N AT S U R E
NATSURE
The Niche Insurance
Specialists PRODUCTION: William Denstone
A niche, specialist short-term insurance B2B enterprise operating in Southern Africa, Natsure has evolved over half a century into a profitable and reputable market leader in each of its markets. Natsure’s focus on the reliable delivery of value-driven, competitive and responsive solutions has seen it transform insurance in the territory; it now looks to capitalise on the promise of new legislation and innovative products to notch up another 50 years of dominance.
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“If we look at Natsure over 50 years,” the company sets out, “it is evident that the brand has been ever evolving, yet true to its niche ethos since its inception in 1968.” The company adopts an actuarial approach to underwriting, and believes strongly in the culture of partnerships as well as an unwavering commitment to innovation and client service. “Our mission,” Natsure says, “is to deliver the best solutions and service possible so that we are the first choice for all our stakeholders, and will continue to gain traction and brand loyalty with our brokers and consumers for the next 50 years.” Natsure’s overarching vision is a familiar one, but one which is entirely within its reach: to be the preferred
partner for specialist intermediaries, by setting a new benchmark for service delivery and innovative product solutions. “We want to become one of the most respected brands in the industry – ultimately known and trusted by the end consumer,” Natsure sums up. Its product range backs up such lofty ambitions, spanning aviation, engineering, renewable energy, personal accident, goods and transit and marine, and everything in between. Across all of these categories, the commonalties are solutions which are comprehensive, tailored to the individual and backed by the 50 years’ expertise which Natsure has enjoyed at the forefront of the Southern African insurance game.
50TH ANNIVERSARY 2018 was a watershed year in the long and disguised history of Natsure, bringing about its 50th year of operations and the announcement of a new vision for the company. The plan centres around innovating the business and the continued ambition to transform the entire insurance industry. “The world is transforming, and so are we,” explains Bernice van Leeuwen, COO. “We need to future-proof our business to see it through the next 50 years and beyond. Our interpretation of this is ultimately a relentless process of improvement to anticipate and navigate future risks and opportunities, enabling us to adapt to changing market dynamics.”
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INDUSTRY FOCUS: FINANCE
For van Leeuwen, the company’s ability to innovate will be the key to achieving this. “Innovation is encouraged and supported in Natsure’s culture,” she states. “Very soon we’ll be able to share some of these developments, which include a range of new products for future business challenges.” One of the company’s landmark products this year has been Natsure Outdoor & Recreation, launched through its Lifestyle division and aimed at outdoor enthusiasts. This product has been custom designed to provide comprehensive cover for small watercraft, including but not limited to wet bikes, jet skis, canoes and motorboats. The cover can also be extended to include watercraft trailers, luggage trailers and other types of recreational vehicles, making it one of the most comprehensive products of its type available today. “Personal all risks under this product will make provision for fishing gear, bicycles, GPS and tracking devices, binoculars and all other applicable accessories and contents for the outdoors,” Natsure explains. “The client
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also has the option to insure tyres for the insured trailers or recreational vehicles for a small additional premium.” PEOPLE POWER “Our people are the reason for our success,” Natsure puts simply. “We are passionate about what we do and we believe we are experts in specialist insurance. We invest in our team and their success breeds our success and as a meritocracy our employees operate in an environment where the best are rewarded and incentivised to excel.” With these principles so prominent within Natsure’s ethos, it was no surprise to learn this year of a major directive geared toward nurturing the talent in its ranks. “I am pleased to announce the launch of our intern programme,” expressed Tersia Davey, Natsure CEO. “As part of our vision and strategy we are committed to the Short-Term Insurance Industry and in creating a sustainable and well-educated industry.” As such, young individuals will have the opportunity to gain valuable work experience, to be familiarised with the business environment and to learn more about the Short-Term
Insurance industry, with the potential to be integrated into the system after 12 months. “I am very excited to announce that we have finalised our interview process for the appointment of two intern positions within Natsure,” Davey continued. “This is yet another first for Natsure and forms part of our Transforming Insurance strategy.” Recognising the significant skills shortage in the insurance industry within Southern Africa, Natsure knows that it must start attracting, nurturing and retaining young talent. Its internship programme hopes to build future succession with the required skills, knowledge and experience to sustain and contribute towards the future insurance community and economy. TRANSFORMATIVE LEGISLATION 2019 will see the implementation of two key regulations which will determine how the financial services industry will operate. While the introduction of new compliance requirements has historically been met with anxiety, frustration and confusion, Tersia Davey outlined how Natsure is embracing it.
NATSURE
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“Ultimately this increase in regulation serves to protect both the financial services industry, as well as the consumer, and should be accepted as a framework for basic business practice and ethics,” she explained. ‘Data Sharing’ and ‘Fit and Proper’ were recently introduced as new legislation that will directly impact the insurance industry. Across industries, data has been abused for many years, and the POPI Act was implemented to curtail this and encourage more responsible and ethical use of data. The new Data Sharing regulation aims to protect the consumer, and in the event of a claim or disaster, provide a record of the cover and the premiums for the insurer. “As a niche insurance solutions provider to UMAs and brokerages, we have worked tirelessly to
improve our own data warehouse and information records. This has significantly enhanced our reporting and communication efforts with our insurers and intermediaries, which advances our overall business efficiency,” explained Davey. Meanwhile, the Fit and Proper requirements ensure that those who work within the financial services industry are qualified, competent, fit and compliant. “This will help to nurture and uphold the specific skills and expertise that make for a professional and principled industry,” Davey said, and this is all the more relevant to Natsure with its eight subsidiary companies, renowned for its niche, specialised, innovative and accredited product solutions, all of which require specific training. “The fact that intermediaries now
need to be trained on insurer products before they are allowed to sell, affords us, as underwriters, the opportunity to sell our products, with their benefits to our broker distribution network, and make certain that brokers offer our products to the right target audience,” Davey concluded. Planning for its next era both in its people and policies, it looks inevitable that more and more intermediaries are going to have the chance to avail of Natsure’s carefully crafted, niche lines of business for many generations to come.
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Published by CMB Media Group Chris Bolderstone – General Manager E. chris@cmb-media.co.uk Rouen House, Rouen Rd, Norwich NR1 1RB T. +44 (0) 1603 855 161 E. info@cmb-media.co.uk www.cmb-media.co.uk CMB Media Group 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. Š CMB Media Group Ltd 2019
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ENTERPRISE AFRICA
AUG UST 2019