There are numerous extensive financial service providers in South Africa. They are often caught in the trap of trying to be everything for everyone, only to end up being nothing for nobody.
It is impossible for a mega-organization to pay specialist attention to each client. A vast quantity of clients inevitably leads to people becoming little more than numbers. There is hardly any opportunity for personal attention or establishing a personal relationship with a client.
Imagine the frustration for everyone concerned if a large banking group, for instance, had no specialists or branch managers and only one central person were responsible for all the institutions’s clients. It would result in a chaotic situation. That is why a bank has a variety of experts specializing in mortgage bonds, foreign exchange dealing etc., while branch managers concentrate on rendering service on a local level.
The same applies to the world of insurance. Eventually it is in the interest of the client to deal with a broker who specializes in a particular field. Only through specialization can the specific needs of a client be properly attended to and a relationship of mutual trust and confidence be established.
It is clear, therefore, that specialization is no new phenomenon. There are many more examples of its benefits in everyday life around us. When a house is built, for example, one person specializes in bricklaying, another in plastering, etc. It would probably be disastrous if the plumber did the electric wiring as well! Likewise, no-one would easily agree to undergo intricate brain surgery by a general medical practitioner – one would certainly prefer a highly specialized brain surgeon to perform the procedure.
In the end a product or service is provided, but through specialization each individual need is catered for in the best possible way.
“Similarly, people over 50 have their own specific needs regarding insurance,” says the Managing Director of Integrisure Brokers, Arnold van der Linde. “Because they are generally more responsible in the safeguarding of their property and don’t tend to claim unnecessarily, it makes sense that they shouldn’t subsidise the insurance premiums of less responsible younger people. That’s why we specialize in this market and ensure that the older generation benefits by more favourable premiums and personal service,” he said.