MiWayLife’s Advancing Digital Evolution: Introducing Online Life and Funeral Cover

MiWayLife, a leading life insurance provider in South Africa, has launched its state-of-the-art online platform, offering life and funeral cover that can be conveniently purchased from the comfort of home. This is an important foundational element in the move to providing a broader set of products and services in the MiWayLife offering to clients and prospective clients. This significant move comes in response to the growing demand for digital insurance solutions, accelerated by the changing landscape of consumer behaviour and technological advancements.

MiWayLife first ventured into the digital space last year with MiWayLife Direct, allowing consumers to purchase life insurance online. Building on this success, MiWayLife has now launched MiFuneral, a comprehensive digital-first solution for all end of life insurance needs.

With MiWayLife’s latest digital offering, clients can now secure funeral insurance at their own pace without the need to interact with an agent. This digital platform is designed to provide optionality for clients to engage via a seamless, hassle-free experience while ensuring clients have access to support when needed during business hours.

Comprehensive Benefits and Unique Selling Points

MiWayLife’s digital funeral cover is not just about convenience; it comes with a host of additional benefits that set it apart in the market:

• Repatriation of Mortal Remains: Assists in the transportation of the deceased's remains to their place of residence or nominated burial site, with respect for cultural and personal preferences.
• Funeral Arrangements Service: Provides support with burial or cremation arrangements, including legal document assistance and referrals to pathologists for unnatural deaths.
• Final Expenses Cover: Offers up to R100,000 to cover end-of-life expenses such as outstanding debt, uncovered medical bills, and property maintenance.
• Income Support: Ensures beneficiaries receive up to R8,000 per month for 12 months, providing financial stability during a difficult time.
• Family Funeral Cover: Extends funeral cover to immediate family members, ensuring comprehensive cover for your loved ones.

Craig Baker, CEO of MiWayLife, explains the strategic decision behind this digital transformation: "We recognise the need for flexibility and convenience in obtaining insurance. By going digital, we empower our clients to take control of their insurance needs, backed by the reassuring support of our dedicated team of agents when required."

He further adds, "The rise of InsureTech is a positive force driving innovation in the industry and embracing digital was inevitable. This development is driven by evolving client needs and through understanding some of the limitations that exist for clients in the current offerings. The actual “shopping” experience, however, needs to compete with those that have been created in other retail sectors where the journeys are seamless and hassle free."

The decision to launch an online platform comes at an optimal time for MiWayLife and its clients. Growing consumer expectations for convenience and immediate access have significantly influenced preferences for digital solutions over traditional methods. MiWayLife's new platform addresses this shift by offering a user-friendly and supportive digital journey.

"Our online journey stands out because it is simple yet comprehensive. We understand that clients often seek reassurance before making a purchase decision. That's why we offer continuous assistance through our chat facility and the option to speak directly with a human if needed," notes Baker.

Future Plans and Commitment to Innovation

Looking ahead, MiWayLife is committed to further digital advancements, including personalising client experiences and enhancing financial education through their platform. The company also plans to leverage AI technology to automate routine tasks, allowing their team to focus on providing expert guidance and personalised support.

Growing Adoption and Customer Feedback

The strategic launch has already shown promising results. MiWayLife currently sees around 150 quotes per month through its online channel for life insurance, and this number continues to grow daily. The expectation is to see the same if not more for the online funeral offering.

"Innovation and client-centricity are at the core of our mission - by offering a well-crafted digital solution, we empower our clients with control and flexibility, setting new standards in the insurance industry," Baker concludes.