MUA launches new product aimed at middle income earners

Christelle Colman, Chief Executive Officer of MUA Insurance Acceptances.

MUA Insurance Acceptances today announced the launch of its new personal lines insurance product aimed at the South African middle income market, the MUA Personal Policy. The product is available for underwriting from 16 March 2016.

According to Christelle Colman, Chief Executive Officer of MUA Insurance Acceptances, the new product is the solution for individuals who do not yet qualify for the MUA Executive Product, but want access to the exceptional personalised services offered by the MUA. “However, the new MUA Personal Policy still has the extraordinary MUA touch to it. All our clients will be treated as individuals, whether they are Personal or Executive policyholders – they will receive the same attention and service excellence.”

We decided to create this product following numerous requests from our brokers to develop a product that they will be able to offer their clients in the mid-market, says Colman. “At MUA we have excellent relationships with our brokers because they know the calibre of service we offer, which is why they pushed for the additional service offering so that more of their clients could access the personal touch and individualistic services of MUA.”

The MUA team strongly believes that now is the right time to launch their personal lines product, says Colman. “We found that there was a need in the mid-market to provide a personal lines policy that allows the client to be treated like an individual. We spent an enormous amount of time, research and effort into developing this product and we are now extremely confident that our product is perfectly suited for its target market. While the mid-market insurance segment is a very competitive sector, we believe that our value proposition will be a clear competitive advantage over our competitors.”

MUA is perfectly positioned to price our policy competitively to this new target market, through our productive partnership with Auto & General, says Colman. “This collaboration enables MUA to use the economies of scale at Auto & General to allow the MUA claims model to work smoothly and effectively. Without this valuable partnership we would not have been able to successfully launch the new personal lines policy.”

The basic entry level qualifying requirements for a client to buy this personal lines policy, is that their sum insured household contents must exceed the value of R250 000. As soon as the policyholder’s assets grow and their household contents exceed the value of R750 000 the client may be migrated to the MUA Executive Policy and have access to the benefits this policy has to offer.

The new MUA Personal Policy offers some unique benefits when it comes to building, household contents, motor, all-risk and specified items insurance which includes:

Colman says that MUA is well prepared to welcome an influx of new business as the company has improved its resources to deal with new clients. “We have specific teams in place to handle the new Personal Policy workload while our other teams are still dedicated to the Executive service offering. Everybody at MUA is ready to do business.”

MUA has a very strong brand presence within the South African insurance market and have enjoyed good exposure over the past few years. “We have also fostered excellent relations with all our brokers over the past 28 years which have been established in such a way that the brokers know exactly what to expect from MUA and are ready to market our policy to their mid-market clients,” concludes Colman.