The Compass Insurance business model is unique in the short-term insurance industry. We only deal with Underwriting Managers. These business partners focus on providing innovative products and a specialised policy administration service to short-term insurance brokers. We do not market our own products, nor do we seek business directly from consumers.

We strive to be the most attractive and consistent long-term partner for our selected Underwriting Managers and outsource suppliers by reviewing how we can allow them to be more competitive in the market to the best of all our businesses. The earning potential of our business partners is linked to the profitability of the underlying business. This enables our business partners to focus on sustainable profitable growth which allows all the partners in the relationship to benefit from the business.

Compass Insurance opened its doors in July 1994. In 2001, Hannover Re Africa, a subsidiary of the international operation, recognised the possibilities of Compass's innovative and unique outsource philosophy and acquired the full share capital of Compass Insurance Company Limited.

Hannover Reinsurance Group Africa (Pty) Ltd., was founded in 1966 and is now one of Africa's largest reinsurers. It is a diversified reinsurance group, combining the security and expertise of European professionals with traditional South African values.

Positivity

This is defined as having helpful and constructive intentions towards others. Showing confidence and optimism. Possessing a determined attitude that assists in attaining success. Demonstrating willingness towards fellow staff members, underwriting managers, suppliers and stakeholders.

Ambition

This refers to aiming high and striving for excellence in achieving both personal and collective goals. Possessing a strong, driving desire to be successful.

Respect

This we defined as admiration due to good qualities or achievements. Holding in high esteem and recognising worth and value. Showing consideration and care. Polite behaviour. Displaying regard for others, as well as the environment the company operates in.

Trust

This involves being dependable and reliable. Looking after and taking care of responsibilities as expected. Allowing others to have faith and conviction in your abilities, your advice, your knowledge and your expertise.

Compass Insurance uses the Specialty Business Model whereby the marketing, claims handling and underwriting function is outsourced to specialised Underwriting Managers.

Compass is uniquely positioned in the short-term insurance industry in South Africa and only deals with Underwriting Managers and outsource suppliers, which has the following advantages:

• We concentrate on developing meaningful relationships with our business partners through service, analysis and innovation.
• Compass is able to share ideas with its international colleagues on the Specialty Business Model, allowing for the introduction of world class service and products to the South African market.
• Our Underwriting Managers, our business partners, focus on providing innovative products and a specialised administration service to short-term insurance brokers.
• Compass does not market its own products nor does it solicit business directly from consumers. Since much of the responsibility and authority rests with the Underwriting Managers, they have the freedom to make underwriting decisions, create new niche products and develop new markets.
• We acknowledge the expertise of our Underwriting Managers in their relevant fields, and build our business model based on a trust relationship.
• We strive to be the most attractive and consistent long-term partner for our selected Underwriting Managers by giving them analytical assessments and providing an information technology platform which allows for a detailed assessment of trends and statistics.
• Compass Insurance focuses on providing underwriting capacity and capital for motor, household and commercial short-term insurance, working in close co-operation with re-insurers and highly-specialised Underwriting Managers typically focused on niche and non-standard coverage and hard-to-place risks.
• Using their own brand, the Underwriting Managers develop the business through individual risk underwriting, within agreed guidelines, and building relationships with the brokers and end-users.
• Underwriting Managers are given the freedom to run their own companies as creatively, innovatively and pro-actively as they wish, yet at the same time they can rely on internal guidelines, control, support and expertise to make sure we all achieve our mutual business strategies

Re-Insurers

 

Compass

 

Both Compass and Agent

Underwriting Agent

Develops the business plan, concepts, products and markets.
Manages the entire business.

Brokers / Intermediary

Plays an important marketing role.
Sources new business and niche markets.

 

Customer / Policy holder

Is the most important person in our business.

2009 Global Credit Ratings has rated the Compass “claims paying ability” as “A+”.