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Intermediary YOUR Best Solution?. Arnold van der Linde. INSURANCE CLASS TREND. Total market trend based on gross written premium (Source: FSB – 2010 data = latest available) . 52%. 49%. 15%. 80%. 51%. 15%. 28%. Source: FSB – 2010 data = latest available . OVERALL MARKET SHARE – TOP 8.

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Presentation Transcript
slide1
insurance class trend
INSURANCE CLASS TREND

Total market trend based on gross written premium (Source: FSB – 2010 data = latest available)

52%

49%

15%

80%

51%

15%

28%

Source: FSB – 2010 data = latest available

slide3

OVERALL MARKET SHARE – TOP 8

Source: FSB – 2010 data = latest available

slide4

PERSONAL LINES MARKET SHARE – TOP 8

Source: FSB – 2010 data = latest available

slide5

COMMERCIAL/CORPORATE MARKET SHARE – TOP 8

Source: FSB – 2010 data = latest available

slide6

MOTOR: INTERMEDIATED & DIRECT

Composition of top 8 in motor insurance

20%

20%

80%

Source: FSB – 2010 data = latest available

slide7

PROPERTY: INTERMEDIATED & DIRECT

Composition of top 8 in property insurance

Source: FSB – 2010 data = latest available

recipe
Recipe
  • Offer your product
recipe1
Recipe
  • Offer your product
  • Receive the call
recipe2
Recipe
  • Offer your product
  • Receive the call
  • Underwrite & Quote
recipe3
Recipe
  • Offer your product
  • Receive the call
  • Underwrite & Quote
  • Field the claims
recipe4
Recipe
  • Offer your product
  • Receive the call
  • Underwrite & Quote
  • Field the claims
  • Make the money
recipe5
Recipe
  • Offer your product
  • Receive the call
  • Underwrite & Quote
  • Field the claims
  • Make the money
  • Reap the rewards
client perceptions
Client Perceptions
  • Direct = More Affordable
  • Intermediary = Extra Cost
  • Insurance is Insurance
  • Big Brand = Big Integrity
industry misunderstandings
Industry misunderstandings
  • Acquisition cost
  • Churn
  • The client buys on fees and not bottom line
  • You wont run out of faces
  • Intermediary is always face to face
  • Only direct offer online technology
  • Some clients prefer direct
  • Conflict does not exist in direct
legislative challenges
Legislative Challenges
  • Professionalism
slide32

A provider must at all times render financial services

honestly, fairly, with due skill, care and diligence, and in the interests of clients and the integrity of the financial services industry.

slide33

A provider must at all times render financial services

honestly, fairly, with due skill, care and diligence, and in the interests of clients and the integrity of the financial services industry.

slide35

A provider must at all times render financial services

honestly, fairly, with due skill, care and diligence, and in the interests of clients and the integrity of the financial services industry.

legislative challenges1
Legislative Challenges
  • Professionalism
  • FAIS a way of life
legislative challenges2
Legislative Challenges
  • Professionalism
  • FAIS a way of life
  • FAIS refinement
legislative challenges3
Legislative Challenges
  • Professionalism
  • FAIS a way of life
  • FAIS refinement
  • FAIS enforcement
legislative challenges4
Legislative Challenges
  • Professionalism
  • FAIS a way of life
  • FAIS refinement
  • FAIS enforcement
  • ST-Ombud
legislative challenges5
Legislative Challenges
  • Professionalism
  • FAIS a way of life
  • FAIS refinement
  • FAIS enforcement
  • ST-Ombud
  • FAIS-Ombud
consumer
Consumer
  • Breakdown of cost
  • Conflict
  • Intention to enter into
  • Publish Ombud complaints figures
challenges
Challenges
  • Position yourself
  • Protect your kind
  • Show consumer the difference between being a “customer” and a “client”
intermediary value
Intermediary Value
  • Identify the risks faced by clients
  • Reduce real insurance distribution costs
  • Reduce searching costs for clients
  • Reduce uncertainty about the riskiness of clients
  • Reduce uncertainty regarding reliability and robustness of insurance companies
  • Support clients when filing claims
  • Support and promote competition in the market
slide45