M³ - Manage, Mitigate and Migrate

Readers that are familiar with Camargue’s product offering will immediately recognise the M³ principle, after all its what sets the company apart from all other insurers and underwriters in South Africa.

Many insurers talk about helping clients manage risk but these initiatives generally fall flat due to the following:

Cost
The cost of effective risk management is often higher than the underlying premium.

• Lack of interest from the insured
  Many insurance buyers do not see the value in managing risk once they have purchased the policy. The attitude is generally that they have fulfilled their obligations by simply paying a premium. Any further risk management is seen as minimising the insurer’s risk, rather than enhancing the business.
• Inefficient roll out
  Effective risk management services are expensive and often the insurers cut corners to keep costs down. Many risk services fall short and amount to nothing more than “window dressing”.

So how is Camargue’s M³ risk initiative successful?

• Camargue addressed the cost issue with its principals at Centriq and Brit in the formative days of the company’s existence. It was agreed that a substantial portion of the premiums could be utilised to purchase effective risk management tools that would not only minimise the risk of Camargue’s stakeholders, but also enhance each individual insureds’ business.
• As mentioned, the biggest threat to a successful risk initiative lies in complacency and apathy from the insured. The only way to encourage use of risk management tools is through a clear demonstration that the use of those tools improves the business, and boosts the bottom line.
• By addressing both insurable and uninsurable events through value added services, the client experiences a dynamic blend of risk transfer and business risk management. Managing uninsurable risks such as “damage to reputation” becomes possible with M³.
• With over 400 legal and risk professionals at its disposal, Camargue ensures efficient roll out and delivery of its M³ services.