As seen is FA News:
Alex Cook, CEO of GCI.
GCI will formally launch a new business, GCI Risk Services, on 4 September 2015. Positioned as a boutique risk and insurance broker, GCI Risk Services will provide tailored short-term insurance solutions for existing GCI clients, individual and business clients of independent wealth managers as well as the general public.
“The thinking behind GCI Risk Services is to provide a bespoke yet cost-efficient risk solution that reflects the GCI group’s overall ethos of helping its clients maintain their lifestyle into retirement—protecting the assets that contribute towards that lifestyle is a logical extension of what we do,” says Alex Cook, CEO of GCI. “This is a new approach to managing short-term risk, and we’re happy it’s also available to the general public as well.”
Cook says he also believes that many financial/ wealth managers will see the GCI Risk Services’ offerings as a good value-add to their clients, as well as a source of annuity income.
According the Vicki Hindle, GCI Risk Services’ Divisional Manager, the new company will be differentiated from conventional short-term insurers on a number of fronts. In line with GCI’s general approach, it will be completely independent. “The focus will be on providing solutions to fit our clients’ needs, not on trying to fit them into existing products. In line with this philosophy, which resonates with the investment approach taken by GCI as a whole, we will be totally independent, and not tied to any particular insurer or group of insurers,” she says.
Hindle explains that another point of differentiation is GCI Risk Services’ close alliance with a provider of back-office services to the industry. This means that the process of issuing policies and paying claims will be expedited considerably because GCI’s partner is empowered to issue policies and pay claims up to a certain ceiling. It’s an approach, says Hindle that resonates with GCI’s focus on building long-term relationships with customers through extraordinary service and the commitment to innovate in line with changes in the customer’s circumstances and goals over time.
“Our primary aim is to add value by consulting with clients to help them understand what their ideal solution would look like, and then providing them with it. We understand that’s a process, not an event,” says Hindle. “The fact that we can do this extremely cost-effectively is an added bonus, and we believe it’s an approach that the market has been seeking for a long time. The wait is over.”
Visit http://www.gcirisk.co.za/ for more information.
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