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Protecting and progressing SA’s small business sector on the road to recovery

23 October 2020 Old Mutual Insure
Soul Abraham, Retail Executive at Old Mutual Insure

Soul Abraham, Retail Executive at Old Mutual Insure

Small businesses are critical to the recovery of South Africa’s economy. They provide most of the jobs in most economies globally.

And, since these businesses are also generally the most innovative businesses, they also offer the South African economy the greatest potential for new growth. Growth, along with the employment that it brings, more than anything else is what South Africa needs right now.

Therefore, Old Mutual Insure deployed R40 million to support SMEs during the COVID-19 pandemic and have supported more than 41 small businesses to safeguard the jobs of over 588 employees. The insurer has also set aside R650 million to pay out claims and commercial settlements to its hardest-hit qualifying business clients, to help them to continue operating during these difficult times.

“As the economy starts emerging from the devastation of the lockdown, Old Mutual Insure understands that it is now more important than ever for small business owners to have the necessary insurance protection in place, to be able to sustainably progress into the future. We’re there to assist, not only with our comprehensive range of small business insurance solutions, but also by giving small businesses the opportunity to boost their businesses by winning a share of R100 000 in our new advertising campaign,” says Soul Abraham, Retail Executive at Old Mutual Insure.

To continue with its support for SMEs, the insurer will also look at opportunities to collaborate with various partners on practical ways to add real value to these businesses.

“Old Mutual Insure aims to ultimately become an enabling partner to the small business ecosystem in South Africa. Given the very real challenges that South Africa’s small businesses face, these kinds of initiatives in the corporate sector can be exactly the kind of thing our country needs to weather the Covid-19 storm and start fixing our economy, sustainably,” concludes Abraham.

Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
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