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Intermediary YOUR Best Solution?

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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Intermediary YOUR Best Solution?

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  1. Intermediary YOUR Best Solution? Arnold van der Linde

  2. 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

  3. OVERALL MARKET SHARE – TOP 8 Source: FSB – 2010 data = latest available

  4. PERSONAL LINES MARKET SHARE – TOP 8 Source: FSB – 2010 data = latest available

  5. COMMERCIAL/CORPORATE MARKET SHARE – TOP 8 Source: FSB – 2010 data = latest available

  6. MOTOR: INTERMEDIATED & DIRECT Composition of top 8 in motor insurance 20% 20% 80% Source: FSB – 2010 data = latest available

  7. PROPERTY: INTERMEDIATED & DIRECT Composition of top 8 in property insurance Source: FSB – 2010 data = latest available

  8. Recipe • Offer your product

  9. Recipe • Offer your product • Receive the call

  10. Recipe • Offer your product • Receive the call • Underwrite & Quote

  11. Recipe • Offer your product • Receive the call • Underwrite & Quote • Field the claims

  12. Recipe • Offer your product • Receive the call • Underwrite & Quote • Field the claims • Make the money

  13. Recipe • Offer your product • Receive the call • Underwrite & Quote • Field the claims • Make the money • Reap the rewards

  14. Client Perceptions • Direct = More Affordable • Intermediary = Extra Cost • Insurance is Insurance • Big Brand = Big Integrity

  15. 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

  16. Legislative Challenges • Professionalism

  17. 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.

  18. 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.

  19. 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.

  20. Legislative Challenges • Professionalism • FAIS a way of life

  21. Legislative Challenges • Professionalism • FAIS a way of life • FAIS refinement

  22. Legislative Challenges • Professionalism • FAIS a way of life • FAIS refinement • FAIS enforcement

  23. Legislative Challenges • Professionalism • FAIS a way of life • FAIS refinement • FAIS enforcement • ST-Ombud

  24. Legislative Challenges • Professionalism • FAIS a way of life • FAIS refinement • FAIS enforcement • ST-Ombud • FAIS-Ombud

  25. Consumer • Breakdown of cost • Conflict • Intention to enter into • Publish Ombud complaints figures

  26. Challenges • Position yourself • Protect your kind • Show consumer the difference between being a “customer” and a “client”

  27. 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

  28. That is Why

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