AMPLE INSURANCE
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AMPLE INSURANCE BROKERS
Raising the Bar in SA Insurance PRODUCTION: Timothy Reeder
Ample Insurance Brokers is in no doubt as to its overarching aim: it sets out to define the benchmark for service delivery in the Insurance Industry of South Africa. A combination of its commitment to clients, remaining innovative and professional and dealing with integrity is allowing it to keep its position as the leading broker in the business.
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INDUSTRY FOCUS: FINANCIAL SERVICES
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The South African insurance market is positioned as one of the most advanced in the world, benefitting from one of the highest premium-to-GDP ratios and a wide cross section of well-regulated and innovative insurers. Although the market is set to become more sophisticated with the introduction of new legislation, the vast majority of the country remains unbanked and either uninsured or underinsured, as research from the Oxford Business Group demonstrates. Additionally, financial inclusion is still limited in the territory, with basic policies like auto or property liability insurance only optional even today, which itself is a rarity in the developing world - both in Africa and beyond. This means significant opportunities for local and regional players suddenly present
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themselves, as the focus switches to coming up with more inclusive products that meet the needs of low-income customers. In addition to providing much-needed coverage, the segment is also expected to unlock substantial growth potential for insurers in the years ahead. Ample Insurance Brokers is superbly placed to capitalise on all of the potential still left to harness within this sector. The values at the core of the business seen it attain the lofty status it enjoys today, and it has come to be known for being trustworthy, connected and committed to offering personal attention, reliable and modern while always dealing with integrity. It is the innovation that underpins its service provision which could arguably be pinpointed as Ample’s most valuable characteristic; in an economy
that is constantly changing it is more important than ever that clients are kept constantly informed of changes to the Insurance Industry that might affect cover. According to Ample Founder and Managing Director, Eileen Stoffberg; “we are a very fast paced innovative company. We adapt together with our clients’ needs.” This policy of considering the needs of each individual has been key to Ample’s success, as Stoffberg continues. “We take what we do very seriously,” she underlines, “and subsequently we are always looking for products in the market that will suit our clients’ changing needs. Our aim has always been to offer everything a client could need around insurance.” This has meant that time and again Ample has emerged as the preferred
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AMPLE INSURANCE BROKERS
// WE ARE A VERY FAST PACED INNOVATIVE COMPANY - WE ADAPT TOGETHER WITH OUR CLIENTS’ NEEDS // choice for its growing list of clients, even among an ever-growing sea of competitors offering, at first glance, similar products. Ample’s recognition that time is precious leads it to therefore make getting the right cover as simple as possible, taking away the dual headaches of amassing quotes and completing lengthy paperwork. The value of people, too, and above all the importance of working as a team, has been a critical aspect of Ample’s success. “I can attribute Ample’s success to ruthless persistence and outstanding people who are self-motivated and do not need to be managed,” states Stoffberg. “We are well rounded and ensure we understand the needs of our clients, and we invest in people that
have potential and help them get the experience and skills required. 95% of all Ample staff are under 35, so youth development is a great part of our business.” According to PWC’s Global Fintech Report 2017, Ample Insurance’s ceaseless desire to remain at the forefront of the available technology may stand it in even better stead than ever in years to come. Perhaps more than most sectors, insurance companies have been accelerating efforts to keep pace with trends reshaping the market in a bid to close the gap with other financial sectors. The latest of these, and currently the most widely discussed, is artificial intelligence (AI) technology, such as robo-advisors and chatbots. These are beginning to play an increasingly active role in the financial services industry, and local insurance providers are capitalising on the trend and the increased support behind it. Vera Nagtegaal, the executive head of Hippo.co.za, points out that in the advent of AI means that humans are getting used to talking
to computers, and robo-advisers are quickly dominating the financial services industry. They are employed in functions ranging from risk analysis and mitigation services to regulatory compliance and client interaction Roboadvisors are a class of financial advisers that provide financial advice online with moderate to minimal human intervention, based on mathematical rules or algorithms. “The number one reason for deploying a chatbot in the insurance industry is time availability,” explains Nagtegaal. “So much of insurance is about answering frequently asked questions and then crunching the numbers relating to a specific query or claim. Since this can be done effectively and efficiently by AI without causing dissatisfaction to the customer - and in many cases, actually boosting satisfaction - this is a solution that many global companies are looking into.”
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CMB Multimedia does not accept responsibility for omissions or errors. The points of view expressed in articles by attributing writers and/ or in advertisements included in this magazine do not necessarily represent those of the publisher. Any resemblance to real persons, living or dead is purely coincidental. Whilst every effort is made to ensure the accuracy of the information contained within this magazine, no legal responsibility will be accepted by the publishers for loss arising from use of information published. All rights reserved. No part of this publication may be reproduced or stored in a retrievable system or transmitted in any form or by any means without the prior written consent of the publisher. © CMB Multimedia Ltd 2017
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March 2018
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EXCLUSIVE INTERVIEW WITH ABB SA CEO LEON VILJOEN
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