The fourth season of BusinessTech’s latest online talk show, Business Talk, has launched.
This season is sponsored by Discovery Business Insurance and features discussions with South African finance, business, and investment leaders.
In the first episode of the season, host Michael Avery chats with Discovery Business Insurance chief operating officer, Lana Ross, who shares insights into the business insurance industry and how Discovery is working to aid businesses through the uncertainties of the Covid-19 pandemic.
Ross is an admitted attorney and has spent the last 20 years working in various roles within the insurance industry, including as deputy MD for Alexander Forbes Insurance Company.
She has a passion for risk management and how it can assist business owners to protect and grow their businesses.
Discovery Business Insurance launched in 2018, with the goal of building better businesses in the country. Pre-pandemic, Ross says small businesses were estimated to make up 90% of all formal businesses in the country, contributing as much as 34% to GDP. But South Africa also has one of the highest failure rates for small businesses – around 75%.
Ross says that this can be mitigated through effective business support, and understanding the risks and health of the business in question.
“SMEs don’t always have access to the resources they need, at affordable prices – and this can impact their chance of success,” she says. This led to the development of Discovery’s shared-value business insurance offering.
Under this model, businesses are provided with access to technology-enabled risk assessment tools and a host of other business health checks that aid them in understanding their operations and navigating both the physical and non-physical risks.
Ross says that insurance should be more than just assessing and paying claims, but rather helping businesses avoid having to make claims in the first place.
The full interview is embedded below. You can find all the Business Talk with Michael Avery interviews here.