“An Oscars-level slap to short-term insurers”

This was the headline that I saw as I opened my emails this moning – the headline from well-known financial journalist Gareth Stokes in the latest FANews newsletter. I was immediately intrigued and pissed off in equal measure ….

I am such a fan of insurance and, as the recent KZN floods show, insurance remains a vital (THE vital) part of our economy – underpinning and enabling businesses. Insurance teams are working hard to help those who have lost loved ones and property and are suffering immensely. Why then the bad rap?

I think poor communication, as is so often the case, lies at the heart of much of the negative feeling towards insurance. As does poor education by the insurance industry. Biased as I am, intermediaries help a lot in this regard. A good broker can, and does, do so much for their clients and it is my advice for anyone – engage with an accredited FIA member to help you get the best (not necessarily cheapest) and most appropriate cover.

One of the main reasons Christelle Colman and I decided to launch Ami is to change this negative perception and to ensure insurance can rightfully claim its place as a noble profession. Our purpose is best encapuslated as follows:

“Ami (pronounced ‘Ah-me’) is a new personal lines underwriter within the South African marketplace aiming to acquire clientele from the Aspirational Millennial and Wealth demographic of consumers. The company would like to achieve this by driving a digital business model based on the values of trust, ease of doing business and friendship.

The strategic research conducted by Ami will be used to develop a point of difference for the newly established insurance brand against well-known brands; formulating a thorough customer journey that will enrich and streamline the customers’ experience; and crafting a highly digitised campaign that will introduce Ami to the South African market.

With most innovation and product development taking place with direct insurers Ami plans to buck this trend by using technology to complement and enable the broker, freeing them up to focus on doing what they do best – advising and protecting their clients.”

I look forward to the day – soon – when surveys reflect the amazing value insurance adds. And with ventures like Ami on the short term side and Easy Life (a new life insurance offering from EasyEquities) I have no doubt that this will be the case.

AMI CEO Christelle Colman on the recent KZN floods

Carel is an investor in people and businesses, believing that 1+1 = (at least) 22. Working with a few basic concepts – best encapsulated in his believe that unless we are dead, anything is possible – Carel aims to build long-term sustainable value with like-minded individuals and companies, while having (a lot of!) fun.