InsureTalk50 examines the redefinition of insurance

InsureTalk50 took place via Zoom on 13 March 2025. MC Christelle Colman opened the session by celebrating the milestone event and expressing gratitude to the audience that has made the series a success. The event drew over 4 000 registrants this month under the theme “Redefining Insurance: Innovation, Inclusion, and the Future of Risk Management”.

Our first speaker, Steve von Roretz of Leppard Underwriting, took an interactive approach when discussing professional indemnity (PI) insurance, using live polls to engage the audience and highlight key lessons.

Through the polls, Steve explored why professionals buy PI insurance, noting that it’s not just a regulatory requirement but a vital safeguard for both businesses and reputations.

“I would argue that you should buy a minimum of R10 million,” he said. “No matter how small your business may be, you need to think about the worst case scenario. Even in a personal lines policy, you could have 20, 30, 40 million rand on a liability claim.

“I would also advocate that when you do buy PI cover, you need to get external and expert brokers – PI brokers who can talk to you and understand and give you some guidance.”

Steve also addressed fundamental risk management practices, from onboarding new clients to maintaining thorough documentation and formalised agreements.

“If I just get one message across today, it would be to make sure that you have proper terms of engagement with your customers to manage client expectations and limit liability,” he said.

He added that compliance, while often seen as a burden, should be embedded in business culture to prevent PI claims.

He raised concerns about fraud, particularly AI-driven impersonation scams, warning that insurers may soon stop covering losses due to negligence in verifying transactions.

“This is getting to the point where it’s become out of hand,” he said. “People are not checking things properly. I predict that fraud coverage is soon going to be removed entirely.”

In conclusion, Steve reminded attendees that ethical conduct, proper risk assessment and the smart use of technology are essential for the sustainability of their businesses.

Bernice Games, head of marketing for YuLife South Africa, was up next. She discussed how the insurance industry can transition from legacy systems to a more innovative, customer-centric model.

Bernice discussed how brands like Disney, Apple and Nike have evolved beyond functionality to create immersive experiences, while insurance remains largely reactive, with consumers only engaging at the point of a claim.

“To change this, insurers must leverage data and AI to shift from traditional risk assessment to proactive, preventative well-being,” she said. “Health is more than just physical fitness – it includes mental, emotional and financial well-being. By using real-time risk monitoring, personalised interventions and AI-driven insights, insurers can create meaningful engagement and encourage healthier behaviours, ultimately reducing claims and improving retention.”

Bernice underscored the importance of data in driving this transformation, noting that while 90% of the world’s data has been created in the past two years, most insurers still struggle to use it effectively. She cited a Swiss Re study showing that digitisation and AI can significantly lower loss ratios and operational costs.

“YuLife, for instance, has successfully integrated preventative AI to enhance pricing models, reduce claim payouts and improve customer engagement,” she said. “By focusing on present data to change future outcomes, rather than simply predicting risk, insurers can move from being a transactional necessity to a valued partner in people’s lives.”

Bernice concluded by urging the industry to embrace AI, behavioural insights and engagement strategies to build an insurance ecosystem that is proactive, relevant and aligned with modern consumer needs.

Thokozile Mahlangu, CEO of the Insurance Institute of South Africa (IISA), provided key updates on the institute’s initiatives and the upcoming African Insurance Exchange (AIE) conference. She encouraged all attendees to register for the conference as delegates, exhibitors or sponsors.

Thokozile also spoke about the IISA’s Youth Accelerator Programme, a work-readiness initiative that recently held a successful graduation for its first cohort. She expressed gratitude to sponsoring organisations such as Sasria and Absa Insurance and urged more industry players to support the programme by offering young professionals workplace experience.

She then moved on to CPD.

“With the first quarter of the year coming to a close, members need to ensure their CPD compliance by updating their records, utilising accredited programmes and leveraging professional reading, academic qualifications and industry presentations to maintain their status,” she said.

Thokozile said the IISA is committed to enhancing its value proposition, ensuring that it remains a vital professional body within the industry. She also invited members to take advantage of IISA’s professional profiling opportunities to elevate their industry standing.

Nkosenathi Koela provided the musical interlude, courtesy of Business and Arts South Africa (BASA). He performed on an African harp known as a kamele ngoni.

“I’m a musician who works with southern African indigenous knowledge systems,” he said. “I work with music that focuses on the cultural and ritual archives of the continent, and they all focus on the healing and therapeutic medicine that we find in the power vibrations.”

Our esteemed MC, Christelle Colman, founder and CEO of Ami Underwriting Managers, was next in the hot seat. Christelle shared insights into the success of operating a fully remote business.

“Ami has embraced a ‘no desks, no borders’ approach,” she explained. “Inspired by companies like Spotify, we realised that professionals thrive when given responsibility and flexibility, particularly in industries like insurance where many women juggle work and family commitments.”

Ami implemented a virtual reality office, requiring employees to be online with cameras on from 8am to 5pm, Monday to Friday.

“This fosters collaboration, accountability and engagement,” said Christelle. “This model not only reduces overhead costs but also eliminates office politics, improves productivity and ensures that performance is measured by outcomes rather than time spent at a desk.

“Remote work is not for everyone, but when structured correctly, it provides immense value for businesses and employees alike.”

Christelle said Ami’s remote model is built on trust and structured engagement, with clear goals, regular check-ins and dedicated virtual spaces for employees.

“To maintain productivity, we provide essential tools like laptops, dual screens and backup power, while also enforcing guidelines, such as ensuring young children are in aftercare during work hours.”

Christelle firmly believes in either fully remote or fully on-site work, rejecting hybrid models as ineffective.

“Businesses must be intentional about their remote work strategies,” she said. “They need to invest in digital infrastructure and maintain personal connections through in-person gatherings.”

As remote work gains traction, Christelle encouraged businesses to explore its benefits, adapt thoughtfully and recognise that a well-structured remote model can drive both efficiency and employee satisfaction.

Rianet Whitehead, editor of FAnews and founder of The Insurance Apprentice, provided an insightful overview of the key issues shaping the insurance industry today.

“A major regulatory change on the horizon is the COFI Bill, which will replace several existing laws, including FAIS, increasing transparency and focusing on better customer outcomes,” she said. “Compliance remains a pressing concern, particularly as treating customers fairly (TCF) continues to drive ombudsman complaints.

“Miscommunication and policy misunderstandings are common reasons for claim disputes, especially in motor and homeowners’ insurance, where policyholders often feel misled.”

Rianet said brokers and insurers must ensure clients fully understand their coverage to avoid unnecessary disputes. She also warned about the scrutiny around broker fees and additional charges, urging the industry to ensure transparency to avoid compliance risks.

Darius Wyngaardt, founder and head of Wyngaardt Brokers, delivered an engaging presentation on the importance of ennobling the insurance industry, drawing on both historical perspectives and contemporary challenges.

He shared insights into the origins of insurance, from its early maritime trade roots in Genoa and the establishment of Lloyd’s Coffee House, to its evolution as a fundamental pillar of economic stability.

“Insurance is an invisible safety net, playing a critical role in enabling businesses and individuals to take risks without the fear of total financial ruin,” he said.

“South Africa’s insurance sector contributes R140 billion annually to GDP, allowing businesses to grow while mitigating risks they couldn’t bear alone. However, underinsurance and policy misunderstandings remain widespread, often leaving businesses and individuals vulnerable to unforeseen financial setbacks.”

Darius stressed that rebuilding trust in the industry requires a shift from transactional insurance sales to tailored risk management and client education.

“Brokers should act as sherpas,” he said, “guiding clients through complex insurance landscapes.”

Ideally, each solution should be personalised, he said, although very often the standard policies work just as well.

“Whether it’s life, business, personal or tailored risk management, the industry should move beyond just the policy,” he said. “We shouldn’t just say, ‘Here’s your policy, this is what it covers and good luck.’ We often see that in business where the policy was sold, the intermediary never comes back to check in, even though they should, and the client is prejudiced as a result.”

In closing, Darius urged attendees to view insurance not just as protection but as an enabler of economic resilience.

“Ask yourself, ‘How can I make the industry stronger than I found it?’”

Cara-Jean Peterson, CEO of one of CN&CO’s clients, Feenix, delivered an inspiring talk on the transformative power of community-driven education funding. She shared the stories of three students – Phenyo, Boitumelo, and Ntombi – who overcame financial and personal struggles to complete their studies through crowdfunding and corporate sponsorship facilitated by Feenix.

“These students, once unseen and unfunded due to systemic barriers, not only secured their degrees but also became donors and mentors, paying forward the support they received,” she said.

Cara-Jean emphasised the fact that although education may be a right, for many South Africans it is not a reality due to financial constraints.

“Feenix, launched in response to the #FeesMustFall movement, provides an innovative, technology-driven solution that connects students in need with individuals and businesses willing to invest in their futures,” she said.

“Feenix uniquely bridges crowdfunding and corporate bursary administration, allowing students to access multiple funding streams while offering donors measurable impact and BBBEE benefits.”

Since 2017, Feenix has raised over R227 million, impacting nearly 4 500 students by not only covering their tuition but also providing wraparound support in personal mastery, financial literacy, and work readiness.

“We would like businesses and individuals to see education funding as an investment in South Africa’s future, and to play an active role in seeking out new talent and breaking financial barriers to higher education.

“By supporting students today, companies and individuals can contribute to a stronger, more skilled workforce and a more prosperous nation.”

That brought InsureTalk50 to a close on a high note.

If you would like to watch the YouTube recording of the webinar, click on the video link below.

InsureTalk51 will take place on 24 April 2025. Reserve your spot here.