Connect with us

Entrepreneur Today

Nedbank Partners With LaunchLab To Issue Fintech And Big Data Innovation Challenge

Winning ideas stand a chance to win a share of R80 000 in seed funding and LaunchLab incubation support for six months to launch and develop their business ideas.

Entrepreneur

Published

on

Launchlab-logo

Nedbank, one of the largest banks in South Africa, has teamed up with the LaunchLab, a network of African university campus-based business incubators, in an exciting innovation challenge.

This partnership will be driven by the LaunchLab’s breakthrough innovation platform to capture new ideas and business models that may be the next disruptive innovation in the banking industry. This includes the LaunchLab’s Ideas and Lift-Off Programmes, which allow corporates access to external breakthrough innovations in their industry.

A two-hour workshop was held on 16 August 2016 at the Nedbank Stellenbosch University LaunchLab where participants had an opportunity to engage with the LaunchLab and Nedbank teams, as well as to connect with other aspiring Fintech entrepreneurs.

Attending this workshop helped participants to better understand the challenge, stimulated their thinking and provided clarity about the value of their ideas.

Related: South Africa Is Becoming Africa’s Fintech Hub

The workshop will be followed by the Pitching Platform, where a panel of judges will look for pitches with business potential that could be the next breakthrough Fintech and Big Data idea. The pitches will be made in the form of a three-minute video.

The videos can be recorded in-person at the LaunchLab’s various campuses in the Western Cape, or submitted online at the following link: www.launchlab.co.za/Nedbank. Entrants may pitch more than one idea, but only one idea can win.

This support will include workspace, Internet access, portfolio management and mentorship. Nedbank will be carefully monitoring the development of these business ideas during this time to gauge their potential and see if they can add value to Nedbank’s services

“Nedbank has already benefited from various collaborations with residents of the LaunchLab and because of this the bank has decided to pose a challenge to our unique community in order to undercover more disruptive ideas which could change the future of banking in Africa,” says Brandon Paschal, LaunchLab’s Operational Manager.

“We are encouraged by the depth of exciting ideas and entrepreneurs we engage with through the LaunchLab. Most importantly, the fast-growing traction of Fintechs and usage of Big Data intelligence gives us a great sense of comfort that South Africa is firmly poised not just to participate in the global innovation arena – but to lead it,” says Chris Wood: Executive Head of Emerging Payments, Strategy and Regulatory at Nedbank.

Nedbank-innovation-advice

The Fintech and Big Data industry has seen a great deal of disruption due to new technologies and changing banking behaviour in Africa. Nedbank has identified the need to tap into these breakthrough innovations to find new ways of using mobile technology to further promote financial inclusion, enhance client experiences using connected devices and find innovative methods to on-board and activate new clients.

Related: Fintech: Fusing Finance And Technology

Nedbank’s partnership with the LaunchLab enables access to these disruptive innovations. The LaunchLab provides a link to a unique community of campus-based entrepreneurs as well as an environment where start-ups can test new technologies and business models without corporate restrictions.

The Fintech and Big Data Ideas programme extends across all universities in the Western Cape, tapping into student and non-student entrepreneurs as well as communities of innovative thinkers and creators.

Interested entrepreneurs and innovators can find more details about the Pitching Platform on the LaunchLab’s website: www.launchlab.co.za/nedbank.

The LaunchLab and its programmes operate from the Nedbank Stellenbosch University LaunchLab building in Stellenbosch. The Launchlab is an initiative of Innovus, the industry interaction and innovation company of Stellenbosch University, and is funded by Stellenbosch University, Nedbank and the Department of Trade and Industry.

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

Entrepreneur Today

Win R80 000 In Cash For Your Biz

Running your own business? Want to run your own business? Either way, ENGEN Pitch & Polish is the platform you need to launch you on the path to success!

Entrepreneur

Published

on

pitch-and-polish-competition

Now in its ninth year, ENGEN Pitch & Polish is a national entrepreneurial workshop and competition that – so far – has helped around 10 000 entrepreneurs improve the way they pitch their businesses to potential investors. A perfectly polished pitch is key to growing and succeeding in business! Magic always happens when investors hear a well-rounded pitch, as seen at the 2017 final where the winner was offered R2.5 million in potential funding.

This year’s programme is hosted in partnership with Engen Petroleum Ltd, Nedbank and Raizcorp, with the Johannesburg workshop taking place on Saturday 13 October. You can register to attend as a delegate or – if you feel you have what it takes – you can complete an online entry form to be considered as a contestant.

During one exhilarating, exciting and fun free day, participants undergo comprehensive and interactive entrepreneurial training on how to pitch like a pro! The session is facilitated by Justin Cohen, best-selling author, international speaker and TV talk-show host.

After the training session, the pre-selected contestants can pitch their ideas or businesses to the whole audience. This is where things get really interesting, with both the facilitator and the audience providing feedback on how pitches can be improved.

Book now to ensure your place in Johannesburg on Saturday 13 October. SMS “Pitch” to 43719 (SMSs charged at 50c) or visit www.pitchandpolish.com to complete an entry form.

Related: 3 Components Of The Perfect Elevator Pitch

Continue Reading

Entrepreneur Today

Engen Helps Tackle Unemployment Through Learnership Programme

In an attempt to address skills shortages in SA, Engen has trained over 500 artisans and professional drivers. Engen encourages all interested parties to apply and send their CV’s to check for available positions.

Entrepreneur

Published

on

engen

In response to increasing unemployment rates in South Africa, Engen are running various campaigns to recruit candidates for learnerships, which are based on business and industry needs. To date, Engen has trained over 500 artisans and professional drivers, who are now licensed to trade in various fields.

Engen invites interested people to email their CV’s to Learnerships@engenoil.com and to check for available learnership opportunities on the company web site.

South Africa has an unemployment rate of approximately 27%, yet at the same time, the country has a shortage of suitably qualified people. In an effort to help address this anomaly, Engen offers a variety of learnerships in technical fields to help educate and upskill school leavers and unemployed youth.

A learnership is a work-based learning programme where classroom studies at a college or training centre are combined with practical on-the-job experience. Research shows that we learn far better, when we practice what we have been taught in the classroom in a real workplace environment.

Engen aligns its learnership recruitment to its business needs. Those who complete their learnerships are often employed by the company or within the broader petroleum industry.

“In this way, the introduction of learnerships is making a good contribution towards solving the skills shortage in the industry,” says Mmalenyalo Galane, Skills Development Facilitator at Engen.

“By physically performing tasks in the workplace that are learned in the classroom, you canput into action what you have learned and also what you did not understand. This allows youto ask the trainer to explain that part of the lesson again until you fully understand it.”

Related: How To Start Your Own Artisan Business

Galane says the learnerships offered by Engen form part of a nationally recognised qualification and are directly linked to an occupation.

“A learnership does not only teach skills for a particular job when you complete your training, it also forms part of a higher qualification towards which you can study by undertaking other learnerships or short courses.”

Adds Galane: “Each learnership has a specific level of qualification. For example, if you want to become an artisan, you must complete four separate learnerships (levels 1, 2, 3 & 4). There is no set period to do this, as each level counts towards the full qualification.”

Engen offers learnerships in Chemical Operations, Professional Driving, and Production Technology, as well as various trade occupation apprenticeships such as diesel mechanic, fitter and turner, instruments and electrical.

The 12-month learnerships offered by Engen pays a monthly stipend to successful candidates. Engen is also passionate about the development of people with disabilities, says Engen’s head of Human Resources, Chwayita Mareka, and has partnered with an N.P.O. in Cape Town for learnerships specifically designed for people with disabilities.

In addition to the learnership programme, Engen also funds bursaries for students studying Engineering and Finance-related degrees, with the aim of creating a pipeline of talent for the Engen Graduate Development Programme.

“In all these ways, Engen is surely doing its part in helping reduce the country’s high unemployment rate by developing the unemployed Youth and further upskilling them on the job,” says Mareka.

Continue Reading

Entrepreneur Today

4-Sure – The Cutting-Edge Insurance Platform That Is Revolutionising The World Of Insurance Claims

A multi-sided, digitally-driven business platform that has been wholly-developed and launched in South Africa is ‘uberising’ the local short-term insurance industry by transforming the traditional claim fulfilment landscape.

Entrepreneur

Published

on

4-sure-logo

Developed locally by Insuretech sensation 4-Sure and headed up by actuary-turned-entrepreneur Shalen Moodley, the 4-Sure platform seamlessly connects the claims ecosystem consisting of the customer, broker, insurer, service providers and suppliers and manages all complex interactions and sequencing required to deliver superb customer experience, optimal claim cost and fast turnaround times.

“The new system, which eliminates virtually all the manual processes and “waste work” involved in dealing with a claim, also provides enhanced opportunities for small businesses to compete for insurance claim work traditionally only available to a select few. Simultaneously, it reduces the fraud risks associated with the manual allocation of claims, and reduces costs across the board”, says Moodley.

“There are several weaknesses inherent in the traditional insurance panel and the outsourced claims fulfilment models”, says Moodley. Relationships between the insurer’s agent and supplier base can result in some contractors being favoured above others. The payment of “incentives” by service providers as a reward for getting work can also skew the allocation process and drive massive cost inflations. Furthermore, costs can vary for similar jobs and the use of assessors for approval of routine jobs results in time delays and increased administration costs.”

“Most seriously for most insurers, is that one-on-one contact with the customer is lost during the claim fulfilment process – they are disintermediated. Often, the result is dissatisfaction on the part of the customer, disrupted processes, unnecessary delays and often the possibility of an unhappy customer withdrawing their insurance and other investments with the associated brands of the insurer.

Related: I would like to start an insurance business. What are the basic guidelines?

After extensive discussions with the industry regarding problems faced with settling claims, 4-Sure concluded that reformation of the system should be based on shorter, effective communication structures, the ‘democratisation’ of the panel system and the strategic use of technology to improve process efficiencies and, most importantly, customer satisfaction levels.

The answer was the building of an entire digital ecosystem based on the use of sophisticated regressive algorithms that made the ‘Circle of Service’ between insurer and claimant transparent and frictionless. Creating an extensive database, making software available to service providers and connecting suppliers of raw materials as well as early payment mechanisms completed the service circle. As well as speeding up claim response times, the process was also efficient and fundamentally more effective.

Taking inspiration from successful platform businesses around the world, the insurance platform includes a vastly increased list of vetted and rated service providers. In order to warrant superior service levels and build customer trust, becoming listed requires that several stringent criteria and checks are met by service providers. When a claim is registered – including the time when the customer requires assistance – it drops into the platform. Appropriate service providers listed can then respond and confirm their availability. They are then required to be on site at the time stipulated by the customer, undertake the work and then complete a Mobile App-driven reporting process for the insurer’s records (including before and after photographs, assessments and costings).

To participate in the platform a service provider must have a smartphone and the software, provided free by 4-Sure. Part of the package includes a service provider ‘scheduler’s’ desktop package that enables job scheduling, field technician allocation and all the information relating to the job to be collated and electronically submitted for payment to the insurer.  ‘

“For a sole trader or SME, one of the greatest challenges to building a sustainable business is controlling cash flow. Service providers on 4-Sure do not have to carry an extensive array of raw materials or cash to fulfil allocated insurance claims work. Once they are on site, have assessed the repair work and had it rapidly approved, the service provider is able to visit a 4-Sure-approved partner supplier (Builder’s Warehouse, Penny Pinchers, Buco, Plumblink and others) and pick up the required stock.

“They are using their 4-Sure Mobile App to get the necessary materials and the outlet then bills the insurance company concerned directly through the 4-Sure software for the expenditure. Because of the volumes involved, we have been able to negotiate favourable prices for these services which are now on offer at more than 400 service points across the country.  The service provider bills only for the time and labour spent on the job at the agreed rates. Their bills are then submitted using the 4-Sure software, go directly to the insurer and are generally settled within 24-48 hours.”

“As smaller operators are no longer waiting between 30 and 60 days for their money, they are very happy to complete routine jobs for a set fee.  Depending on the service they deliver and the customer ratings they receive, they are in control of just how much work comes their way.  As a job is loaded on the system and service providers then bid for the work, competition is assured and opportunities for work are equal across the spectrum of service providers – a new paradigm which rewards performance with more work and consequence-manages the non-performers off the platform.”

Related: Insurance Company Sample Business Plan

Further value is added to service providers by free access to geo-positioning systems, which not only plots their way to their closest parts supplier but also to the customer’s property.  Jobs that appear on their systems also cover the areas in which they choose to operate. Those closest to the customer can make their presence known and compete for the work. Those who feel the costs of reaching the site do not make a job worthwhile simply do not accept the job alert and wait for the next job to come along,” says Moodley.

For insurers, who can track the response times of service providers in real-time and contact them electronically if they are late on site, the major benefit is that the loss of customer contact at the point of handing over a claim to the traditional incident manager no longer exists.

Explains Moodley, co-founder of 4-Sure and one of the innovators behind the home-grown platform that caters specifically for local needs and is believed to be the leading services of its type anywhere in the world:

“4-Sure has succeeded in becoming the first, fully-digital insurance claims platform to provide a truly customer-centric experience. The system is flexible and although the present focus is on non-motor claims, other avenues, including motor insurance and non-insurance opportunities are being investigated and developed,” says Moodley.’

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending