The Compensation Fund has transferred all its Class 13 employees in the iron, metal, steel and related industries to the privately owned Rand Mutual Assurance (RMA), an organisation with an impressive 121-year track record.
Commenting on the development, Jay Singh, chief executive officer of RMA, said that the company is now administering the compensation claims of an additional 60 000 employers with a staff complement of 600 000, thereby swelling the number of lives currently under RMA’s management to more than a million.
“This brings a strategy to fruition that was set in motion in July 2013 with the extension of RMA’s COID (Compensation for Occupational Injuries and Diseases) license. Up until then we could only provide cover to employees within the mining sector. The extension of the license has therefore opened the door to considerable opportunities for RMA.”
The Rand Mutual Assurance Company Limited (RMA) was founded in 1894 as a non-profit mutual assurance company with the purpose of administering workers’ compensation for mining industry employees injured in the course and scope of their employment.
The 121-year-old company is a mutual association whose policy holders, namely the employers who buy policies for their employees, are the shareholders of the company. The employees of the client companies are the beneficiaries of the policies and, in the event of fatalities, their dependants become the beneficiaries.
The move of the RMA head office from Johannesburg to Parktown in September 2012 was the catalyst for the repositioning and rebranding strategy of the organisation which saw a review, not only of the value proposition of the company, but also of its service offering.