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Turnberry Risk Management Solutions releases 2019 plans: offering greater value, new services

16 October 2018Turnberry Risk Management Solutions
Tony Singleton, CEO, Turnberry Risk Management Solutions

Tony Singleton, CEO, Turnberry Risk Management Solutions

SA’s leading Gap Cover provider presents enhanced line-up of solutions to meet consumer demands

Turnberry Risk Management Solutions has released its new range of Gap Cover offerings for 2019, giving consumers greater value for their premiums, while also providing new services to help consumers manage their medical finances in the most optimal way.

“In recent months our team has worked tirelessly to craft a line-up of Gap Cover offerings which give customers comprehensive cover and much-needed benefits at an affordable price point,” explains Turnberry Risk Management Solutions, CEO, Tony Singleton.

He adds that the 2019 offerings are designed to address several challenges currently shaping the Gap Cover landscape including:

• The rise in certain chronic conditions (such as cancer)
• Increasing claims seen by Medical Aid and Gap Cover members
• More lenient underwriting due to Demarcation Regulations
• Changes to the structure and benefits of many of South Africa’s major Medical Aids
• Dramatic price surges seen by many specialists (notably in fields like gynecology and obstetrics)

“Our approach is always to be responsive to customer needs and for this reason, we’ve held hundreds of conversations with our members and our network of brokers to understand what benefits customers truly need.”

The new benefits are designed to meet these needs – and 2019 sees some exciting enhancements to the range of Turnberry solutions. For instance, its Premier offering now includes the likes of:

• Cover for accidents is no longer subject to a 3-month general waiting period – giving customers peace-of-mind that they’re immediately covered in the event of accidents and emergencies.
• The limit for co-payment cover has been doubled – from R75 000 per admission, all the way to R150 000 (the annual limit as defined by law).
• Sub-limit cover has also been expanded by a healthy amount – from R20 000 per admission, to R30 000.
• For traditional cancer, the required R200 000 excess (which would need to be covered by one’s Medical Aid), has been reduced to R100 000 – to help those customers whose Medical Aid doesn’t offer cancer benefits above R100 000.
• Contribution waivers have doubled, from 6 months to 12 months. This covers your family’s monthly Medical Aid premiums (up to R6000) and 100% of your Gap Cover premiums in the event of death or permanent and total disability.

Other products in the range have received similar upgrades, all designed to fit perfectly with the needs of each particular market segment. However, perhaps the most important change in 2019 is a relentless focus on innovating in the area of risk management.

“For many of us, it feels like medical inflation is spiralling out of control,” he says. “We’re extending our array of services, to help ensure our members’ claims are correctly paid by their Medical Aid. For instance, we’ll ensure claims are paid from the correct benefits pool.”

“We’re also negotiating more competitive rates from certain specialists, in return for our speedy payment of invoices – generating further cost-savings which we’re excited to pass on to our members,” Singleton concludes.

Ultimately, these new measures will help constrain medical inflation and limit the annual increase in Gap Cover premiums.

The enhanced Turnberry product range was officially launched during roadshows with its network of financial advisors, on the 2nd of October in Johannesburg, the 4th of October in Cape Town, and the 5th of October in Durban.

Quick Polls

QUESTION

The FSCA has said that the intrusive nature of regulation actually benefits insurers and intermediaries. Is this the reality on the ground?

ANSWER

Yes, intrusive regulation has helped us see how we can work towards better customer service
No, intrusive regulation comes at a cost and a major headache