Renasa Insurance Company

Renasa Insurance Company Insurance Review

This in-depth review provides a comprehensive overview of Renasa Insurance Company, examining its history, market position, insurance offerings, customer service, and overall value proposition. We aim to equip potential clients with the necessary information to make informed decisions about their insurance needs.

Overview

Year of Establishment and Background Story

Established in 1998 by the international Reliance National Group, Renasa Insurance Company underwent a significant restructure in 2004. This restructuring transformed it into the A-rated short-term/non-life insurer it is today, serving independent intermediaries and UMAs (Unit Management Accounts) with a diverse product portfolio. This strategic evolution has positioned Renasa for substantial growth, achieving an annualized gross premium income nearing R1.5 billion. The company's commitment to cutting-edge technology has further fueled its success and national reach.

Key Milestones in the Company’s History and Growth

• 1998: Founded by the international Reliance National Group.
• 2004: Underwent a major restructure, solidifying its position as an A-rated insurer.
• Ongoing Growth: Experienced consistent growth, expanding its national footprint and leveraging advanced technology to achieve significant annual premium income.

Regulatory Compliance and Licenses

Renasa operates under strict regulatory guidelines and holds the necessary licenses to conduct insurance business. Key details regarding its regulatory compliance include:

• FSP Number: 45594
• Rating: A- rating by Global Credit Ratings Co. (GCR)

Insurance Products and Services

Main Insurance Products

Renasa offers a range of insurance products designed to cater to diverse needs. Their key offerings include:

• Motor Insurance: Renasa's motor insurance goes beyond standard coverage. It incorporates specialized policies addressing vehicle depreciation and providing credit shortfall coverage for financed vehicles, offering comprehensive protection against financial losses.
• Engineering Insurance: Partnering with FDM Engineering Underwriters, Renasa provides comprehensive engineering insurance solutions. This expertise covers various classes of engineering insurance, focusing particularly on Contractors All Risk and Plant All Risks insurance, critical for construction and industrial projects.
• Gap Cover Solutions: Through its collaboration with Linksave, Renasa offers gap cover solutions designed to mitigate the financial burden of medical emergencies. This vital coverage helps prevent medical crises from escalating into significant financial hardship.

Coverage Options and Policy Details

Renasa offers specific coverage options to enhance its core insurance products. These include:

• Inception Value Policy (IVP): This innovative policy compensates for the difference between a vehicle's retail value at the time of purchase and its value at the time of loss. This crucial coverage benefits both financed and non-financed vehicles, regardless of age.
• Specialized Motor Policy: This policy goes beyond basic motor insurance by explicitly addressing vehicle depreciation and offering credit shortfall coverage for financed vehicles, providing complete financial protection.

Additional Services

Beyond core insurance products, Renasa provides additional services to enhance the client experience. While not explicitly detailed in all sources, their commitment to empowering intermediaries suggests access to valuable support services:

• Claims Assistance: Renasa maintains a dedicated claims department to streamline and expedite the claims process. This dedicated team provides essential support throughout the claims journey.
• Potential Financial Advisory Services: Given their focus on working with intermediaries, access to financial advisory services through those intermediaries is highly likely, although not explicitly stated on their website.

Premiums and Pricing

Pricing Structure

While precise premium rates are not publicly available on their website, they vary according to the specific type of insurance and chosen coverage options. The comprehensive nature of their policies suggests a fair price, aligning with their A-rating. This rating indicates Renasa operates within competitive pricing parameters within the insurance market.

Comparative Analysis with Industry Averages

A detailed comparative analysis against industry averages is not readily available through public sources. However, Renasa's A-rating from a reputable credit rating agency suggests their premiums are competitive and reflect a responsible approach to pricing and financial stability.

Discounts and Special Offers

Specific information on discounts, such as multi-policy discounts, safe-driver discounts, or loyalty rewards, is not explicitly detailed in publicly accessible sources. However, considering their focus on empowering intermediaries, it is plausible that such discounts or special offers are available through their intermediary network. Any promotional deals or limited-time offers are not currently advertised.

Customer Service and Support

Contact Methods

Renasa offers several ways to contact their customer service team:

• Phone: +27 (0)11 380 3080
• Email: [email protected]
• Live Chat: Not currently offered.

Availability of 24/7 Support and Multilingual Assistance

Currently, Renasa's head office operates during standard business hours (Monday to Friday, 8:00 AM to 4:30 PM). This means 24/7 support is not available at this time. Information on multilingual assistance is also not publicly available.

Pros and Cons of Renasa Insurance Company Insurance

Pros:

• Competitive Premiums: Their A-rating suggests competitive pricing compared to industry averages.
• Comprehensive Coverage: Offers a wide range of insurance products, including specialized options for vehicles and engineering projects.
• Empowerment of Intermediaries: The focus on empowering independent intermediaries can lead to personalized service and support for clients.

Cons:

• Limited 24/7 Support: Standard business hours only.
• Lack of Specific Discount Details: While discounts may exist, specifics are not readily available in public information.

Conclusion

Summary of the Main Points Covered in the Review:

Renasa Insurance Company is a well-established, A-rated insurer with a strong focus on specialized insurance products and empowering independent intermediaries. Their offerings include comprehensive motor and engineering insurance solutions. While they offer solid coverage and a reputable standing, their limited customer service hours and lack of detailed public information on discounts are drawbacks to consider.

Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings:

Clients who prioritize comprehensive coverage for their vehicles, engineering projects, or require specialized insurance options would find Renasa’s offerings particularly beneficial. Likewise, insurance intermediaries who value strong support and empowerment from their insurer would likely benefit from a partnership with Renasa.

Frequently Asked Questions about Renasa Insurance Company Insurance

Here are the answers to some commonly asked questions about Renasa Insurance Company and its services:

1. How do I lodge a claim? Contact Renasa’s Claims Department at +27 (0)11 380 3080.
2. What types of insurance does Renasa offer? Renasa offers specialized motor policies, engineering insurance, and gap cover solutions.
3. Is Renasa a reputable company? Yes, Renasa holds an A- rating from Global Credit Ratings Co. (GCR) and has received significant industry recognition for its performance.
4. How do I contact Renasa? You can contact Renasa via phone at +27 (0)11 380 3080 or via email at [email protected].

References

• [1] https://www.cover.co.za/market-place-companies/renasa-insurance-company
• [2] https://www.renasa.co.za
• [4] https://www.renasa.co.za/contactHO
• [5] https://www.renasa.co.za/claims