Santam's VUM clients receive first cash-back payouts

Vulindlela Underwriting Managers (Pty) LTD or ‘VUM’ – Santam’s vehicle for providing specialist insurance cover to the taxi industry - has paid out its first cash-back benefits. Known as ‘Zuzumali’, the benefit is available to all VUM clients who have their taxis insured with the company, but have not made any claims over a period of two years.

Mr. CN Luthuli, the owner of Intando Yeningi Transport (pictured above) was amongst the first of five VUM clients to receive the benefit from VUM Managing Director Dave Gould.

(Pictured Right: Mr Luthuli owner of Yeningi Transport Dave Gould MD of VUM)

Gould explains that the company was launched on 1 October 2006 by Santam, after the limited availability of taxi insurance had been identified as a gap in the market. VUM insures all types of taxis, from sedan type and metered taxis, up to 35-seater midi buses. The specialist product provides full comprehensive cover, which includes personal accident cover, to the value of R10 000 per passenger, and R20 000 per driver to cover funeral costs and other expenses. In addition, the product provides passenger liability cover up to R20 million.

He says that the company currently has 1 800 policy holders, with 2 950 taxis under cover, and that Zuzumali cash-back offer is partly responsible for the success of the offering to date.

“Our Zuzimali Cash Back is our big difference. It is unique in that it works at risk item level, not policy level like other benefits of this nature, so even although Mr Luthuli had claims on two of his Taxis, we still paid out the other five. It is a great pleasure to be able to reward our clients in this way,” he concludes.