BrightRock shows the way in innovation
BrightRock is no longer a small player: last year it had annual premium income of R1.6bn and new business of R433m
At a time when insurtech businesses are cutting out the middleman, BrightRock, just seven years old, stands out as the poster child for the traditional intermediary-based model. Its total premium income was up 43% in 2018, at a time when its parent company, Sanlam Personal Finance (SPF), saw a modest 4% increase in business volumes. And BrightRock is no longer a small player: last year it had annual premium income of R1.6bn and new business of R433m. It now has a 12% market share of large-risk policies sold by independent financial advisers (IFAs), making it the fourth-largest player. Average monthly premiums are R1,400, but there is no minimum if the client has a need for only modest cover. BrightRock is currently writing half of all lump-sum disability policies. BrightRock products are distributed by 4,400 IFAs. It takes what is called a needs-based approach which is too complex to manage on the back of a cigarette box. There are in effect six separate mini-policies to cover house...
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