Absa Insurance Company is venturing into the broker market, creating new options for independent advisors with a range of unique products.
You no longer have to become an Absa broker to offer your clients Absa Insurance Company’s products. This is good news for brokers who are always looking for new alternatives for increasingly demanding clients, particularly in light of Absa Insurance Company’s unique offering, which includes wider cover in respect of their policy wordings and the after-sales service provided particularly in terms of claims management.
Selection criteria
While Absa Insurance Company is venturing into the independent broker market, all brokers who are allowed to sell the company’s products are vetted internally.
This process includes, inter alia, verification of the registered status of the FSP with specific reference to the licensed short-term insurance product categories, the status of key individuals from an oversight point of view, and fit and proper distribution of representatives who will be acting on behalf of the intermediary.
“Because we value the participation of intermediaries, we engage with our intermediaries to ensure all their regulatory affairs are in order before entering into an agreement, thereby ensuring compliance by ourselves as the product supplier and by the intermediaries as our distribution channel,” explains Herman Moloi, GM Customer Value Proposition and Sales at Absa Insurance Company.
Staying ahead
Herman Moloi notes that Absa Insurance Company has been well established in both the personal lines and commercial sectors of the market. “Our rates are quite competitive when compared to industry standards, even though we offer wider cover and excellent after-sales service particularly in terms of claims management.
“In addition, we stay ahead of the market by keeping in touch with our clients to understand their needs and by swiftly adapting our product development to new legislative requirements.
We also closely track global and local market trends to keep our fingers on the pulse of new developments and opportunities for new products.”
Personal lines – value-added offerings
• Car hire is included for all insured motor vehicles, with buy-up options available to 90 days or a higher grade of hired car.
• Absassist Programme is included on all policies, covering Home Disaster and Motoring Assistance.
• A value-added loyalty programme.
• Extended cover is included on most of personal lines products.
• Excess options further extend client choices.
AGRI COVERS
Multi Peril Policy
Product of Absa Insurance Company Short-Term Crop Insurance
Offers cover against uncontrollable adverse weather conditions to grain crops in the summer rainfall area.
Based on the production history of the farmer for the specific crop, a certain yield for the current season for that crop is guaranteed. All lands planted with the crop must be offered for insurance. Absa Insurance Company may reject some lands based on a number of criteria.
The hectares per land and value per ton are specified by the insured. Inception is the latest of either 48 hours after completion of the policy or emergence of the crop, and the premium is then payable in full.
Claims are paid at the end of the season based on a physical yield assessment done by Absa Insurance Company. The claim is based on the deficit between the guaranteed yield and the assessed physical yield.
Features and benefits
• This policy must be offered in conjunction with the Extended Hail Policy for crops.
• This is not an ongoing or renewable policy as the crop on the specific land will vary from crop season to crop season.
Multi Peril Policy Southern and Western Cape
Product of Absa Insurance Company Short-Term Crop Insurance
Offers cover against uncontrollable adverse weather conditions to grain crops, in the winter rainfall area of the Southern and Western Cape.
Features and benefits
• Policy offered in conjunction with the Extended Fire Policy for crops in the Southern and Western Cape.
• This is not an ongoing or renewable policy as the crop on the specific land will vary from crop season to crop season.
Multi Peril Policy for Fruit
Product of Absa Insurance Company Short-Term Crop Insurance
Offers cover against uncontrollable adverse weather conditions, as well as uncontrollable pests and diseases, to certain fruit crops.
Features and benefits
• This policy must be offered in conjunction with the Extended Hail Policy for Fruit.
• This is not an ongoing or renewable policy as the crop on the specific land will vary from crop season to crop season.
Extended Hail Policy
Product of Absa Insurance Company Short-Term Crop Insurance
Offers cover against hail damage to grain crops while still on the lands. It also includes fire, frost and transit cover to the closest delivery point, within a radius of 100km from the farm.
Features and benefits
• Policy offered in conjunction with the Multi Peril Policy for crops, or as a separate policy.
• This is not an ongoing or renewable policy as the crop on the specific land will vary from crop season to crop season.
Extended Fire Policy
Product of Absa Insurance Company Short-Term Crop Insurance
Offers cover against fire damage to grain crops while still on the lands, in the Western Cape.
It also includes transit cover, to the closest delivery point, within a radius of 100km from the farm. There is also an option to include cover against excessive rain during harvesting time at an additional premium.
Features and benefits
• Policy offered in conjunction with the Multi Peril Policy for crops for the Southern and Western Cape, or as a separate policy.
• This is not an ongoing or renewable policy as the crop on the specific land will vary from crop season to crop season.
Extended Hail Policy for Fruit
Product of Absa Insurance Company Short-Term Crop Insurance
Offers cover against hail damage to fruit crops while still on the trees. It also includes frost cover and cover against excessive rain for certain crops, as well as transit cover to the closest delivery point, within a radius of 100km from the farm.
Features and benefits
• Policy offered in conjunction with the Multi Peril Policy for Fruit, or as a separate policy.
• This is not an ongoing or renewable policy as the crop on the specific land will vary from crop season to crop season.
Livestock Insurance Policy
Product of Absa Insurance Company Short-Term Crop Insurance
Offers cover against various perils to cattle, sheep and goats. The insured specifies the number of livestock to be insured, but the herd as a whole must be insured and there is an excess applicable to the total value of the herd. Inception is 48 hours after completion of the policy and the premium is then payable in full. Claims are based on the number of livestock that died and compensated at the insured value per type of livestock.
Features
• This is not an ongoing or renewable policy as the crop on the specific land will vary from crop season to crop season.
ABSA INSURANCE COMPANY'S RANGE OF UMA PRODUCTS
Heavy Commercial Vehicles/Goods-in-Transit/Liabilities – One Commercial Motor & Liability (Pty) Ltd
• Comprehensive insurance cover for heavy commercial vehicles exceeding 3 500kg.
• Goods in transit cover to insure risk exposures during the transportation of goods.
• Liability covers extended liability for commercial motor risks including for fare paying passengers and pollution.
Engineering – One Commercial Engineering (Pty) Ltd
• Specialist engineering covers such as plant all risks, machinery breakdown, loss of profits, deterioration of stock, contract works, computer, electronic equipment, dismantling, transit and erection.
Guarantees – One Commercial Securities (Pty) Ltd
• Guarantee and commercial insurance solutions, including but not limited to, construction guarantees and performance bonds, fuel guarantees (retail and commercial), retail dry stock guarantees, commercial assets short-term insurance for the fuel retail industry, and utility guarantees.
• Vehicle warranties administered by Innovation Group, Motorite, SA Warranties and Absa Vehicle Management Services (AVMS).
• Mechanical breakdown insurance for passenger and light commercial vehicles not exceeding
3000kg.
Appliance Warranty administered by Innovation Group
• Covers mechanical and/or electrical failure or breakdown for all major appliances and electronics in the insured household.
• The home warranty add-on protects clients against losses, which are typically not covered by HOC policies, such as household electrical and plumbing faults, as well as gate and garage door motor failures.
• The offering also extends to cover commercial appliances for mechanical and electrical failure.
Sha’riah Compliant Insurance - Takafol SA
• Comprehensive, tailored and reliable insurance cover for vehicle, household and business needs in a Shari’ah compliant way.
• Additional benefits and assistance programmes.
Gap Cover – Ambledown Risk & Underwriting Managers
• Shortfall in medical aid charges whilst in hospital.
Car Hire administered by Weymouth Risk Solutions
• Car hire following accident or theft of an insured vehicle.
Legal Costs – Lipco Group (Pty) Ltd
• Insurance against legal costs.
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