Africa’s Growing Luxury Market: The Role of High-Net-Worth Insurance
With Africa’s millionaire population set to rise by 65% over the next decade, the continent is emerging as a key growth market for global luxury brands.
1 March 2025
Elite Risk Acceptances facilitates access of innovative tech support to HNW brokers
Technology is a powerful enabler that, if applied correctly, can unlock untold value for users. In the age of the fourth industrial revolution, where digitisation is the norm, businesses simply cannot afford to be left behind. As such, adapting to the fast-changing environment is critical, which means adopting new, more efficient systems and processes that streamline doing business with key stakeholders.
I’m proud to be able to say that Old Mutual Insure (OMI) is getting this right, and, I believe, are leading the charge – certainly in the short term insurance sector – on the technology front. In June 2017 OMI launched their MyOMinsurebroker platform to their Personal Lines brokers and it became available to the Commercial Lines stream in February this year. I’m very excited to let you all know that Elite Risk Acceptances, a wholly-owned subsidiary of OMI, will now also be operating on the MyOMinsureplatform – we’re currently piloting the system.
MyOMinsureis a convenient, easy-to-use digital web-based self-service platform that enables brokers to create quotes (full or quick), issue policies, register and track claims, run renewals and make amendments to policies – and much more! Generating a quick quote (for South African policyholders only) can be done in under 5 minutes – all you need to do is enter your client’s identity number in the quick quote application and the system will do the rest. It pre-populates with available data via third-party data systems such as e-Natis and Transunion.
Technology is very important to Elite; we are an intermediated business and like to take a partnership approach when working with our brokers. The MyOMinsureplatform allows us to do just that, by providing our brokers with the tools to administer their portfolios more effectively. Once the administrative processes are streamlined, brokers are able to provide an all-round better service to their clients with quicker turnaround times.
Working with Elite offers brokers the benefits of working with a big insurer, by way of access to resources and for administrative support, for instance through MyOMinsure, but these efficiencies are then channelled into a specialist offering. This innovation is all about making the broker’s life easier.
All you need to do to benefit from this tool is to register online. Once your details have been verified, you will be set up with the necessary agency codes and it’s as easy as that. The platform itself is very user-friendly and straightforward to use – what’s more, it’s totally free!
We look forward to working with you.
From the Elite team, Christelle Colman: Managing Director, and Tarina Vlok: General Manager.
For more information on Elite, contact us on reception@eliterisk.co.zaor visit www.ominsure.co.za
With Africa’s millionaire population set to rise by 65% over the next decade, the continent is emerging as a key growth market for global luxury brands.
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