In the short-term insurance industry, Compass Insurance has a
completely unique and different slant on business. That is because Compass deals
exclusively with underwriting agencies that provide specialised insurance
products for niche business and personal markets. These agencies also provide
insurance policy administration services for brokers. Compass, therefore, does
not actively market its own brands, but rather works behind the scenes with
partners. Consumer business is left to their partners, since they don`t market
their own bundle of products.
Compass Insurance Website
On the Compass Insurance website you can view their products and download their financial reports
The question is, then, why exist? Is this merely another layer in the complex
insurance process that merely adds another expense for the end consumer? One
must ask, what does Compass Insurance actually offer for customers in
terms of value?
When looking at the process, it is clear that Compass focuses on making the
process far more cost effective for its business partners - more streamlined,
and more efficient. Its validation works as follows: its underwriting partners
enjoy a very low expense ratio and are thus able to pass these savings onto
brokers, plus the benefit of advice and experience, and better service. The
strong backbone of using Compass allows the broker to acquire and administer
insurance in a smoother way, which ultimately benefits the insurance client that
works with the brokers who work with Compass underwriting partners. Thus the
system all works better in the end.
Having a company like Compass behind a business partner means having crucial
services specific to the insurance industry, such as analytical assessment and
IT platforms that rigorously interrogate trends and statistics. This data is
then applied to the business processes of each partner, along with consultant
support for the underwriting partners. Compass understands in the contemporary
business world, being financially sound is intrinsically linked to the quality
of systems and analysis. Numbers are fine and well, but how you understand them
makes all the difference in a business today.
Through their partners, they offer a portfolio of products such as general
personal lines, commercial protection, and various specialist policies,
performance bond markets, fixed property insurance, engineering and construction
related products, marine insurance products, products for the jewellery
industry, farmers asset products, environmental products to industry, specific
products for the Muslim community, and many more specialist products.
BEE AND CSI INFORMATION
Compass is BEE compliant and invests in a sound CSI policy.
Physical Address: 54 Peter Place, Peter Place Office Park, Building E,
Switchboard: 011 745 8333
Fax: 011 745 8444