Home Insurance Product for low-income groups
Centriq Insurance is proud to announce an exciting new partnership with Zion Christian Church (ZCC) whereby members of the church now have access to a unique and innovative short term insurance product through the Sedi la Kganya Home Insurance Plan.
Pascal Siphugu (pictured), marketing projects manager at Centriq explains: “As a company we have been exploring ways in which we can make short term insurance available for all South Africans, especially those who have not traditionally had access to this type of insurance. In conjunction with the Kganya Group of companies, a unique Homeowner product was developed specifically for the members of the ZCC.”
Initially, the partnership will focus on Home protection insurance and the product range will extend to other exciting covers later. “The huge uptake of the product demonstrates that this partnership is not only about social responsibility but also an exciting and viable commercial opportunity,” says Siphugu.
The partnership also proves that with a bit of innovation to the product structure, distribution and administration processes, the hurdles associated with launching products to the low income markets can successfully be overcome. “In our experience, the key feature of entering into such markets is an effective administration process,” adds Siphugu.
To this end Centriq has allied with Castellum Administrators (Pty) Ltd who currently administer the ZCC Burial Scheme.
The Sedi la Kganya Home Insurance Plan, as the product is called, offers both householder cover and homeowner insurance to the value of R55 000. Taking into account the moral high ground of the ZCC, the product is competitively priced and offers unique benefits that are not commonly available in the open market.
“In line with our company philosophy of bringing true value to our clients, Sedi la Kganya Home Insurance Plan offers the ultimate insurance solution to the emerging market,” Siphugu concludes.
The ZCC/Kganya partnership is strategic to Centriq as it offers the insurance company access to one of SA‘s strongest religious groupings.
