FANews
FANews
RELATED CATEGORIES
Category Life Insurance

EasyEquities partners Sanlam Indie to offer innovative life insurance product

17 February 2023 EasyEquities

BLURB: EasyEquities and Sanlam Indie have created an underwritten life insurance product that gives clients the option to adjust their cover amount as their investments grow.

[16 February 2023] EasyEquities has partnered Sanlam Indie to deliver a life insurance product purpose built for young investors. This term life insurance policy provides cover until the age of 45 and is exclusively available to EasyEquities clients under the age of 40. The new product offers comprehensive life insurance cover up to the value of R2 million directly through the EasyEquities platform and is delivered digitally through a frictionless underwriting process that considers who you are, what assets and liabilities you have and enables you to insure the gap easily.

The product team at EasyEquities, headed by Almero Oosthuizen, conceptualised the product after clients articulated their desire to die with assets that far exceed their liabilities. Partnering Sanlam Indie to leverage their insurance knowledge and capabilities to bring this innovative product to market was a logical next step.

EasyEquities will be offering their clients this exciting insurance product with the option to adjust the cover amount as investments grow. According to Sanlam Indie’s CEO, Edwin Theron, this makes the product really unique. If you want to do it, your cover amount can decrease as your investments increase, he continues “This is because insurance should be used for the gap between what you have and what you would need if you were to die today. With this logic, as your investments grow, your need for insurance reduces,” he explains. And you could set aside the money you’re saving on your reduced insurance premium to help grow your investments even more. “Basically, it’s an insurance product that's aimed at reducing the need for insurance in the long-term and that’s really unique.”

To sign up for the cover, clients must answer four simple questions and there is no need for any physical medical checks. “EasyEquities already knows a lot about their clients so the underwriting process shouldn’t take more than two minutes and makes for a world-class onboarding experience. We’ve learned a lot while creating our own onboarding process and the EE process builds on this to ensure that there are absolutely no delays in the amount of time it takes to sign up new insurance clients for this new proposition.”

This product will be released in phases to our customers over the coming weeks and months through the EasyEquites Platform, however you can find out more by visiting www.easyprotect.co.za

“EasyEquities’ mission is to make investments easy for everyone. And they've done that very successfully and very innovatively, says Theron. “Together we are trying to do something similar with insurance. Indie exists to make quality insurance products more accessible and one of the ways of doing so is by simplifying the process of signing up for them.”

He believes that this alignment in approach enabled the two brands to develop the product with our technical partner Root, in a very short space of time, acknowledging that there is plenty of room to expand and improve the product based on what they learn from clients over time. “What it looks like on day one and what it looks like in five years’ time may be quite different,” he says.

“Our commitment to our customers is to continue to deliver innovative products and services that make it cheaper, easier and more fun to build and protect wealth and this product is built with this in mind,” says Charles Savage, CEO and founder of EasyEquities.

“More and more, we are seeing that insurance has to be sold to clients where they are. Clients won’t always continue to go out and look for an insurance product and so we need to come up with new ways to bring insurance to them,” concludes Theron. “This partnership is our first try at this kind of thing and we are very excited about what we are going to learn about where the industry may be headed in years to come.”

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now