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.
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.
This refers to aiming high and striving for excellence in achieving both personal and collective goals. Possessing a strong, driving desire to be successful.
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.
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:
Develops the business plan, concepts, products and markets.
Manages the entire business.
Plays an important marketing role.
Sources new business and niche markets.
Is the most important person in our business.
2011 Global Credit Ratings has rated the Compass “claims paying ability” as “A+”.