GENRIC Insurance Company is pleased to announce its UMA partnership with Cura Administrators, a specialist administrator of health-related insurance products and funeral plans – including gap cover, cancer insurance, funeral insurance and life and health insurance.

“After an extensive review of potential underwriting partners and a short-listing of three, GENRIC Insurance came out head and shoulders above the rest in terms of its speed and agility in the market, willingness and ability to underwrite our existing products, terms, conditions and rates, and notably for its financial strength, technical support, insuretech innovation and experience in the healthcare market – including with other very successful gap cover products,” explains Rudolph Ackerman, Chief Executive of Cura Administrators, which he founded in 1997.    

“When doing the due diligence, aspects such as financial stability, solvency, governance and compliance, underwriting capability, technical systems, claims settlement and so on are very important, but equally important to us was the culture and approach of the leadership team, and whether this was a good fit for our business as well as our policyholders.  A number of factors were behind us working with GENRIC Insurance - its partner-focussed model with underwriting management agencies (UMAs), brokers, and insuretech businesses is well-known and established, it brings solid experience in South Africa’s health insurance sector notably in the gap cover market, it has successfully launched a number of innovative niche insurance solutions with its partners to underserved markets and there was a very good fit in terms of our people and business culture. We’re excited to be part of a much bigger picture that allows us to do what we do best, retain our entrepreneurial roots and specialisation, but on a much larger scale,” explains Ackerman.    

Cornel Schoeman, Chief Operating Officer of GENRIC Insurance explains: “At a time of rapidly changing customer needs, growing regulatory demands, capital pressures and technological disruption, GENRIC is focused on bringing niche insurance solutions to market by partnering with specialist underwriting management agencies (UMAs), start-up businesses, insuretech innovators and brokers.  Key in this partnership is that we encourage and support the retention of the entrepreneurial skills, customer centricity, and specialist knowledge that is typical of smaller yet highly focused businesses, like Cura Administrators.  As an underwriting partner, we are always conscious of building our partner model in a manner that ensures a seamless experience across the insurer-UMA-broker-client relationship, and future-proofs our shared business models for success,” says Schoeman.

“Our aim as GENRIC is to enhance both businesses through a partnership approach that establishes the necessary regulatory requirements, compliance, capital, technology integrations and good governance controls necessary to differentiate in the market, and leverage off the market disruption that allows us to bring risk solutions to underserved markets,” concludes Schoeman.  

GENRIC Insurance Company has a national scale financial strength of A-(ZA) with a Positive Outlook as affirmed by GCR Ratings, reflecting GENRIC’s improved earnings generation and quality growth over the past three years, strong liquidity and a strengthening in risk adjusted capitalisation.