It is widely accepted that small to medium enterprises (SMEs) are critical to the growth of the country. Some estimate that they make up 91 percent of formalised business in South Africa and provide employment to almost 60 percent of the labour force. It is therefore vital that these businesses prioritise the risks that will have the biggest impact on their livelihood.
To this end, Indwe has developed an innovative structured risk identification platform uniquely geared to the needs of the SME sector in the country. The Realistic 360 service has a risk library that feeds directly into it. This is designed to provide SMEs with a digital way of accessing important information that shows them how best to mitigate specific risks they encounter.
“Too often, SMEs have to make do with solutions designed for larger enterprises. Not only is this not cost-effective for those operating on extremely tight budgets, but the risks are vastly different between these extreme sides of the market,” says Steyn McDowall, executive director: business and specialist insurances at Indwe.
What further differentiates Realistic 360 is that Indwe manages the entire process with each specific client and, while employing a risk management team is usually cost prohibitive, Indwe provides the risk management resource required to assist clients through the risk landscape. While there are many universal challenges SMEs share, each business has unique nuances that require a more bespoke approach.
“Indwe has designed this value proposition to have quality advice available to SMEs at a price they can afford. They get access to an online portal and can easily review advice provided to a plethora of organisations across industry sectors. In turn, these learnings can be customised for their specific challenges and improve their business operations,” says McDowall.
Given how the complexity of risks are evolving in an increasingly connected marketplace, SMEs must split their focus between addressing business challenges and delivering on their strategic objectives. In an ultra-competitive environment, not enough time is spent on assessing the risks faced by the SMEs. Invariably, this creates a knock-on effect later and negatively impacts growth.
“Realistic 360 provides a central repository of mission-critical information that can conveniently be accessed irrespective of device or location. We are empowering SMEs with invaluable insights literally at the press of a button,” concludes McDowall.