New Standard Bank direct insurance initiative makes safeguarding futures easier than ever

Most South Africans are under-insured - a fact that could have far-reaching implications for families who may face hardships in the event of a bread-winner losing his or her job, becoming disabled, or passing away unexpectedly.

The irony, says Andrew Broadley, head of Insurance and Wealth Advisory at Standard Bank, is that the current insurance market offers South Africans more opportunities than ever before to secure the financial future of their families.

Standard Bank, working in partnership with Liberty and Standard Insurance Limited, has successfully developed its own version of bancassurance and thereby made it much easier for its customers to access its comprehensive range of life and non-life insurance products.

“What has become clear over time”, Mr Broadley says, “is that a growing number of customers have an increasing desire to be more in control of the process of making sure that they have the right level of insurance cover. They are asking for simplicity, convenience, ease of access and fair value of premiums and benefits”.

Mr Broadley says that the major differentiators of Standard Bank’s offering are the ease of access to good value products, the jargon-free application and policy documentation and the speed of the whole process.

“The direct life insurance business of Standard Bank offers customers the security of being associated with a bank that has served all sectors of the South African market for 150 years. Its competitive products are underwritten by Liberty Life, one of South Africa’s most established life assurance product suppliers. Both brands embody the stability and longevity that consumers have come to trust,” he says.

Types of cover include life insurance, disability cover, critical illness cover and income protection policies.

On 1 October 2012 Standard Bank launched the second phase of its direct life business by delivering an interactive web service, which complements the phone-based contact centre service that first started in December 2011.Comparing September to October 2012, there is already an increase of 32% in uptake of the direct life offering.

“A straight-forward, understandable application process is the first step towards providing peace of mind, and Standard Bank follows it through with clear and concise documentation. In serious illness cover, where insurance policies traditionally require the interpretation of legal and medical experts, we have worked hard to use customer-friendly illness definitions that will ensure the policyholder knows exactly what events are covered”, says Mr Broadley.

The internet-based service allows potential purchasers to complete all required forms and submit them for acceptance at a pace and at a time that best suits them.

“Web users are able to generate quotes based on their unique personal needs and, if they are satisfied with the outcome, the application is submitted and approved online.

“However, people who prefer discussing their requirements with an agent will still be able to do so by calling our contact centre on 0860 225 533, which is open 12 hours a day,” says Mr. Broadley.

The new services are an extension of the bank’s insurance product range. Customers can already take advantage of on-line purchasing of vehicle cover, home contents cover and funeral policies on http://www.standardbank.co.za/ .

“The recent additions to our suite of products provide a high level of convenience to customers, but for those customers who still require bespoke advice from specialists there remains a very strong nationwide financial planning force who spend face-to-face time with customers,” says Mr. Broadley.

Life policies offered by the direct life business are assessed individually and, based on their simplicity or complexity, administered accordingly.

Where medical tests are required, these are performed at a customer’s premises within 30 days of a policy being activated.

“By and large, however, we have found that most applications made to date have not required additional investigation or medical tests. Our services are based on accessibility and applicability, with actuarial research backing up the policy limits offered. Where required, we cater for people who declare specific health problems, such as diabetes, on a policy-by-policy basis.

“Our direct life business is providing customers with real value and we are pleased by the response to date. We’ve received many compliments on the quality and ease of service,” says Mr. Broadley.