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Old Mutual Insure empowers brokers with winning offerings and digital delivery

09 October 2019 Old Mutual Insure

Old Mutual Insure’s extensive re-fresh of its flagship products and delivery channels empowers brokers and advisers with competitive insurance offerings - including additional cover, limits and extensions not previously offered - delivered and managed through cutting-edge digital interfaces.

“Following a process of deep listening, Old Mutual Insure has responded to the challenges that South African brokers and advisers face delivering and managing cover effectively,” said Christelle Colman, Insurance Expert, and Old Mutual Insure.

For new clients added from September 2019, and from November 2019 for existing clients, Old Mutual Insure is:
• updating products in its Personal and Commercial lines,
• improving the functionality of its MyOMinsure broker administration programme,
• aligning the premium calculation for Commercial and Agri with market best-practice,
• introducing a range of new capabilities to Old Mutual Insure’s self-service apps.

This general refresh, which includes the simplification of wordings to improve the claims experience, has touched every part of the business. “This shows how closely we have listened to our brokers and clients and how accurately we have responded to their product, price and operational challenges,” said Colman. “We have also used the opportunity to align our practice, language and guidelines with latest domestic and global legislation and best practice,” added Colman.

Even though many of the individual changes, tweaks, additions and improvements are small, “cumulatively these impact South Africa’s border insurance ecosystem in a disproportionately profound way – enabling brokers and advisers to inform and guide and, ultimately, manage loss better, more quickly and more affordably for clients,” said Colman.

Some of the improvements include, for example, a long-awaited premium calculation upgrade for its flagship commercial and agri products. “We now give a month’s premium discount for clients paying 12 months in advance,” explained Colman.

Territorial limits on motor policies have been extended to include Angola, Kenya, Tanzania and Zambia. There is now no excess for incidents resulting from fire, lightening or explosion. The definition of buildings now includes listed fixtures and fittings, like carports and rainwater tanks. In cases of fire, money and stamps limits have been raised to R15 000. In cases of theft, the locks and keys limit is now R20 000. For office contents, lightening, aircraft and impact peril definitions have all been enhanced.

The over 400 systems improvements made to MyOMinsure enable straight-through processing capabilities for Personal and Commercial lines products, empowering brokers to dramatically improve the customer experience.

Recognising that for clients operating in a tough economy, purchase decisions eventually come down to affordability, “our products are now price and extension-competitive with the best value offerings in the market,” added Colman.

In an increasingly digitally interconnected world, no organisation is an island. This means that Old Mutual Insure is not merely the sum of its solutions, service promises, claims experiences, relationships and partners. “We are also part of a broader industry and country - including staff, clients, regulators, the general public, and the social and environmental contexts within which these elements co-exist,” said Colman.

This kind of broader ecosystems thinking inspired and guided Old Mutual Insure’s product and channel refresh.

By equipping South Africa’s insurance professionals to deliver and manage a suite of offerings much more competitively aligned to the best-on-offer in the market, delivered through new user-friendly digital channels, “we will strengthen our partnerships with the professional community that delivers insurance products to South Africans. This refresh will also raise the product, value and service bar across the industry,” concluded Colman.

Quick Polls

QUESTION

Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

ANSWER

The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
Transformation represents a great opportunity for growth and penetration by brokers
Brokers are unlikely to find their commission business yanked away from them by insurers looking to influence procurement scorecards
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