Douw Steyn, the insurance giant responsible for reimagining and revolutionising the insurance landscape, has passed away at the age of 72.
Steyn will be remembered as an exceptional entrepreneur who built a global business of immense scale across seven countries, and a visionary with a deep-seated commitment to South Africa and its people.
In 1975, Steyn founded Steyn’s Insurance Brokers in Johannesburg.
He saw the potential of a monthly policy that covered both cars as well as home contents, and promoted this type of policy via door-to-door leaflet distribution campaigns.
After operating in South Africa for a number of years, Steyn set his sights on the US market.
However he returned to South Africa in 1985 after obtaining an insurance licence that allowed him to pioneer a global first – to sell motor insurance over the telephone.
This disrupted the global insurance landscape, and resulted in the launch of Auto&General Insurance in Johannesburg.
At the time, the concept of telephonic insurance was totally unique but Steyn, through Auto&General, changed the way insurance was bought and sold and shaped the entire insurance industry.
Auto&General’s success resulted in the launch of some of South Africa’s leading financial service providers including Budget, 1st for Women, Dialdirect, 1Life and hippo.co.za.
These brands are housed under the TIH umbrella.
Steyn later moved to the UK, a move that resulted in the establishment of the BGL Group, the parent company of the well-known price comparison website, Compare the Market.
In 2000, the Group launched Auto & General in Australia to replicate the success of its businesses in South Africa and the UK.
Steyn stepped down as Executive Chairman of his global business interests in 2012.
Collectively, these businesses now employ over 10 000 people, who are based in over 50 offices globally.
When former President Nelson Mandela was released from prison, he found refuge in Steyn’s home in Johannesburg where he completed his autobiography, Long Walk to Freedom.
Steyn’s home would later become the Saxon Hotel, Villas and Spa, which has often been named the World’s Leading Boutique Hotel.
Steyn’s passion for wildlife conservation inspired him to create Shambala Private Game Reserve in the Waterberg mountains.
Mandela was given a dedicated villa at Shambala where he could work uninterrupted in peace and solitude.
Mandela counted Steyn as one of his most valued friends and Steyn referred to ‘Madiba’ as a father figure.
In 2005, Mr Mandela said that Steyn was “not only a great businessman and visionary, but one of this country’s most successful entrepreneurs who enriched South Africa with his business skills and who always believed in South Africa’s future as a country of opportunity.
He created a company that is proudly South African and prominent in the South African business community.”
More recently, Steyn’s dream of building a city within a city materialised with the launch of Steyn City, a 2000 acre residential and lifestyle estate in northern Johannesburg.
From inception, Steyn ensured that the impact of Steyn City would extend far beyond its gates and contribute to the economic development of the country.
This commitment, which reflected Steyn’s confidence in South Africa and its future, materialised during the construction of Steyn City when, at Steyn’s request, over 28 000 jobs were created.
In the majority of these positions, residents from the neighbouring communities of Diepsloot and Cosmo City were employed. Steyn City has been acknowledged as an outstanding success – a fitting legacy for its pioneering and remarkable founder.
Steyn has been involved in various philanthropic pursuits, and recently, through the Douw Steyn Family Trust and the companies he founded, pledged R370 million to assist coronavirus relief efforts.
R50 million went towards the National Solidarity Fund, R250 million went towards supporting feeding schemes in Diepsloot, Cosmo City and beyond, and a relief fund of up to R70 million was put in place to support small-businesses.
Steyn is survived by his wife, Carolyn, his three children and their families.
His courage, determination, generosity and vision will continue to inspire the businesses that he founded.
BUSINESS REPORT