The annual CIB Awards took place on 28 October 2021 at The Roof in Bryanston, where CIB staff and partners gathered to celebrate the top achievers in the CIB broker network.
Proceedings were kicked off by CIB’s executive head of sales and marketing, Jon-Jon Smit.
“Getting together to network and having some face-to-face interaction is a privilege at the moment,” he said. “I am very pleased to see some new faces this year, a testament to CIB’s continuous growth and the value we add to our business partners, existing and new.
“2021 has been a year of various levels of lockdown, challenges, and opportunity. We have seen a lot of our partners embracing the challenges with absolute distinction, setting them apart from the rest. I would like to congratulate all of you on another exceptional milestone, being 2021!”
Jon-Jon went on to discuss some of the exciting developments happening at CIB, which include the relaunch of the CIB policy wording, and a new niche culinary offering. CIB has also been doing a lot of work behind the scenes in terms of CRM, with the view to enhance broker communication and experience within the business. As a proudly South African company, the #SAFacts campaign, which highlights the scale and diversity of South Africa, will continue into 2022 delivering the positive message and amazing facts our country has to offer.
CEO Douglas Donnelly spoke about CIB’s success over the past year.
“It’s been a good 12 months for us in terms of our main drivers, which are growth and loss ratio,” he said. “Thanks to everyone who made this possible.”
Doug singled out the new AON and PSG brokers who joined the CIB broker fraternity during 2021, the Wiese family (whose brokerage delivered a loss ratio of 43% for the year), Insurisk (who delivered 35% growth on the CIB book), as well as the teams from 4-Sure Insurance, Econorisk, FNB Insurance Brokers, Phoenix and 1.618. He furthermore paid tribute to Peter Rogers and Net Assess for helping to contain average motor repair costs to an average of 2% per annum since 2014.
“When you renew a CIB policy it’s a far easier process than renewing with our competitors,” Doug continued. “Our average increase renewal rate for the past few years has been less than 2%, which creates a really attractive offering for brokers and clients.”
Doug closed off by sharing his positivity for South Africa and its future.
“We believe there will be a big turnaround in the economy in the future. We think there’s a lot of pent-up demand and that a lot of money has been saved over the last 18 months. There is the potential for a large spending spree and the assets that are bought are going to need to be insured. I think there are good times ahead for all of us.”
CIB MD, Wilhelm von La Chevallerie, affirmed that CIB is and will remain invested in South Africa.
“The only way to run a business here is to jump in with both feet,” he said. “It’s important to remain focused. If you take your eye off the ball, your customer ultimately ends up losing out.”
Wilhelm shared a few take-outs from a German reinsurance conference he had recently attended.
“Insurance/reinsurance is a global game,” he said. “For example, when the 9/11 attacks happened, the effects were felt around the world. It’s vital for us to keep an eye on what’s going on internationally.
“Reinsurers are talking about two big risks world-wide: cyber risks and climate change. Estimates are that in central Europe in the next two or three years, claims could go up by 70-90% on those specific perils. And even though the region is 10 000 km away, we must remember we’re part of the same world. We must gear up our capacity and capital accordingly.”
Wilhelm spoke about how the world has changed in the past 20 years, and how business has had to keep up with those changes.
“Customer service expectations have shifted,” he said. “Twenty years ago, paying a claim was less hands-on than it is now. These days you have to over-exceed expectations, keep the client much more informed and make sure it’s easy to engage with your company.
“At CIB we do things properly. We want to make sure the underwriting experience is exceptional and that claims are settled seamlessly. That’s what we’ve been working on really hard: doing things properly and making the broker and client experience better and better over time.”
The awards ceremony followed. The criteria for the awards in each premium income category are growth, profitability and like-mindedness. The period covered for the 2021 awards runs from September 2020 to August 2021. These were the winners:
Corporate broker of the year: PSG Group
New broker of the year: PSG Steenberg
Silver award category winners (brokers under R10m in annual premium income)
1st: Origin Financial
2nd: FNB Cape Town
3rd: Bernal Brokers
Gold award category winners (brokers between R10m and R40m in annual premium income)
1st: 1.618 Short Term Solutions
3rd: 4-Sure Insurance
Diamond award category winners (brokers over R40m in annual premium income)
2nd: PSG Meesterplan
Congratulations to the winners on their well-deserved success.