Hollard on a mission to save brokers
Tuesday, September 11, 2018
Speaking during the launch today, Hollard group chief executive officer (CEO) Saks Ntombela said that the advent of direct insurance, rapid technological innovations and disruption are putting pressure on brokers’ sustainability.
“We live in a rapidly changing world with a low growth economic environment. On top of that, evolving regulation and supervision of the insurance industry are affecting the brokers,” he said.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...