraints that so often hamper growth in the industry.
With increased financial strength, Renasa can offer larger capacities to broker partners, venture into wider product offerings, and position itself for growth. Herman emphasised the company’s readiness to assist portfolios in the market, backed by robust capital support.
The dialogue then shifted towards the evolving landscape of technology in the insurance industry. While Herman underscored Renasa’s commitment to high-touch personal service, he also acknowledged the significance of technology. Renasa has invested heavily in technology over the years, aiming to provide brokers with tools to outcompete their rivals. Herman revealed ongoing work on enhancing the web-based claims systems, with a focus on speeding up the claims process and improving efficiency in 2024.
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.
Now, as part of TIH, South Africa’s powerful insurance group, we commit to do even more for our brokers.
Renasa is a licensed non-life insurer and FSP. Telesure Investment Holdings (Pty) Ltd. All Rights Reserved. TIH is a licensed controlling company.
Addressing day-to-day business focus areas, he disclosed Renasa’s plans for a greater geographical presence. In contrast to the industry trend of centralisation, Renasa seeks to establish local presence and understanding, acknowledging the value of a personal touch. Initiatives are underway to staff up in geographical areas where Renasa traditionally lacked a physical presence, reinforcing their commitment to personal service.
As the interview concluded, Herman painted a positive outlook for Renasa in 2024. The company stands at its strongest position ever, poised for significant growth. With a focus on cementing existing relationships and building new ones, Renasa aims to be the broker’s even better best friend in the coming year.
In the dynamic landscape of the insurance industry, Renasa’s strategic initiatives, technological advancements, and commitment to personal service position it as a force to be reckoned with in 2024.
Brokers can anticipate a year of stability, growth, and enhanced collaboration with Renasa as the company continues to evolve and adapt to the ever-changing demands of the market.