Metropolitan GetUp launches first fully digital, subscription-based funeral solution

Metropolitan GetUp has launched Atom - a first-of-its-kind, fully-digital, subscription-based funeral solution.

While subscription-based payment is new within the realm of insurance, young consumers are more than familiar with this payment method, which is frequently engaged by popular brands such Netflix and Spotify.

Prin Munsamy, Solutions Actuary at Metropolitan GetUp, says that this model will enable consumers to cancel or renew their insurance ‘subscription’ at any time, putting the client in full control of their cover.

“Developed with the end-user firmly in mind, GetUp Atom acts as a one-stop solution that offers fast, uncomplicated, comprehensive and affordable funeral cover to policy holders and their families. Subscription is also a ‘once-off’ process; meaning that once someone becomes a Metropolitan GetUp Atom client, they will not need to apply again.”

Inspired by the structure of an atom, the product features core cover and includes benefits such as repatriation, payment protection and cover for up to 20 lives, while its suite of additional benefits, such as cashback and value protection, are optional and can be added or removed according to clients’ needs or life stages.

Another feature that differentiates Atom from other funeral products is its Cover Stretch benefit. Munsamy explains that while traditional funeral products generally lapse after three premium payments are missed, GetUp didn’t want its customers to have this ‘cold experience’, and instead sought to give clients breathing room in times of financial distress.

Says Munsamy, “Life happens and premiums are missed during difficult times. Atom’s Cover Stretch benefit allows one to keep their plan active for up to one year when times are tough, by redeeming ‘Cover Stretch tokens’ - which are, in essence, an opportunity to miss a premium while still retaining some level of cover.

Munsamy explains that as with all GetUp’s financial solutions, Atom is linked to Life Hacks. “Life Hacks is what we call ‘adulting 101’, which gives customers practical tools to improve their financial position by taking co-accountability for protecting themselves and their loved ones.”

With Atom, customers can also earn up to 10% of their premiums in cash each year for successfully completing certain Life Hacks.

Munsamy explains that GetUp, Metropolitan’s fintech arm, was born out of a desire to put younger, digitally-minded South Africans in control of their finances - a market that is facing mounting financial pressures - and he believes that this approach to insurance will pave the way for others in future.

“GetUp is centred around a strong digital offering with omni-channel agility. Flexibility is intrinsic in all products and GetUp’s adaptable offering can be engaged according to the policy holder’s life stage, while communication is simple, clear and easy to understand. There’s absolutely no jargon, fine print or complicated legal speak,” says Munsamy.

He says that as with all GetUp’s solutions, Atom is designed around the needs of the client.

"We’ve stripped away the stuff that our customers have told us is not important to them, and added new features and flexibility, which add real value to their lives. This is just the start for GetUp; we’re carving a unique protection offering for clients where our developments are guided by our communities and their priorities,” he concludes.