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Kayser Baird is innovating

Imagine if an insurance provider could combine all of the advantages of a direct insurer, a small broker and a large broker into one offering?

Insurance Brokers in South Africa range from one man businesses, to large global companies with operations in 30 or more countries. Brokers offer a more “one on one” approach to doing business, a personalised offering. Brokers also come with independence which when leveraged correctly can benefit the broker-insured client.

Direct Insurers offer very few advantages over the broker model, but one that does stand out is technology, the ability to get quotes and view or amend your policy online.

As a client – where do you fit into this scale and what kind of insurance provider are you dealing with?

The benefits of dealing with a broker are significant – the misconception that broker premiums are expensive are unfounded – and often the reverse is true, particularly if the broker runs a quality book of business. At Kayser Baird we specifically target “good risk” clients – to minimise the all too common problem of having a few good clients subsidising many bad clients. This allows us to collect less premium from our client base and still be profitable – whereas a volume insurance business that doesn’t select it’s clients carefully, is subject to higher frequency of claims, more fraudulent claims and higher claim quantum’s. Brokers also don’t spend a big chunk of their profits on advertising, they rely on referral business and as a result have to keep their clients happy. Direct Insurers don’t have a broker distribution channel to generate business for them and as a result they have to advertise advertise advertise! When they stop advertising their phone stops ringing.

We recognise that there are unique advantages in all three “models” of insurance. The small sole-proprietor broker can offer focused, individualised service – the large multi-national broker can offer expertise and pricing economies, and the direct insurer can offer advanced systems and electronic tools.

The problem with insurance in South Africa – is that when you choose one of these models of insurance you forego the unique advantages offered by the others.

What if an insurance provider could combine all of these advantages into one offering?

At Kayser Baird we are working very hard at being able to do just this, and would like to tell you more about our unique approach to doing business.

Contact us to find out more.

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