NEWS RELEASE
MARCH 2014
PRICE FORBES AND PARTNERS CHANGING THE WAY THE MARKET SEES SERVICE
Relative newcomers to the South African Insurance landscape, PFP Insurance Brokers, a wholly owned subsidiary of Price Forbes and Partners, are fast making inroads in the local market and helping to redefine the way the market sees service.
CEO, Warren Bolttler, says in just over 12 months he is delighted to see the support and interest the business had received from both insurers and UMA’s alike and the excellent client partnerships the business had secured.
“The South African insurance market is full of wonderful capacity and skills, and in our own small way we would like to contribute to that growth and help position the industry locally as an African hub for treaty, facultative and excess programmes for the rest of the continent. As brokers we need to be able to bring industry specific skills to bear to add value to clients through innovative, cost-effective and quality solutions,” says Bolttler.
He notes that from the outset the brokerage has been highly focused on firstly choosing and creating the right partnerships and secondly on attracting and retaining the right people. “I am immensely proud of the team we have assembled. They are consummate professionals, and without exception, they are all well known in the market, and most importantly have deep reaching relationships with many clients and prospective clients we wish to attract,” he says.
He, acknowledges that while it has not been easy for PFP entering such a competitive local market, the organisation’s unique differentiators have facilitated stronger growth than anticipated.
“Being smaller and having the ability to place the client at the centre of everything we do is a distinct strength. We don’t have layers and layers of corporate hierarchy, which so often distracts service professionals from what they are paid to do. We’re also very much team players, happy to work with the market, rather than dictate to it. We are also serious about bringing new ideas and partnerships into the market place and want to bring back the concept of personalised service to corporate and commercial broking. Many clients are suffering as a result of ‘centralisation’, ‘consolidation’ and ‘automation’. A more personalised bespoke approach, coupled with the global broking solutions and access to international markets our London parent company brings us, will ensure every new client is a big fish in a small pond.”
Bolttler says all three of the business’ key focus streams are up and running. The traditional retail model under Corporate Broking services has the ability to offer large composite programmes with products across all lines, multi-layers in multiple jurisdictions. “Most importantly we have the skills on board to handle just about any industry sector,” he says.
He says the Commercial offering, ideal for smaller clients who require a simpler package type product is also a big focus area for PFP,.
PFP has also enjoyed success on its wholesale broking stream which has grown fantastically since the middle of last year. “Essentially,” says Bolttler, “this is a service provision to brokers and insurers in other African countries, who are seeking additional insurance capacity and skills from the SA market for their own local or multinational clients. Once again this is a cross class, multiple layer and multi-jurisdiction offering and the success of this business is dependent on some wonderful partnerships with the likes of ARIS from Tanzania, Allia Insurance Brokers in the DRC, and a number of East African Insurers like Alliance, Heritage and Jubilee – to mention a few.”
Bolttler confirms PFP are currently servicing clients and insureds in no fewer than six African countries outside of South Africa.
“Let’s not be afraid to take on the pros, especially in their own back yard. We have the skills and the passion. Let’s make a difference for our clients and make our competitors sit up and take note,” he concludes.
ENDS
