Alexander Forbes: The Changing Face of Risk Management

It has been a hectic twelve months for Alexander Forbes, proof if it were needed, that the insurance and risk management sector is very much in a state of evolution. Despite the upheavals within the industry, the Alexander Forbes name remains a constant, with a reputation built on a solid rock of innovation and tradition.

alexanderforbes03338953The organisation is a leading provider of financial and risk services globally and has built a solid reputation in South Africa across a range of clusters.

The Financial Services division has given Alexander Forbes a reputation as the leading retirement funds consulting and administration provider and corporate health consulting business in the country and is split into three areas: institutional, retail and health.

The institutional cluster has grown to become the largest provider of retirement fund administration, actuarial and consulting services in South Africa, while the retail cluster has its focus on the individual – delivering comprehensive financial and wealth advice. The company’s health sector provides medical scheme and health-related consulting and actuarial services to both corporate and individual clients and medical scheme trustees. This of course is an area rife with technical and regulatory issues and Alexander Forbes provides consultancy services for business that cover the management and assessment of ill health, incapacity and disability cases as well as employee wellness programs.

As if that was not enough, the company is also the largest corporate risk and insurance broker in the country and operates a network across the continent. Alexander Forbes Insurance (AFI) is a leading provider of motor and home insurance, while Guardrisk offers short-term and life cell captive insurance administration and facility management.

The company’s Motor & Household insurance division has made full use of the internet, offering prospective customers the opportunity of a quote online on a range of innovative products.

alexanderforbesSmart marketing offers tailored services including the “Platinum Woman” brand – offering not only personal service and up-front discounts, but also a package of unique benefits designed to reward, assist and to protect female clients, including single mother benefits, the company’s Family Plus benefit, breast cancer cover and female driver discounts.

Targeting the more mature market, AFI’s “Forbes 55 Plus” cover is designed, as the name suggests, for the over 55s. The product targets individuals who have had previous insurance and are not in full time employment – and aims to cover all assets under one policy, including vehicles, buildings and contents.

“Forbes 55 Plus” acknowledges that with age comes greater responsibility – and reflects the lower level of risk that this represents by mitigating basic excess costs, offering wider coverage than traditional policies at a rate that is up to 40 per cent cheaper.

alexanderforbes6210610AFI’s “Priceless” package was initially created thirty years ago and its enduring popularity is a testament to the thought that has gone into the product. Over the years “Priceless” has added incentives but it remains the most appropriate domestic insurance solution for many in the middle to upper income bracket.

Today, “Priceless” has the least exclusions of any policy on the market and has premiums reduced by as much as 40 per cent with voluntary excesses among its range of add-ons; this product covers business assets up to R50,000 that are insured at home and also offers retail value (as opposed to market value) on motor vehicles.

“Envoy” is also well established, having been launched back in 1996 for the higher networth individual. It is a short-term insurance product targeted at individuals with considerable assets and offers a higher level of personal attention from Alexander Forbes’ skilled staff; in fact all “Envoy” clients are allocated a dedicated Portfolio Consultant, who is the single point of contact for all insurance related queries. By limiting the number of clients allocated to each Portfolio Consultant, Alexander Forbes Insurance provides service levels that are unrivalled in the industry.

alexanderforbes57698197As a leading corporate healthcare consultancy in South Africa, Alexander Forbes Health delivers healthcare consulting advice and member support services to 490 corporate clients including 185,000 individual members. This part of the business also provides actuarial and technical consulting services to eleven restricted and one open medical scheme, covering 670,000 principal members in total.