News Release

June 2019

Insurance brokerage Aon and SA Healthcare Cooperative Bank take hands to assist high-risk healthcare professionals

Against the background of a greater recognition of the specific risks and liabilities facing healthcare professionals, Aon South Africa and MediCoop CFI have reached an agreement whereby Aon will provide a range of short-term insurance solutions for MediCoop’s members which include doctors, nurses and healthcare workers.

Launched on Thursday, 23 May in Sandton, with outgoing Gauteng Health MEC, Dr Gwen Ramokgopa as guest speaker, the event attracted the attendance of businesspeople in the health industry.

Mandy Barrett, marketing head of Aon South Africa, says that, “Beyond the typical property and casualty risks faced in the healthcare environment, legal suits against practicing healthcare professionals are far more commonplace in an increasingly litigious society, while the risks to property, assets and business continuity are many and diverse.”

“If you are running a practice or hold a managerial position in a healthcare group, there is a very strong need for a range of insurance and liability solutions to protect your career, your practice and your personal assets. As one of the leading medical malpractice insurance broking providers in the country, Aon is well-placed to do so,” explains Mandy.

MediCoop MD, Theuns Botha, said: “MediCoop, with its deep understanding and knowledge of the health sector, is committed to supporting health professional members to buy into practices and set up new practices. MediCoop assists new entrants and existing health professionals to provide best options to asset rental solutions for new equipment, operational banking accounts, investment opportunities, co-ownership in the co-op, point of sale facilities and providing a series of additional finance products and services, including auditing, insurance, practice management and staff recruitment,” says Theuns.

“It is our vision to have a significant positive impact on the health sector in SA and our mission to transform the sector to represent the diversity of SA and by doing so, improving health outcomes in SA,” he adds.

“When providing financing solutions to our members in the health sector, short term insurance becomes a consequential liability. The least we can do is to ensure that our members have access to Aon, a leading brokerage in SA. MediCoop’s professional support to our members requires similar professional support from our strategic partners. Therefore, we are very comfortable to recommend Aon as the most preferred short-term insurance partner to our members,” says Theuns.

Aon South Africa and MediCoop’s agreement paves the way for new doctors entering the daunting practice environment, often fraught with risks and liabilities that can put professional reputation and business and personal assets on the line. In this situation insurance is often seen as a grudge purchase. The agreement is set to assist new doctors to secure their business and personal assets and enable them to grow their new medical businesses, and in this manner expand the health economy.

Mandy concludes, “It is heartening to see MediCoop taking an active role in supporting its members by addressing their professional indemnity exposures as well as their commercial and personal insurance needs. In a profession as fraught with risks as healthcare, a professional broker is adept at assessing gaps in cover and ensuring that your policy accounts for your specific needs and risk profile and that there are no exclusions or special conditions that could leave you unknowingly compromised.”

About Aon
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

About Aon South Africa
Aon South Africa is a leading provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Aon Empowers Results through over 700 colleagues in 13 offices in South Africa with its head office in Sandton, Johannesburg.

About MediCoop CFI
MediCoop CFI was established in 2016 as a deposit taking institution and is head quartered in Cape Town, with offices in Pretoria and Port Elizabeth, servicing a national member/client base exclusively in the healthcare sector. MediCoop CFI is regulated under The Co-operatives Bank Act by the Supervisor of Co-operative Banks, the Co-operative Bank Development Agency, National Treasury and the South African Reserve Bank. MediCoop is also registered with the National Credit Regulator (NCR) as credit provider and with the Financial Intelligence Centre (FIC).

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