Indequity Group Limited (JSE:IDQ)
Indequity Group Limited (JSE:IDQ) is a specialised short-term insurer providing market leading insurance products for the professional and affluent private client markets. The Group also provides business insurance.
The Indequity Group entered the insurance market in 1996 as an insurance broker writing personal lines business on behalf of the larger insurance companies in South Africa. This established a stable annuity income for the business (an asset in its own right). Growth was steady but remained dependent on the service and pricing levels of the insurance companies with which the Group placed its business.
From the outset the Indequity Group targeted the professional/high net worth market. To enable it to provide the pricing structure essential to this niche market, Indequity expanded its operations to include an unrestricted Short Term Insurance Licence.
An opportunity presented itself when a captive insurer became available for sale, and the Indequity Group purchased this company in November 2000. The licence conditions were, however, very limited so the Group lodged an application with the South African Financial Services Board to extend these licence conditions to a full short-term insurance licence which would allow the company to write all classes of insurance. Approval was received from the Board early in 2002, thus transforming the company into an entity that continues to strive to become a leading specialised global financial services organisation.
Following this development, and based on the experience gained in the previous years as an insurance broker, the Group developed a unique personal lines product that focused specifically on the target market’s requirements.
Following the success of the Uniq-cover personal lines product, Indequity's product offering was expanded to include a business insurance product called Probiz - a distinctive short term insurance policy that offers peace of mind to the professional’s business.
The size of the Indequity business and operating units is a vital factor in the Group's business model. It gives it the flexibility to handle the largest projects while retaining the loyalty, close relations and camaraderie with clients.
Indequity strives to attract and retain exceptional individuals by encouraging teams to take ownership of projects and business units. This allows them the freedom to operate within clearly defined risk parameters while accepting the accompanying responsibility.