Unveiling the lasting value of brokers – insights from the funeral industry

Insurance brokers still play a vital role in the financial services industry in providing product expertise, access to markets, claims assistance and regulatory compliance support.Despite technological advancements and alternative distribution channels, brokers continue to serve very specific needs in the value chain.In this episode we are talking specifically about the significant role that insurance brokers play in driving growth within the funeral industry in South Africa, a country which collectively conducts about 480 000 funerals a year post-Covid.In the studio we have Clinton Macdonald, CEO of KGA Life, a specialist funeral insurance underwriter, specialising in group schemes. It has a national presence through an extensive distribution network of intermediary partners, with offices in Gauteng, the Western Cape, Eastern Cape and the Free State.In 2017, Macdonald joined KGA, which was founded in May 1986. He was appointed its CEO in 2019.Listen to his insight into the funeral industry, which shows that intermediaries are often very localised within their communities and build trust with customers on a level that the product providers simply cannot attain themselves directly. And how the Covid pandemic set a very specific scene for why brokers still matter.