Introduction to Renasa Insurance Company
Home of the Independent Broker
Core Belief – Independent Advice is Essential
Renasa believes in the value of independent intermediary advice, that it is crucial to establishing correct cover and that it is an essential arbiter at claims time.
Renasa’s Distribution Channel – Independent Brokers and UMA’s
Renasa distributes its product through brokers and underwriting management agencies (UMAs).
Renasa’s Mission – Improve Independent Broker Competitiveness
Renasa’s mission is to use its personal service, advanced technology and product range to raise the competitiveness of independent intermediaries and their sustainable wealth.
Renasa’s Systems and Technologies
Key in Renasa’s service level to brokers is its technologically advanced system infrastructure which provides brokers with tools to improve rating and claims performance in an environment of freedom. All systems are web-based and integrated to the policy and claims administration systems used by independent intermediaries. Systems include rating engines, an advanced web-based claims workflow system which transforms broker efficiency in claims settlement in a paperless environment, a data transfer system and, if required, a web-based policy and claims administration system. As all systems are web-based, minimal infrastructure is needed and the extensive IT redundancy (backup) is reassuring.
Capitalisation and Reinsurance – Rated A-
Rated A-, Renasa has an unrestricted short-term insurance license. Renasa adopts cautious financial policies, maintains conservative solvency margins and is backed by a comprehensive reinsurance programme lead by the world’s leading reinsurers. Uniquely, Renasa’s lead treaty has a three year term.
Renasa was established in 1998 by the international Reliance National Group. Following its restructure in 2004, Renasa has developed into an A- rated short-term insurer servicing independent intermediaries and UMAs with a broad product range.
Its national footprint and industry-leading technology has lead to steady growth over a number of years and an annualised gross premium income approaching R1.5 billion.
Renasa’s award as Commercial Insurer of the Year (the intermediated industry’s most prestigious award) and its nomination as a finalist in the Personal Lines Insurer of the Year Category of the Financial Intermediaries Association’s 2017 Awards confirms Renasa’s position among the industry’s leading insurers and marks its coming of age. The survey on which the awards are based is both independent and robust and judges insurers on equal footing in open company with no allowance for relative scale.
What Differentiates Renasa
Distribution Concentrated in Independent Broker Market
While Renasa administers policies and claims on a portion of its book, the majority is administered by independent intermediaries on their own/bureau systems. This improves broker service levels and competitiveness.
Technology is the Difference – Freedom with a Competitive Edge
Many brokers operate on independent systems. What is unique at Renasa is its ability to provide independent brokers with scientific rates and systemized claims control while allowing them to operate independently. Renasa has achieved this by integrating its systems to the independent policy and claims administration systems used by intermediaries.
Traditional/ Personal Commercial Lines Service – Quick Answers
Despite the pressures of the modern competitive market, Renasa provides a traditional personal service by experienced and well qualified broker managers who are mandated to provide cover and make claims decisions on the spot.
Brokers Manage Personal Lines Under Mandate – Freedom
Using their own independent policy and claims administration systems to which Renasa’s systems are integrated, brokers can handle personal lines under mandate with the benefit of both scientific rates and systemized claims cost control.
Renasa Services Nationally – If not in your town, we will come to you
Renasa offers its products and services nationally. If Renasa does not have a branch or representative office nearby, Renasa will bring its brand of personal service to you.