An evolving insurance landscape
So far, 2018 has been a challenging year for our industry. Political and regulatory upheavals around the world are changing some of the ground rules about how carriers may operate. An evolution in the way business is conducted is being driven by innovation and higher customer expectations, while disruptive newcomers are looking to take market share from incumbent insurers.
Businesses like Price Forbes have to evolve to keep pace with these changes. Add to that the fact that the local insurance market really had a tough year last year, and as a result, brokers are having a much tougher time finding affordable cover for their clients, and our bespoke approach is continuing to prove its worth.
In fact, we have seen our skill set shine in these tough times, as the harder the deal is, the better we do in finding a client solution. With that in mind, we have decided to focus on our Corporate and Specialty divisions going forward.
This will result in a number of changes to our business, which are explained below. Ultimately, restructuring will allow us to better meet your needs, and provide you with the high levels of service you have become accustomed to.
Specialty Business Solutions
Our Specialist business unit, headed up by Ebbe Rabie, now has a large Agri Specialist team focusing on Agri solutions like crop and credit insurance for private and commercial farming operations. Our Agri specialists are based in Western Cape (Stellenbosch), Northern Province and Mpumalanga (Pretoria and Marble Hall), and the North West (Lichtenburg).
We also recently built a specialist W&I (Warranty and Indemnity) Insurance offering and team. We have begun to roll this out and I am pleased to say have already closed our first few deals.
We have a strong PRI (Political Risk Insurance) offering, alongside a growing Trade Credit book. This is largely the result of Export Credit activity and Institutional Funding activity for infrastructure and commodities to the rest of the continent.
Corporate Business Solutions
Our Corporate business, run by Anton Mol, remains the pivotal focus for Price Forbes, and we have reorganised the team by merging the corporate client executives, technical brokers and claims handlers into a stronger centralised service team, which will enable us to provide better solutions, and greater continuity for our clients, no matter where they are based. Our Corporate offering is a “one stop shop” client centric risk advisory and placement service. Our consultative and technical approach to servicing is proving to be valuable to our clients in these tough economic times.
In order streamline and improve our niche Corporate and Specialty offering to clients, we have decided to discontinue our Commercial (SME) offering. Patrick Pillai who has been running the National Commercial business at Price Forbes for nearly 6 years, is leaving us to set up his own Commercial and Personal Lines broking business called MPLA (Pty) Ltd. We will be transferring a significant portion of our commercial book to MPLA, who will operate as a Commercial insurance partner to Price Forbes. Our Regional Commercial business offering in the Western Cape and other areas will continue at Price Forbes as usual.
The team wishes him all of the very best, and we look forward to seeing his business grow.
We are always happy to talk, contact us for more information.