Reflecting on 2024: A Year of Growth, Innovation, and Gratitude
As the year draws to a close, it’s a moment to reflect on an extraordinary journey for our underwriting management agency. 2024 has been a year of incredible growth and innovation, and none of this would have been possible without the unwavering support of our valued partners and team.
A Heartfelt Thank You to Our Brokers and Risk Carriers
Firstly, I want to extend my heartfelt gratitude to the insurance brokers who have placed their trust in us. Your partnerships have helped us achieve a remarkable milestone—a nearly 60% growth in our business this year. It’s a testament to the strength of collaboration and shared goals.
I also want to thank our risk carriers at Old Mutual Insure and Old Mutual Alternative Risk Transfer Insure. Your confidence in our vision and steadfast support have enabled us to spread our wings in the specialist insurance space. Together, we’re not just providing cover; we’re creating solutions that matter. Liability Matters, right?
Growing Our Team, Growing Our Impact
When I took over this business in 2023, it was a team of just two. Today, I’m proud to say that we’re a dynamic team of eight, with another seasoned underwriter joining us in January 2025. As an entrepreneur, one of my biggest motivations for stepping away from corporate life was the opportunity to create jobs in South Africa. In a country where unemployment remains a pressing challenge, I’m deeply gratified to contribute in this way. Building a team that shares our vision of excellence and innovation has been one of the most rewarding aspects of this journey.
Innovation at the Heart of What We Do
This year marked significant progress in our artificial intelligence journey with the launch of our broker AI assistant, Liabilibot—affectionately known as Bili. While we kept Bili in Beta phase for nearly 10 months, the insights and data we’ve gathered have been invaluable. Looking ahead to 2025, we’re thrilled to announce that Bili 2.0 will be launching soon, and she’ll be much more than just a specialist risk guide. The enhancements we’re making will hopefully redefine how brokers interact with AI in the insurance space, setting new benchmarks for digital innovation in our industry.
New Products and Expanding Partnerships
In 2024, we also diversified our offerings by introducing our Security Liability insurance product and writing our first pieces of Crime & Civil Liability risks in the financial institutions sector. These additions are a reflection of our commitment to providing tailored solutions that meet the evolving needs of our brokers and their clients.
We also saw a 25% increase in the number of brokers we do business with. To strengthen these relationships further, we’ve started rolling out our broker training modules. This initiative is designed to empower brokers with knowledge and insights that enhance their expertise. In 2025, we’ll be dedicating even more time to this effort, so brokers should watch out for upcoming training sessions—we’re excited to engage with you!
Observing Economic Trends
As part of our role, we often analyse the financial health of prospective clients when calculating premiums. Encouragingly, we’ve observed increases in turnover and asset values, signaling growth in the South African economy. However, profit margins remain under pressure, which we know poses challenges for many businesses.
Insurance, often seen as a necessary but painful expense, is an area where clients are especially keen to manage costs. To address this, we’ve been exploring creative approaches to risk management and pricing methodologies. While we’re still in the early stages, the results so far are promising, and we remain committed to delivering value-driven solutions for our clients.
Looking Ahead to 2025
As we prepare for the new year, I’m filled with optimism about what lies ahead. With the launch of Bili 2.0, an expanded team, and new broker training initiatives, 2025 promises to be another year of growth and opportunity. To our brokers, risk carriers, and team members—you’ve been instrumental in making this year a success, and I can’t wait to continue this journey with you.
Here’s to another year of innovation, collaboration, and success. Thank you for your support, trust, and partnership in 2024. Let’s make 2025 even better, together.
We’ll be closing our “office” for a few days at the end of the year although the underwriting team will keep an eye on their emails for anything urgent. You are also welcome to reach out to me directly by email or via whatsapp. On behalf of the team at The Liability Company we wish you a peaceful (and safe) year end.
Simon Colman
CEO – The Liability Company
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