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Is Your Critical Illness Cover Keeping Up With The Times?

Critical illness cover was originally the brainchild of a forward-thinking surgeon who noticed more and more patients were struggling to make ends meet after recovering from life-threatening conditions.

BrightRock

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Critical illness cover was originally the brainchild of a forward-thinking surgeon who noticed more and more patients were struggling to make ends meet after recovering from life-threatening conditions. This increase was driven by medical advances, which drove a spike in survival rates – and its consequential recovery costs – something that old school insurance policies did not factor into their products. And while we all know the medical field continues to move forward through innovation, it’s important to ask yourself: has your cover kept up?

Medical advances during the 1960s and 70s didn’t just lead to an increase in patients’ life expectancies, but it also led to financial difficulties for many survivors of critical illnesses and –injuries. Many of these patients were faced with rehabilitation costs and additional expenses caused by lifestyle and/or professional adjustments they had to make to stay on the road to recovery, and they struggled to make ends meet.

Dr Marius Barnard, brother of the famous Dr Christiaan Barnard and respected surgeon in his own right, identified an opportunity to provide these patients with risk cover for these needs. He partnered with a life insurer in 1983, and critical illness cover was born.

Initially covering only four major conditions, medical advances soon enabled the expansion of critical illness cover to many more conditions, like Alzheimer’s or Parkinson’s disease, paraplegia, major burns and brain damage. Lifestyle factors such as smoking, obesity and lack of exercise have increased the likelihood of critical illness claims, but the claims are becoming less severe, thanks to improved medical techniques for the treatment and detection of life-threatening conditions.

Related: How BrightRock Is Rocking The (Industry) Boat In Only 5 Years Since Launch

Where does critical illness fit into your financial plan?

While medical and, possibly, gap cover can make provision for medical expenses, critical illness cover is instrumental in covering any gaps and providing for lifestyle changes that result from conditions like paraplegia, like the expenses involving alterations to a home to be wheelchair-friendly.

Many medical aid schemes may also exclude certain treatments or not cover them in full, or you might have reached your annual limit. In these instances, critical illness cover may just come to the rescue.

Considering all the scenarios where critical illness products have the potential to come into play, it’s important to ask yourself how forward-thinking the insurance you signed up for really is. Does your insurer factor in the latest treatments, and have they adjusted the range of conditions they provide cover for to keep up with the latest medical research and survival rates?

How many conditions are covered?

Start by obtaining the list of conditions covered by your critical illness policy, because the number of conditions covered vary from company to company. There are life insurance providers that provide cover for over 300 conditions, while some assurers cover fewer than 100 conditions. Some life cover providers also take into account the treatment, clinical impact and effect of an illness, which ensures protection for as yet undiagnosed conditions – this is the kind of cover you should be signing up for.

How do the pay-outs work?

You should also consider the pay-out structure and/or –options of your critical illness policy. There are policies with pay-out options that are helpful for conditions that involve large expenses initially, followed by smaller amounts over a number of months. Importantly, you should be allowed to make certain choices about how your cover should pay out at claim stage, when you know what your physical and financial needs are.

What about smaller events, like accidents?

Forward thinking life cover providers have also identified a need for financial protection in instances where you might have less critical, but still traumatic illnesses or injuries and spent little or no time in hospital.

Related: BrightRock’s 5 Entrepreneurial Tips For Start-ups

Just think about the myriad of costs involving corrective procedures, medical aid co-pays, hospital costs, rehabilitation, assistive devices, physiotherapy, wound care, nursing and surgery costs – not to mention being unable to earn an income while you recover from a serious illness or injury. Many of these expenses might be typically incurred just because you aren’t fully covered by medical aid schemes and gap cover products.

Innovations like cover that precisely matches your needs are done in the same spirit of innovation and matching the needs of patients as we saw with Dr Marius Barnard. So before signing up for, or selling your next critical illness policy, ask yourself: Does my cover provider do the same?

  • Schalk Malan is the CEO of BrightRock, provider of the first ever needs-matched life insurance that changes as your life changes.

BrightRock was started around a dining room table in 2011 by a group of people with an entrepreneurial streak and a burning desire to change our industry for good – for the better, sustainably. Their aim? To create a new type of life insurance that would give clients and financial advisers the tools to co-create a solution that precisely meets their individual needs – even when those needs change. They entered the independent, intermediated risk insurance market in 2012, offering needs-matched life insurance cover that is uniquely structured to match clients’ life insurance needs very precisely at the outset and change as their needs change over time. BrightRock has grown rapidly since then, and is the fastest-growing player in its sector, a position it has maintained for the past number of years. BrightRock also operates in the life assistance market, where it provides underwriting management services to funeral parlour businesses around South Africa. They entered the group risk insurance market in May 2018, allowing BrightRock to extend its world first needs-matched approach to employee risk benefits. BrightRock enjoys strong backing from its shareholders. Its majority shareholder, Sanlam, is a leading financial services group listed on the Johannesburg and Namibian Stock Exchanges. The Lombard insurance group is a leader in specialist risk insurance, operating in the construction, customs, fuel guarantees, mining rehabilitation guarantees and credit insurance markets. BrightRock is headquartered in Johannesburg and Port Elizabeth, with regional hubs in the major centres of Johannesburg, Pretoria, Durban, Bloemfontein and Cape Town, and a national distribution footprint through more than 4 000 independent financial advisers. BrightRock Life is an authorised financial services provider and registered insurer. (FSP 11643, Company Registration No: 1996/014618/06).

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Forever Learning, Discovering And Empowering

From work-life balance to finding the right support, Constance Kawelenga CA(SA), director and owner of Zuva Financial Services, shares her top tips on how to manage a successful business as a sole proprietor.

SAICA

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“Every business has its own slice of the market; one just needs to define their service offerings and target market.”

“When I established Zuva Financial Services, it was under the ‘illusion’ of a work-life balance. I say ‘illusion’, because when you work for yourself, you put in just as many hours, if not more, than when you work for someone else.

“I also wanted the flexibility to be able to shape my working space around my own lifestyle and family, and not to have to account to anyone else. The rigorous training to become a chartered accountant taught me to be highly disciplined. That means when I work for my own business, I am just as tough on myself, if not tougher, than any boss would have been in a different setting. The plus for me is that I am able to be there for my family when I need to be, and compensate for this in a way that best suits my lifestyle.”

Being your own boss has its pros and cons. However, for Constance, it is all worthwhile. Setting targets for her business every year and achieving those targets is deeply satisfying. Again, this is something she attributes to her training — she values client success and feedback.

“Whenever I get affirmation from clients regarding the value that we are adding to their business, and they refer other clients to us, I celebrate those achievements. The growth of Zuva Financial Services’ has resulted mostly from referrals or word of mouth and that, to me, is a testimony to the value that our clients place on our services.”

Related: The Power Of Finding Your Why

Overcoming a lack of internal support

The hardest thing about being the owner of Zuva Financial Services for Constance is the lack of an internal support structure. However, Constance has developed a network of technical specialists that she can call upon to consult. She agrees that technical support remains the toughest challenge of being a sole practitioner.

“We offer a mixed bag of services such as accounting, taxation, secretarial, payroll and even Black Economic Empowerment consulting. Additionally, I have audit clients — some in industries with specific reporting requirements such as estate agents and attorneys working with trusts. On a smaller scale, the breadth of services is almost the same as those offered by bigger firms. The difference is that I don’t have the internal resources such as a technical department.

Prior to establishing Zuva Financial Services, Constance spent six years in audit, mostly in Zimbabwe, but also in Botswana and South Africa. Since then, she has also been exposed to other financial roles, where she fulfilled financial management roles for different organisations such BMW Financial Services.

Constance advises those aspiring to follow in her footsteps and open their own companies not to overthink it, or doubt themselves.

Related: Can Computers Replace Human Accountants? We Doubt They Can

Don’t overthink it

”It took me such a long time to take my first step because I could not believe that I would be able to build up a client base. Today, there are times when I am overwhelmed by the workload on my plate. It reminds me of my mother-in-law’s advice when I started my business. She told me that every business has its own slice of the market; one just needs to define their service offerings and target market.”

Constance describes herself as “forever learning, discovering and empowering.” She adds: “We each have a unique walk in life — ours is to boldly step out and embrace it”.

Visit www.saica.co.za

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TuksNovation – Accelerated Innovation With The University of Pretoria

The University of Pretoria’s high-tech business incubator will be launched on the 6th of August by Minister Zulu, Department of Small Business Development at UP – Hatfield Campus, to alleviate the serious challenges related to unemployment South Africa is faced with.

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According to Trading Economics (2017), the youth unemployment rate in SA is extremely high at 55,9%. The University of Pretoria is aware of this challenge and has embarked on launching a high-tech business incubator and accelerator.

This business technology incubator, known as TuksNovation, will promote job creation by providing support for the commercialisation of technology, networking, mentoring and sustainable spin-off technology companies.

Fuelling the economy

In a knowledge-driven economy, universities play a major role in regional socio-economic development. Innovations arising from a university’s intellectual capital can stimulate economies through new product development. Universities are therefore highly valued in terms of economic potential.

Although the creation of spin-offs is one of the key mechanisms that universities can leverage to promote socio-economic development, few universities in South Africa have done so, and the impact has been very modest. This low success rate can be attributed to the absence of an entrepreneurial culture, limited access to funding, as well as technology transfer offices at universities that lack critical skills and capacity.

Related: The Power Of Life-Long Learning with University of Pretoria

The elements of success

TuksNovation is based on the triple helix model of Etzkowitz and Leydesdorff (1995). According to the University of Stanford Human Sciences and Technologies Advanced Research Institute (H-STAR) (2011), the triple helix concept comprises three basic elements:

  1. It allows universities to play a more prominent role in innovation, on par with industry and government in a knowledge based society.
  2. There is a movement towards collaborative relationships among the three major institutional spheres, in which innovation policy is increasingly an outcome of interaction, rather than a prescription of government.
  3. In addition to fulfilling their traditional functions, each institutional sphere also performs 34 new roles. Institutions that are currently taking on non-traditional roles are viewed as a major potential source of innovation.

Over the long-term, the business incubator aims to enable the development of industrial clusters with a positive economic impact in Tshwane. It is set up in partnership with the Department of Small Business Development’s Small Enterprise Development Agency (SEDA). 

How it works

TuksNovation aims to build strong networks among academia, government and industry to create new spin-offs that can benefit society. According to Prof Elma van der Lingen, Chairperson of the Graduate School of Technology Management (GSTM) at the University of Pretoria, the TuksNovation model is based on allocating seed funding to students who are keen to become entrepreneurs and are conducting research on projects that have the potential to develop commercially viable technology.

“Annual TuksNovation competitions will be held on campus and interested students will be able to participate in order to qualify for TuksNovation seed funding to develop their ideas into commercial products,” she says.

The competitions will have strict guidelines and will be evaluated by a committee comprising mainly representatives from industry and technopreneurs. The technology development phase of the projects will be conducted in a virtual incubator in the University’s laboratories and at facilities at local industries.

The students will receive expert technical guidance from academics at the University, as well as technological entrepreneurship training. Various in-kind contributions will also flow from building strong industry networks.

Some benefits from this relationship could include:

  • The use of industry facilities
  • Research on industry-related problems
  • Employment for students and mentorship.

Related: Small Enterprise Development Agency (Seda)

Funding for the business phase of the projects is secured from external funders, such as venture capitalists, investors, and corporations.

Students with commercially viable technology will make pitches and submit business plans to potential investors in order to secure funding. SEDA covers the incubator’s initial operational costs. TuksNovation will initially support the development of spin-offs in the Faculty of Engineering, Built Environment and Information Technology, but will expand to other faculties involved in science and technology at UP, depending on the availability of funding.

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Knowing The Basics Is Not Good Enough Anymore

Being able to confidently speak and write in English has never been so important. Using the right words in the right way can make a massive difference to any company.

Wits Language School

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Do you know the difference between “organize” and “organise”? Do you believe “device” and “devise” are the same thing? Do you think a comma and a semicolon could be used interchangeably? Why is “talk about” considered informal language? How does one create cohesion in your writing?

Few people in the business sector ask these questions; it could be because they do not focus on the language they use in business correspondence or, as second language speakers of English they do not know the answers. With many pupils in South Africa receiving basic education in their mother tongue, many enter the business sector not knowing the basic rules of how to articulate an idea coherently or cohesively. It is often when they are asked to compile a formal business report or prepare a presentation that few realise the importance of upskilling their English proficiency.

At the Wits Language School’s English Communication for Professional Development unit, that is the main focus: Enhancing participants’ English language skills for the business environment in an interactive manner. Whether you need to go back to the basics; learn how to write and edit emails, proposals, memos, minutes or reports; enhancing your speaking and pronunciation skills in order to deliver confident presentations; or practise your critical thinking skills when using English in your everyday life, there is the right course to fit your needs and help you climb that corporate ladder by focusing on what many regard as a “soft skill”.

Related: Tips To Becoming Fluent

Business English students can generally be classified into two sections: those who recognise the need to address their language skills, and those who believe they do not need any language training. The first group often walks into a class not knowing what to expect and leave with more confidence in their English spoken and written forms. The second group leaves the class understanding language structures better and rely more on grammar and writing rules than on what “sounds right”. Regardless of the group you might fall in, participants who successfully complete the courses gain knowledge, understanding, confidence, a higher aptitude in English and critical analysis of the language they are expected to converse in.

Take for example the following sentences – “I write reports”, “I am writing a report”, “I wrote a report”, “I have written a report”, “I have been writing a report” and “I had written a report”. Although all of these sentences are grammatically correct, they are very different in meaning and intention. “We could invest”, “We must invest”, “We might invest” and “We should invest” indicate different intensities and degrees, and “Please see attached” is better than writing “Kindly see attached”. One should avoid using a colon after a verb or preposition when you list things, and “U.S.A.” and “USA” refer to two different writing styles (one of which is preferable in South Africa).

Today, many companies are recognising the importance of English in the workplace as a way to create better internal and external communication, as well as creating uniformity in general forms of correspondence and business documents. While some companies offer their staff financial assistance in upskilling themselves, other companies opt to complete training as a group. With classes being presented in a communicative and fun way, English training has never before been made more accessible and exciting. Public classes run every Saturday over a 10-week period, while more customised corporate training takes place during the week at a time and place convenient for the client. Participants often comment that they start to analyse, question and edit their writing more critically and that their superiors at work see a marked change once they start a short course from Wits Language School.

Read next: How English Language Skills Play An Essential Role In Building Trust With Your Customers

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