Page 126 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 11 - THE INSURANCE INDUSTRY AND SOUTH AFRICA
providing payroll services. This was where we met a bunch of guys called Ronnie Woodward, Noel McIntosh and Peter Roberts where, not only did we pick up the underwriting of their payroll schemes but we eventually adopted their entire computer system to run our monthly business. By this time we had become Aegis.
In this period I first met Douw Steyn. Steyn’s Insurance Brokers were probably the most high profile aggressive direct marketers in South Africa in those days. They had a monthly package scheme much like our Home Plus, which they advertised through postcards that fell out of all the Sunday newspapers. Douw and his business had fallen on the wrong side of the regulator’s view of the world and no longer had an underwriter for their monthly scheme. We took it on at Aegis, against the doomsayers but with the support of Peter Moss the underwriting GM, who loved the concept of monthly policies as he got monthly profit reports and could change the rates whenever he liked.
History shows that Steyn’s grew and grew at Aegis and made good profits. Eventually they left us to form their own insurance company which today is the largest motor insurer in South Africa. Not only that but they own the largest aggregator in the UK and are a significant insurance company and aggregator here in Australia. They also have ventures in other parts of the world.
I like to think that by my backing them in the days when they were facing difficulties, (because I liked and trusted the people and I saw the potential), I have contributed to their long-term success.
One little thing I will always remember about Steyn’s was that in the advertising cards they had in the Sunday Times they promised that if you bought a policy from them and you had a claim you would get your claim dealt with within 24 hours. Not only did they promise it but they delivered on it. (Whether that meant payment, declinature or further action like the appointment of an adjustor). This created some pressures for and the guys down at the Sauer Street branch of Aegis in Johannesburg!
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