MiWay Sees Strong Growth

October 23 - One of the newest groups to enter the South African insurance industry, MiWay Insurance has shown strong growth, despite the recession and pressure from stronger competition.

The Chief Executive Officer of MiWay, Rene Otto, said that the group was starting to see the first signs of a rebound and that if everything went according to plan, Mi Way may reach its break-ven target by the middle of next year.

"The slow down in car sales certainly affected our new business volumes for the first part of the year," said Otto, "however, we are satisfied with our growth and the overall health of the business."

Otto was proud of the leaps made by MiWay in the short time that it has been in the market.

"The business is only 18 months old, making it one of the youngest financial service brands in this market," he said, "and to reach break even in mid-2010 would be a great feat for the business and management team."

"We are in line in terms of growth targets as well as premium income projections," he added.

There are many reasons for MiWay's success, said Otto, including ongoing advertising campaigns that appeal to the public through their direct and honest approach.

"When we launched, we decided to invite clients to share their experiences, good or bad, with us on the comments forum of our website," said Otto of the group's transparency policy.

"This has allowed us to respond quickly to bottlenecks and other problem areas, resulting in a superior service culture. Our clients appreciate the fact that we don't hide our mistakes and that we are clearly committed to solving and preventing weaknesses."