Digital start-up Indie, a division of Sanlam Life Insurance, is making insurance more accessible to the masses.
reaching millennials has turned into one of the insurance industry’s biggest challenges, says Peter Castleden, CEO of Indie, a division started by Sanlam Life Insurance in 2016. This is because about 90% of the industry’s business model is built on a single-channel service, via intermediaries, he says.
“Intermediaries generally only connect with clients within a ten-year range of their own age group. The problem here is that the average age of financial brokers, for various reasons, has been increasing for quite some time now, resulting in fewer players with which younger generations can connect.”
Then there is the time-consuming nature of the sales process, where people have to physically meet the intermediary and get screened to qualify for products. “With life becoming so rushed, nobody wants to sit and listen to a sales pitch,” he says.
Indie overcomes these barriers in various ways. It uses digital technology to accelerate the sales process, by allowing clients to buy life insurance, income protection, critical illness, funeral and disability covers, online. The programme can, within minutes after a user has submitted his details, calculate the risk and cost of cover that would meet a user’s demand.
Clients who accept the quote are insured right away, but only pay for the cover from the end of that month. Only randomised medical screenings are done to check the accuracy of information.
Denne historien er fra 2 August 2018-utgaven av Finweek English.
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Denne historien er fra 2 August 2018-utgaven av Finweek English.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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