ELITE RISK ACCEPTANCES (PTY) LTD: Taking Insurance to the Next Level

A High Net-Worth Individual (HWI), as the South African Revenue Service (SARS) defines, is one with gross assets worth R75 million or more, and this group has an important role to play both in South Africa’s economy and in sustaining revenue growth. The trappings that inevitably come along with such circumstances, clearly, require specialist and all-encompassing protection for assets, and Elite Risk’s comprehensive range of personal insurance policies cover the most prized of possessions from property and buildings to fine art and jewellery.

“We recognise the risks that come with the rewards,” Elite Risk comments, “and as part of the Old Mutual Insure family, we possess the power and flexibility to offer a range of insurance products at competitive premiums.” The broad range of insurance solutions on offer at Elite Risk are tailored to fit ambitious lifestyles, resulting in comprehensive, personalised and value-adding coverage.

“We have a wide range of insurance products and services tailored to meet the needs of high-net-worth individuals, including asset protection, risk management and personal risk insurance,” Elite Risk summarises, “underwritten by the power and reputation of Old Mutual Insure. Clients continually benefit from a company with a tried and trusted track record.”

EXPONENTIAL GROWTH

A seemingly innocuous glass of wine shared between two best friends at the side of a pool in 2017 was the genesis of this industry frontrunner, shares MD Tarina Vlok of Elite Risk’s origin. “My friend told me it was her dream to start a specialist underwriter for Old Mutual Insure, preferably with me,” Vlok relays.

“We duly put together a business case with which to approach Old Mutual, and within two months it was agreed, signed off and we began working with them. Within a matter of four months, the company was established, the product was launched, and we officially started operations in August 2018.”

Exponential growth quickly followed, Vlok elaborates. “We were soon positioned to appoint staff and rented a small office space in the Old Mutual office in Durbanville,” Vlok says. “From the start, we have been overwhelmed by the support from the Old Mutual Insure intermediary database and our growth has been phenomenal; even through extensive and strict lockdown periods we have grown at an astonishing rate.”

As co-founder, Vlok was appointed as GM, and later in 2021, MD, with Elite Risk having swelled from the original duo to a current staff complement of over 50. “We were very proud last year to acquire our own dedicated office space,” Vlok expresses. “The Old Mutual brand is so strong, and indispensable to have as a parent, but we have striven right from the outset to create our own name, and we have successfully established an aspirational brand.

“We couldn’t maintain this growth without our staff, and their wellness is very much at the core of our success, with 50% of appointments over the last six years having been internal promotions; this is a very important strategic pillar for us.”

THOUGHT LEADERS

“I’m proudly leading an amazing team who are passionate about providing the best possible service to our brokers and clients,” Vlok beams. “With over 20 years of technical non-life insurance experience myself, most of which has involved leading teams, I am accountable to ensure innovative growth solutions by continuing to cater for the specific asset insurance needs of the wealth segment, whilst managing a sustainable and profitable business.”

The company, Vlok reports, is in good health, and although growth is slowing down due to various factors, including the economy, she is confident that Elite Risk will reach growth and profitability targets this year. “We think of ourselves as a risk management ambassador for wealth protection,” Vlok offers, “and we don’t leave anything to chance; our team of experts work with intermediaries to create a custom insurance solution that meets their specific needs and goals.”

Licensed to market non-life insurance to properties within the South African borders, Vlok clarifies, Elite Risk is proudly insuring some of the wealthiest people in the country within a hotly contested market segment. Looking ahead, she details, Elite Risk has a keen eye on trends in alternative and diverse territories, with strong emerging potential markets for wealth in Namibia and Mauritius, specifically. “Through our principle, our long-term ambition is to expand into other African markets, and possibly even into other classes of insurance.

“We have a reputation for being thought-leaders within our chosen field,” Vlok reveals. “This is something that is close to my heart; we are continuously researching and staying abreast of the insurance landscape, trends, and evolving risks.”

Innovative hybrid approaches mean that Elite Risk places the client at the heart of everything it does, with a differentiated model driving value and striving for delivering outstanding service, Vlok opines. “Elite Risk puts customers first, always. No matter the plans and safeguards put in place, life is unpredictable. It can throw us a curveball and leave us out in the cold. Our cover solutions are designed to support in every way, and each of the policies we offer across every category is testament to this.

“Anchored in more than 180 years of experience, Elite Risk is fierce about guarding clients’ most valued assets.”