INDWE RISK
INDWE RISK SERVICES
Risk Services Built On
Century of Experience PRODUCTION: Timothy Reeder
Indwe Risk Services is one of South Africa’s largest brokers offering personal and business insurance, with expertise ranging from pioneering solutions in personal lines insurance and innovation in commercial insurance solutions, through to creative and effective problem solving for larger and more complex businesses.
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Indwe is a leading personal, business and specialist risk and insurance advisory business, which came into existence in 2006 as the product of a merger between Thebe Risk Services and Prestasi Brokers, both of whom had long histories in insurance. Thebe Risk Services was established in 1903 as Hoskens Insurance and in 1992 became the insurance arm of Thebe Investment Corporation, while Prestasi Brokers was established in 1972 and soon
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gained a reputation for its innovative short-term insurance offerings, becoming a fully empowered organisation in 2001. When these two giants of the insurance world joined forces, the resultant collective took the name Indwe, which is the isiXhosa and isiZulu name for South Africa’s national bird, the Blue Crane. Since establishing its new identity, this relatively young company has continued to build on the combined strengths of its heritage. Indwe sets out to furnish clients with excellent
service, innovative products and timeless values that arise from the decades of experience it has at its disposal. One thing that has remained constant throughout Indwe’s lifetime has been its striving to learn and grow, to improve the knowledge and expertise it can offer, constantly looking for more effective ways to provide risk and insurance solutions to its clients. Enterprise Africa speaks to CEO Peter Olyott, who joined Indwe in 2009 and became CEO in 2014, having spent the majority of his professional life at Alexander Forbes. He explains how this desire to continually refine and hone its skills manifests in the company’s day-to-day operations. “Our main investment is into our people, rather than in offices and computers
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and the like,” he says. “We do have a number of new initiatives on the go as well however, all of which are in different stages of maturity - some as young as a year, some two or three years into their development. The aim of these is to diversify the business away from some of our historic business, without totally reinventing ourselves, but to assign some of our core competencies into other areas of the sector that we hadn’t dealt with before.” The policy of innovation within a packed and competitive industry has also borne an initiative which has had a far-reaching impact for brokers across Africa. “We initiated the Allied Africa Broker (AAB) network, which has representation in 16 countries. It represents a totally different approach to doing business in Africa than perhaps our competitors had used historically. The network comprises solely independent operators, who are brought together by association rather than shareholding, and it has an empowerment aspect to it too.” An integrated network of independent, African-owned and operated brokers, the aim is to provide expertise, local understanding and personal relationships to guide risk management in Africa. The AAB is a strategic response to the convergence of the global interest in Africa as a frontier market, which has attracted investments in ancillary services such as infrastructure development and services, including banking and insurance. “We believe an African-based network can provide investors with the best of both worlds. Our members have local knowledge and experience in their particular territories,” Olyott explains. “As one of South Africa’s largest short-term insurance brokers, Indwe is the key
THE RIGHT PARTNERSHIP IS A CUSTOMER ASSET, PROTECTED And because we care about what is precious to customers, we partner with brokers who understand that our customers valuables are not only assets, but hard work and a lifetime of memories. Together, we continue to grow our business and deliver on our customer promise to do great things. For more information visit www.ominsure.co.za
An Authorised Financial Services Provider (FSP12)
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driver responsible for establishing the AAB’s transaction platform. Indwe also co-ordinates the client base that will be serviced by this network. “The AAB provides clients with necessary information and a standardised level of service across the African continent. With a strong underpinning of knowledgeable professionals, long-term stability and personal relationships, Indwe Risk Services is proud to have guided the growth of this network,” Olyott expands. “From our point of view, it is not merely about what is in it for Indwe, but rather making
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our partners more successful in their own right.” The company’s knack for innovation will be a key driver in helping it to continue to forge such a strong position in South Africa’s insurance sector. Economic growth in South Africa was almost nonexistent in 2016 and it was a tough year for the short-term insurance industry, according to Neil Pather of Lion of Africa Insurance. “With no growth opportunities, the sector saw churn more than anything else with the same business just shifting between
insurers,” he says. “A business environment such as this generally pushes premiums lower. In an already price-sensitive market, it’s an easy win to gain market share, but at the expense of margin squeeze and a race to the bottom.” As he explains, Indwe’s approach will shield it from the turbulence which this can otherwise create. “ The dearth of growth potential in the insurance sector has meant that innovators have been able to gain an edge. The creation of new products and new insurance solutions has led
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the path to new opportunities.” When pressed on what specifically sets Indwe apart from the crowd, Olyott is able to instantly pinpoint several characteristics that combine to make Indwe a cut above the rest. “Probably the biggest advantage we have over the competition is that we make our own decisions, rather than having them made overseas on our behalf,” he states. “We are an African business, as opposed to being foreign-held, so we understand Africa - both our shareholders and our management
share this understanding. “We are very focussed on our particular niches - we are not trying to be all things to all people. We will only take on business that fits into our targeted segments, and we are probably the closest thing to a boutique broker across corporate, individual and commercial spheres.” Olyott concludes with the vision Indwe has for its future. “We want to transform the business into the vision we have of becoming a broad-based financial services advisory business. We want to excel in the niches we have chosen to
specialise in, and transform our business away from what we had to where we want to be. We have made a very clear decision of where we want to be and we are on that journey now.”
INDWE RISK SERVICES 0860 13 13 14 indwe@indwe.co.za www.indwe.co.za
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AFRICA
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Issue No.61
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JEGIE PADMANATHAN:
People Are The Power
of Bidvest Prestige ALSO IN THIS ISSUE:
CCI South Africa / Thebe Tourism Group / RPP Developments / ALG Estates
A S F E AT U R E D I N
ENTERPRISE AFRICA
AUGUST 2017