Surround yourself with people who are better than you
Published by www.smesouthafrica.co.za on 25 June, 2015
Can you tell us a little bit about your company and what you do?
Marara Risk Solutions was established in 2009 by myself and my long varsity mate (Dodge Sadiki). We are a short term insurance brokerage specialising in offering insurance and integrated risk management solutions for individual clients, small businesses, large conglomerates, state owned companies and the government at large. I am the key individual who oversees all the operations of the organisation and also double up as the head of business development responsible for new business.
Can you tell us a little bit about your background – personal, educational and professional?
I have in the insurance industry for the past 19 years, 13 years in the corporate world and the last 6 years with Marara Risk Solutions. I have graduated in B Comm from University of Venda majoring in accounting and auditing.
I have completed various insurance qualifications up to the Higher Certificate in Insurance which earned me the title of the Licentiate (LIC – SA). I started my insurance career at Aegis Insurance as a policy administrator, then moved to Munich Re as an underwriter in their Credit & Surety department.
I was then headhunted by Swiss Re who was a rival to Munich Re. I was then senior underwriter in the credit and surety department.
I then moved to Hollard Insurance in their finance department where I spent four and half years and when I left I was a Divisional Accountant. My last corporate move was with Lion of Africa where I had various roles ranging from portfolio manager, personal lines manager and lastly assistant branch manager within the local authorities division. I was also one of the entrepreneurs at The Hope Factory.
"Empower yourself with knowledge as business is not static"
What were some of the obstacles you faced starting out, and how did you overcome them?
Like any other business, access to finance was a big challenge but we started out in my garage as there was no rental money. Armed with our personal assets like a laptop and a car that I still had before I left the corporate world, we managed to get agency agreements from few insurance companies whom we were selling their products.
The biggest challenge though was access to big insurance companies which would get us competitive prices.
Our big break came in 2013 when we were approached by Infiniti Insurance who gave us full delegated authority from underwriting to claims settlement making us more like their mini insurer.
This meant that we could be able to compete with big established brokers and the direct market on an equal footing and this also empowered us to improve our turn - around times both in terms of writing policies and settlement of claims.
How many people does your company employ?
We are currently 7 including 2 learners that have been seconded to us by both Santam and Inseta (Insurance Seta).
What is your overall vision for your business?
Our overall vision is to be an a partner of choice in the provision of tailor – made integrated insurance risk management solutions for our clients.
What do you think it takes to establish and run a successful business in South Africa?
It takes guts and passion to start a successful and sustainable business.
How did you finance your business, how difficult or easy was the process?
I started with the pension payout and the UIF money that I got when I left the corporate world.
When did you know that you were an entrepreneur?
I started early at the age of 8 by selling fruits and vegetables that my uncle used to deliver at home for us to make a living. I also used to make school timetables by using colourful pens from Grade 3 for the entire school and selling them to my friends.
How would you describe your leadership style?
Empowering our employees to take decisions that they will stand for has been my cornerstone of success. Surrounding myself with people who are better than me also also contributes to the success of the company.
What three pieces of advice would you offer young entrepreneurs starting out today?
- Be passionate about what you do and you won't see it as a job.
- Know the industry that you want to embark on.
- Empower yourself with knowledge as business is not static – if you don't you are either going to be overtaken or taken over.
What do you wish you had known starting out?
Not getting paid on some months in the business were sacrifices that need to be made for the success of the business.
And finally, do you believe in luck, hard work or both?
I think both, sometimes you just need that luck to land that big account that will catapult you to another level, but that will come after you have put some serious hard work first.
