Old Mutual GREENLIGHT Moving with the times
A trip down memory lane provides a vivid reminder of just how much times have changed… and reveals how Old Mutual GREENLIGHT has kept pace with the changes to ensure brokers and their clients always have a comprehensive – and relevant - choice of cover.
In the mid-eighties, Phil Collins, Tina Turner and Elton John were still producing some of their best music. If you turned on the radio, you heard songs like “Against all odds”, “What’s love got to do with it” and “I guess that’s why they call it the blues”.
My first computer arrived around that time: an IBM XT computer, with monochrome screen and four megahertz processor, together with a 20 megabyte hard drive the size of a milk carton. These were the early days of Universal Life policies, combining savings and risk cover in a single policy to provide a targeted level of life cover during the policy term.
The naughties
In 2001, the aforementioned artists were creating greatest hits albums, but something fresh was about to hit the life insurance market in South Africa… the new era of stand-alone risk cover dawned on intermediaries and their clients.
Old Mutual GREENLIGHT was officially launched on 7 May 2001, and the initial offering consisted of 10 benefits, covering Death, Disability, Physical Impairment and Severe Illness.
The design principles implemented then still holds true:
• to meet the various risk protection needs of our customers;
• to ensure understanding of the solutions offered with simple language;
• to provide certainty at claims stage with 100% only pay-outs; and
• to ensure benefits are priced on a sustainable basis with our “Priced for Life” philosophy.
Financial planners listened to Christina Aguilera’s “Lady Marmalade”, and “Hero” from Enrique Iglesias, while driving to their clients. The naughties were the start of some great new innovations in personal and business cover, and the music industry was adapting to MP3s and downloadable music.
The naughties also saw increased compliance requirements in the financial services industry. GREENLIGHT’s design principles proved their real value when Policyholder Protection Rules, FAIS and SCIDEP industry definitions were implemented.
The last 10 years
Over the last 10 years, GREENLIGHT’s benefit range expanded to over 30 solutions, offering a comprehensive choice of cover to customers. Comprehensive Disability (Own Occupation) and Extensive Illness Plus are our flagship Disability and Severe Illness solutions.
The Daily Tasks Benefit included under Comprehensive Disability provides 100% cover on functional and physical impairment, on top of occupational disability cover.
The Severe Illness Plus range (Core, Comprehensive and Extensive) includes multiple claims at 100% of the cover amount. For instance, on unrelated cancers and a stroke after a heart attack, customers can qualify for two 100% pay-outs.
When ERNI and BERNI arrived
In 2008, GREENLIGHT launched a market leading personal cover product advice tool called ERNI. After identifying risk cover shortfalls through a financial needs analysis, ERNI assisted intermediaries with the most comprehensive solution offered by GREENLIGHT, tailored to the specific needs of their client.
Another recent highlight was GREENLIGHT for Business, launched in August 2010, together with BERNI, our business analysis and product advice tool that assists experienced and new financial planners to offer a quality business risk benefit proposal to their clients. BERNI also produces group quotes for buy and sell agreements which can be submitted electronically, and the BERNI report can be used for financial underwriting up to specified cover amounts.
Looking ahead…
So, in 2011 we are celebrating our 10th birthday, and the success that came with staying true to our design principles and our focus on making business easier for our intermediaries and our clients.
The Apple iPod, quadcore processors and on-line music are perhaps a hint of what lies ahead for GREENLIGHT in the next 10 years. Now, where can I find Adele’s latest single on-line?
