Hollard Insurance has scooped the awards for Commercial and Corporate Insurer of the year at the annual awards of the Financial Intermediaries Association of Southern Africa (FIA).
Speaking after the awards ceremony, Pierre Geyer, Joint MD of Hollard Broker Markets said: “It’s a challenging environment but we understand the risks that South African businesses face and we are perfectly positioned to serve the needs of this market. We are particularly pleased to have received these awards because we have made several significant changes to Hollard’s strategy in the business space over the last 18 months”.
January 2014 saw the creation of Hollard Broker Markets, a business division within Hollard, with a focus on business insurance sourced through brokers. The division was created when Hollard purchased Etana Insurance Company, one of SA’s fastest-growing commercial insurers and merged it with existing businesses. The purchase consolidated Hollard’s ability to offer comprehensive corporate and commercial insurance solutions in a broker-driven market.
And it’s a big market. According to the Financial Services Board’s industry statistics, businesses now account for almost half of all short term insurance premiums with R46 billion of the R94 billion of premiums paid in the latest year being corporate and commercial-related. Most of this business is facilitated by short term insurance brokers.
“This space is very competitive and we have to be increasingly innovative and agile in order to accommodate and best serve our brokers and our mutual customers, in an ever-changing environment. We are excited and honoured to receive these awards because it means that we have done some things right in our corporate and commercial operations. However, we are far from done and are going to be redoubling our efforts to find better risk management solutions for businesses,” adds Geyer.
Nash Omar, joint MD with Geyer, says, “Corporations want the comfort of working with underwriters that have a global perspective, yet a firm grip on local conditions. Businesses prefer to put their trust in someone who understands their specific circumstances and needs. Working with our brokers in developing comprehnsive risk management solutions, consolidating our strong local presence around the country and strengthening our “Centres of Excellence” approach to specialist risks have all contributed to this success. The fact that it is brokers who have determined the winners of these awards makes them extra special.”