Old Mutual Group launches iWYZE, the wise choice in short-term insurance

Responding to the growing need of mass market consumers for short-term insurance, Old Mutual and Mutual & Federal have joined forces to launch iWYZE valuables insurance. This initiative is part of Old Mutual’s strategy to exploit group synergies and the combined expertise accumulated in both companies over many years.

“We prefer to call our offering ‘valuables insurance’ rather than ‘short-term’ insurance”, says Willem Smith, Chief Executive of iWYZE. “We realised that clients want the peace of mind that their valuable possessions are protected, but don’t want to be burdened with industry jargon and small print. We’re making it as easy as possible for people to protect their valuables through the Old Mutual Group, which has a solid track record of securing positive futures for clients for 165 years”.

“Both Old Mutual and Mutual & Federal are incredibly excited about this offering,” says Smith. “Teams from both companies worked closely together, pooling experience and insights to build a strong offering which we will continue to enhance. Our approach, coupled with the strength of the Old Mutual brand, especially in the mass market, provides a solid platform for the launch of this initiative. iWYZE is positioned for broad appeal in the South African market, but specifically targets the mass market where it is believed a significant opportunity exists.” He concludes, “The current South African short-term insurance market for personal lines is estimated at R25 billion in premium income, but penetration into the mass market is less than 10%”.

“Our promise to our clients is to be straight and transparent with them. They will know what they’re getting from the start from our team of call centre agents who are FAIS accredited and trained to advise clients on the insurance options that best meet their needs. Becoming an iWYZE client is as easy as phoning us or sending an SMS,” adds Smith.

He continues, “By sharing information and providing advice we want to put the power of real informed choices into the hands of consumers. We intend to be the consumer-champion brand – not only serving clients, but educating them on what they can and should expect from their insurer. Insuring valuables like the car or house in which you have invested so much is not a five minute decision to be taken lightly. We offer the reliability that clients expect and the transparency they require in order to understand their insurance contract”. Smith adds, “The name iWYZE alludes to our intention to help both existing and new short-term insurance consumers to make the wise choice”.

Product highlights

iWYZE automatically adjusts the retail or market value of a vehicle at policy anniversary. For clients who have elected to be on the minimum excess option, iWYZE will waive the excess on their first claim after 3 claim-free years. iWYZE also offers a six month retrenchment premium waiver.

iWYZE provides cover for individuals for motor vehicles, buildings, contents, all risks, personal liability and legal expenses. Says Smith, “We have simplified, and will continue to enhance all client communication including policy contracts for easy reading by our target market. We have ensured that our products do not cause any nasty surprises at claim stage, for example by offering only fixed excess options rather than a percentage of the claim. We also offer the standard benefits such as a no-claim reward and free road and home emergency service”.