Gone are the days when insurance companies offered little more than traditional insurance products. The modern-day, South African consumer expects – and demands – so much more.
As risk management specialists charged with helping consumers to protect their valuable assets, prepare for the unexpected and gain peace of mind, insurers are in the best position to add true value to the lives of their clients.
This is the opinion of Betty Dube, Executive Head: Brand and Marketing at MiWay Insurance who says that “the relationship between insurers and their clients should go beyond a transactional arrangement. We would like our clients to think of us as their partners – service providers who are invested in their wellbeing. As short-term insurance specialists, we don’t just insure things. We protect what those things mean to our clients now and what they will mean to them in the future.
We protect the cars that get them to work every day, the houses that they live in, and the businesses they work so hard to get off the ground. As such, we have a deep understanding of what their lifestyle needs are, which we can in turn use to inform our value-added offerings. In a risk environment that can be highly volatile and difficult to predict, those value-adds can make a big difference.”
Within the current high inflationary environment, coupled with the rising cost of living, South Africans’ budgets are stretched to capacity. For this reason, according to research conducted by McKinsey & Company[i], value is top of mind for South African consumers. Future-forward insurance leaders therefore need to find inventive ways to improve value perception and bolster their unique selling proposition. In a highly competitive marketplace for financial service products, the ultimate goal is to drive customer lifetime value and prioritise the retention of a loyal customer base.
A Global Financial Services Consumer Study, conducted by Accenture[ii] showed a strong trend in demand for ‘beyond-insurance’ offerings that link to but also extend beyond conventional insurance. For some insurers, bundled products have offered the best solution. In other cases, add-ons that enhance the capabilities of core insurance products have proved more effective at meeting this demand. With changing degrees of customer confidence and expectations, insurers need to provide a level of service that has true worth because it has the potential to derive real meaning in the lives of clients.
These are sentiments behind MiWay’s latest drive to foreground their value-added offering and their alignment with changing consumer needs and demands. The campaign, entitled, #MoveForValue talks to the way in which MiWay provides value-centric insurance solutions,
More specifically, the campaign aims to demonstrate how MiWay adds real, meaningful value to the lives of everyday South Africans through its powerful ecosystem of product offerings and solutions that are designed to enhance your life and motivate you to keep making moves for yourself, your loved ones, and their future wellbeing.
Your personal safety matters to MiWay. Your family’s too. That is why we have developed a unique product, in partnership with Aura, which you and your family can use in the event of a personal safety emergency.
MiGuard, MiWay's family protection assistance service, is a key example of this. Clients of MiWay receive access to a personal armed security response service when they feel at risk. The MiGuard service includes a number of security response businesses registered with the Private Security Industry Regulatory Authority, totaling over 3,000-armed response teams nationwide. These add-on services give our clients peace of mind knowing they are protected against a variety of life events.
The campaign, therefore, as Betty explains, “aims to highlight more than the insurance products in which MiWay specialises but how MiWay values your every move. These value-added offerings bring a new level of convenience to the insurer-insured relationship. It also casts the net wider over support services and add-ons which ultimately contribute to whether the insured has covered all angles and established a robust risk management strategy.
We’re passionate about equipping people with the tools they need to protect the things that matter most and to confidently grow their worth as their journeys unfold.
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