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ICBA South Africa report that ‘tough trading conditions have provided opportunities to innovate.'

04 Nov, 2019

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Commenting on trading conditions for 2019 in South Africa, Darrell von Broembsen, ICBA South Africa said: “Undeniably trading conditions remain challenging and this has culminated in one of the insurers (SANTAM) withdrawing from the market. Given that Santam at their peak had an estimated 20% market share it has put us under pressure – specifically with regards to capacity. We anticipate there will be no let up in the next 12 months.”

“However these market conditions provide us with opportunities to bring innovative services to market. To this effect we have continued extending and improving our service offering in credit risk mitigation. With fellow ICBA Partners we are working as one team to develop innovative solutions in the trade credit insurance market.”

“Whilst we are in survival mode presently, especially with the Santam exit, I’m proud to say we have managed to place all our clients and in doing so underpinned the sustainability of their businesses at a time when they must be robust. We have also achieved sustained growth of the business and continue investing in our IT infrastructure so that we can provide clients with world class risk mitigation tools. We’ve had a soft launch of our Debtor Management System “DMS” – an IT platform that links together Information services, Insurance, Debtor CRM, Pre-legal and legal collection services. With client feedback and further development (including branding) we plan to fully launch this in Q1 2020.”

“We recognise the pace of change and as a team work hard at keeping abreast of the challenges and the opportunities they offer. And of course when it comes to retaining clients, there’s no substitute for the ‘human touch’. We place a great emphasis on building long term relationships with clients so that we can all flourish in good times and challenging ones.”

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