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Standard Bank continues insurance cashback offering

18 May 2020 Standard Bank

Standard Bank Insurance will continue its 25% cashback relief on car insurance premiums for a second month to the end of May 2020.

This follows an announcement that Standard Bank Insurance clients would get 25% cashback on their car insurance premiums per month from 27 March. Standard Bank Insurance clients have received cash back amounting to more than R15 million thus far.

“We are extending this benefit to our clients being aware of the financial strain that most people are experiencing in these difficult times whilst heeding to the call to stay home in helping to manage the spread and impact of the virus in our country. It is important for us to continue to play our part in helping to protect what matters most to our customers and supporting them through this pandemic induced economic crisis,” says Dr Nolwandle Mbalo, from Standard Bank Insurance.

The cash back on premiums forms part of the range of insurance relief initiatives available to Standard Insurance Limited clients with up to date premiums. Standard Bank Insurance will calculate the cashback at a rate of 25% per day on the premium that a client pays on their car insurance and the payments will be made into the same bank account from which Standard Bank collects the monthly car insurance premium from.

This means that clients will be refunded at 25% per day from 27 March to 31 May 2020 of their car insurance premiums. The cashback for each month will be calculated separately.

“We have adjusted the cashback period and extended it to ensure that clients get the maximum cashback,” says Dr Mbalo. “This way we can provide some financial relief in these uncertain times. We will continue to look at ways to assist clients. We encourage our clients to manage their insurance portfolio digitally, including tracking any claims, using the Standard Bank channels available including our Banking App or through our Insurance Online site.”

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Financial behaviour experts suggest that today’s risk modelling methodologies ignore your client’s emotional ability / behavioural capacity. What are your thoughts on spicing up risk profiling tools to make allowance for your client’s financial behaviours

ANSWER

[a] Bring it on; my client’s make too many irrational financial decisions
[b] Existing risk profiling tools are adequate
[c] Risk profiling tools should be based on the model / rational client
[d] The perfect risk profiling tool is science fiction
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