Seventeen years after its launch, Miway is entering what may be its strongest chapter yet, one defined by a renewed focus on people, pricing, and a forward-looking vision for the future of insurance. As the company continues to redefine what modern insurance can look like, its approach blends innovation with a deep commitment to understanding customers and their evolving needs.
Burton Naicker, CEO of Miway Insurance, explains that the company uses a highly scientific approach to assess customer risk. He notes that premiums are calculated based on a range of factors, including each customer’s risk profile, exposure, driving area, vehicle type and overall driving experience. “
That scientific approach underpins Miway’s competitive premiums and the high conversion rates they achieve when customers shop around in an increasingly competitive market. One thing Naicker is adamant about is that service is non-negotiable. “You’ve got to get service right,” he says, which anchors to Miway’s philosophy ‘Lead by Service, Led by Service’. This boasts as an accomplishment, as Miway recorded one of the lowest overturn ratios of 6%, according to the National Financial Ombud Scheme South Africa (NFO) 2024 Annual Report.
Backed by its major shareholder Santam, a blue-chip JSE-listed company, giving them enough financial muscle and credibility to build on a direct data-driven model. The business has evolved into an omnichannel insurer with a refreshed brand and an unapologetic obsession with people development and service excellence. Born as a direct insurer, Miway utilised call centres to engage with customers and cut out traditional layers of intermediation. Over time, that model expanded to include digital engagement in addition to working with brokers and tied agents.
“Customers are looking for fluid digital journeys without losing the human touch, which was why we realised that the brand needed a refresh. Our new look reflects who we are today and staying future ready. Our speech bubble represents a conversational and engaging brand, which forms part of our new icon and logo. It goes beyond aesthetics, it reflects the company’s commitment to innovation delivered with a human touch, illustrated by offerings such as Micashback, which rewards customers with 10% of their premiums every two years if they remain claim-free.” adds Naicker.
“We’re showing our customers that we are an engaging brand. We’ll be digital when you want, but human when you need us to be,” smiles Naicker, who has 18 years of executive experience as COO and holds an MBA from University of Witwatersrand. “My personal philosophy is people first and then business, because if you get the right people, they will produce great business outcomes, and we have deliberately re-engineered the company culture into a people culture and business culture.”
The former structure focuses on development and purpose, the latter on professional standards and operational discipline. With 1 900 employees and 50-60 new hires joining each month, the aim is to turn first-time jobs into long-term careers.
“The responsibility placed on business leaders is to empower your team members. The goal is to grow entry-level recruits into managers, general managers and heads of department, and this has been a key ingredient in Miway’s recent success.”
Naicker believes that positioning the company as a price-sensitive insurer has helped turn headwinds into tailwinds. By using data to sharpen premiums, Miway helps customers cut monthly insurance costs significantly at a time when every rand counts. Miway grew 9.5% in 2024 and is targeting around 15% in 2025, which would be its best performance since 2017.
One long-term challenge remains: younger consumers often underestimate the importance of insurance. Naicker traces this back to what he calls the “dinner table conversation” or lack of it in households that never had assets to insure. Part of Miway’s mission is to shift that mindset as more people are acquiring cars, devices and homes.
“Insurance shouldn’t be a grudge purchase, we want to change that narrative. Insurance can even reward you and exists to protect your hard-earned assets.” concludes Naicker.