NEW COMPANY TO HELP EMPLOYERS CUT INSURANCE COSTS
South African insurance company, Hollard Life (part of the Hollard
Group), and international risk advisory and financial services
group, Glenrand M.I.B (Glenmib), have teamed up to form Fusionry
Integrated Risk Solutions, to enable employers to cut the cost of
risk benefits by splitting their group long term insurance cover
between self insurance and catastrophe elements.
This initiative will introduce to South Africa a popular overseas
concept that enables employers to contain insurance costs, benefit
from potential self-insurance profits, and cost-effectively
provide for high risks through reinsurance.
According to managing director John Austen, Fusionry challenges
the traditional practice of employers paying over their entire
premium to an insurance company to manage all risk on their
behalf.
It will also enable both employers and employees to keep pace with
increasing life and disability costs, which are becoming
increasingly unaffordable and rising faster than employees'
salaries. "Fusionry distinguishes between low risk, high
frequency events and catastrophe cover. By treating these
separately, costs can be reduced and proper risk management
procedures applied," he says. "A major plus factor for employers
is far greater control over future premium increases in their own
insurance funds."
Other benefits include employers' ability to monitor claims
experiences and member trends, removing restrictive underwriting
terms and conditions and sustaining the real value of risk and
retirement benefits.
Hollard is South Africa's largest independent insurance group and
Glenmib ranks among the largest risk advisory, benefit services
and investment advisory groups in South Africa's financial
services sector. "By combining our skills we are able to offer a
value-adding insurance vehicle to employers who are hard-pressed
to meet spiraling insurance costs," says Austen.
Fusionry will operate independently of Holland and Glemib and
focus on structuring solutions to meet the needs of all South
African brokers.
Ends
ISSUED FOR : FUSIONRY INTEGRATED RISK SOLUTIONS
CONTACT : JOHN AUSTEN 011 329 1930 Cell 082 452 2713
FAX NO: : 011 329 1928
E-MAIL : Jausten@glenrandmib.co.za
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : TISH STEWART 011 3225 4195 Cell 082 443 6399
FAX NO : (011) 325-4199
E-MAIL : Tish@tspr.co.za
DATE : 08 June 2001
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