InsureAfrica and GENRIC Insurance announce UMA partnership

Johannesburg - GENRIC Insurance Company says it is pleased to announce its UMA partnership with InsureAfrica Underwriting Managers, a specialist provider of motor VAPs to the motor industry, commercial sector and assistance businesses. 

InsureAfrica provides niche insurance solutions from mechanical warranty, maintenance and service plans, exterior body maintenance plans and emergency assist.    

“Having the backing and support of a partner like GENRIC Insurance goes a very long way in providing the financial strength, systems, processes, technical support, compliance and insuretech innovation that can take our business forward in this highly competitive market,” explains Andries Labuschagne, Managing Director of InsureAfrica, which was founded in 2014.  

“As an underwriting management agency (UMA), we were looking for an underwriting partner that brings financial stability, professionalism, strong governance and compliance, speed to market, customer centricity, along with an entrepreneurial approach to the table, and we get this with GENRIC Insurance. One of the big appeals of working with GENRIC is its partnership model which is all about ownership retention and leveraging the specialist, expert skills that UMAs bring to the market and that differentiated their products and solutions in the first place.

"GENRIC Insurance Company is well known in the industry for its partner-focussed model with UMAs, brokers, and insuretech businesses – we’re looking forward to the opportunities that our underwriting partnership brings in expanding into new markets and growing our existing ones with the backing of an insurance partner that is actively involved in market development and product and process innovation,” says Labuschagne.

Cornel Schoeman, Chief Operating Officer of GENRIC Insurance explains: “We see it as our role as GENRIC to provide the structured processes and compliance, financial muscle and operational alignments that facilitate the success of our business partners, while allowing them to retain their innovative, entrepreneurial mindset needed in a highly regulated and competitive industry.

"Strong processes and resources, expanding underwriting, sales and claims support and insuretech investment means that our business partners have the financial and technical backing of an insurer that is solely focused on finding innovative ways to meet changing needs, market and distribution pressures through niche insurance solutions that meet evolving risk challenges. Our UMA partners are embraced for their superior product knowledge, speed, innovation and customer centricity, without the distraction or red tape of large corporate environments and bureaucracy,” concludes Schoeman.

GENRIC Insurance Company has a national scale financial strength of A-(ZA) with a Positive Outlook as affirmed by GCR Ratings, reflecting GENRIC’s improved earnings generation and quality growth over the past three years, strong liquidity and a strengthening in risk adjusted capitalisation.