Renasa

RENASA'S PHILOSOPHY

Renasa believes that insuring for catastrophe rather than mismanagement or misbehaviour leads to more economic insurance costs.

Renasa believes that efficient, lower cost insurance is achievable only when insurance is used for its intended purpose of catastrophe protection, as opposed to mitigating the cost of misbehaviour or mismanagement. Lower claims and the attendant reduction in associated administration and recovery costs ultimately lead to better underwriting results and the ability to render more economic premiums.

RENASA'S VISION AND MISSION

Renasa’s vision is to be the insurer which best services the independent intermediary

Renasa’s vision is to be the short-term insurer which provides independent intermediaries with the best service and to be, so to speak “the brokers’ best friend”

Renasa’s vision is to use its service levels to raise the competitiveness of independent intermediaries thereby generating sustainable wealth for all its stakeholders.

Renasa's vision is to utilize its’ IT and other services to improve the competitiveness of independent intermediaries and so generate sustainable wealth for all its stakeholders, including its supply and distribution channel partners. This means capitalising on the Renasa philosophy to deliver consistent and sustainable underwriting profit growth while maintaining competitive pricing and a sound financial position

Most importantly, aligning the objectives of all links in the insurance distribution chain is the critical mission.

Traditionally, reinsurers and carriers are motivated by underwriting surplus, distributors (brokers and administrators) are rewarded for volume, and the clients to be insured focus on premium levels and claims service. By contrast, better alignment means ensuring that all are focused on, the achievement of improved claims ratios which, permit more ompetitive premiums.

Service levels and sound controls are key elements of Renasa's strategic associations.

Strong associations with strategic partners in Renasa's supply and distribution channels that deliver heightened levels of service and control are the key to the success of this strategy. There are two fundamental objectives for these associations:

providing intermediaries with the tools to efficiently and competitively service their clients;
the careful management of loss ratios;

Service levels and efficiencies are vastly improved for independent intermediaries through Renasa’s recently launched FAIRFIGHT IT module available on all leading independent administration systems

FAIRFIGHT combines scientific underwriting and systemised claims cost control to allow independent intermediaries to meet direct insurers on equal terms while remaining independent. The module is available to intermediaries operating on all major independent policy and claims administration systems.

RENASA'S ALIGNMENT RELATIONSHIPS

In accordance with its alignment strategy, Renasa has established a technical partnership with Aon Benfield South Africa, the first of its kind in South Africa.

Aon Benfield South Africa is part of the Aon Benfield group, the world's largest reinsurance brokers. The technical partnership is a term arrangement. In addition to the assembly of Renasa's reinsurance programme, the Aon Benfield partnership gives Renasa access to Aon Benfield's international infrastructure and so contributes broadly to Renasa’s processes including the development of Renasa’s risk-based solvency determination. Unique to the South African market, Aon Benfield’s reward is, in part, proportionate to Renasa’s success.

Renasa’s business model employs direct brokers and administrators to fulfil basic administrative functions.

Renasa's modus operandi is to outsource the functions of policy issuing, premium collection and claims settlement to select Administrators and the more substantial Brokers who provide these services. The choice of efficient operators is of paramount importance to Renasa’s efficiency.

Renasa has developed innovative systems which operate in an environment free from overbearing insurer control but foster profitable performance by invoking discipline in the underwriting and claims processes.

Renasa employs a novel approach to control motor classes in the market segment serviced by third party bureau systems. Traditionally, this segment is regarded as difficult to manage because of the poor flow of data and the difficulty of insurers implementing control where policy administration is conducted on third party, bureau-operated, systems which are independent of insurers. Renasa’s offering permits independence to distributors while allowing them the benefits of Scientific Underwriting and disciplined claims control.

Renasa’s progressive approach to the traditional challenge of balancing freedom and control is a key advantage of Renasa’s offering. Brokers and administrators may elect to operate on an independent policy administration system (either their own or bureau-provided) or on the Renasa-endorsed Oscar Turbo Policy Administration System. The only provisio is that, whichever system is used, it must integrate to Renasa’s own Scientific Underwriting and Claims Control modules. In addition to the Oscar Turbo System, several other independent systems are currently integrated with Renasa’s systems in this manner. The Oscar Turbo System also integrates to the systems of several other carriers and offers a multi-quote option. With the host of system alternatives available through Renasa, all brokers can exploit Renasa’s Scientific Underwriting and Claims Control modules and achieve improved underwriting performance without sacrificing independence..

Renasa's distribution channel includes administrators, brokers and UMAs.

Renasa carries both personal lines and commercial lines. Growth of sound books of commercial business is emphasized as well as CAR, Guarantee, Marine and other specialised classes.

Renasa values its business relationships as an important contributor to the sustainability of its growth.

Renasa's aim is to entrench its relationships with its supply and distribution networks by close co-operation, participation and the provision of excellent service. Renasa prides itself on the associations it maintains and regards those as its most valuable assets. To Renasa, the sustainability of its growth and, therefore, the value of its business, is a reflection of the strength of its business relationships.

RENASA'S COMMITMENT TO THE FINANCIAL SERVICES CHARTER AND EMPLOYMENT EQUITY

Renasa is committed to the Charter's objectives.

Renasa is fully committed to the Financial Services Charter for Black Economic Empowerment ("BEE"), which enables broadbased empowerment of previously disadvantaged communities.

Renasa has fulfilled its Charter objectives through several initiatives involving designated persons and members of previously disadvantaged communities.

To this end, Renasa has:

provided a selection of products specifically developed and specially suited to the markets serviced by BEE brokers;
empowered its staff by:
- developing the skills of, and mentoring members of previously disadvantaged groups; and
- employing from designated groups in all levels of the company's human resources;
developed a range of products specifically designed to meet the needs of previously disadvantaged communities, including policies for:
- shopkeepers;
- small manufacturers;
- small hospitality operators; and
- schools and churches.
sponsored RITE (Renasa Insurance Training and Education) which promotes the "Alphaland" programme. This initiative aims to uplift underpriviledged communities by contributing to the "Foundation Phase" of education where the groundwork for future learning is set. The programme has already been introduced to 600 classes and RITE reached 25 000 learners.

Taking into account the above initiatives, Renasa has met its Financial Services Charter objectives.

RENASA'S MESSAGE TO THE INSUREDS

Message to our Insureds

A foundation of our philosophy at Renasa is to reward responsible risk management with economic insurance. This, together with innovative products, provides benefits to our policyholders which distinguish us in the market.

Accessibility to our key management is another distinguishing factor. It results in a swift decision-making process and agility and flexibility that translates into action in far less time than the corporate environment normally permits.

The level of professionalism of our executive team and their commitment to delivering to our policyholders excellent product, value and service, is a further differentiating factor.

Finally, we value our business associations, none more than the association we enjoy with our insured clients.