Mobilife, in partnership with Standard Bank Insurance Brokers, was recently announced as the winner in the Insurtech category at the Qorus Ninth Insurance Innovation Awards. The award was presented to Frank Schutte, Chief Executive of Mobilife during a live ceremony in Lisbon on 6 June 2024.
The awards honour the best ideas and practices transforming the industry for the benefit of insurers and customers. This year, they had attracted almost 290 entries from 44 countries, with applicants ranging from agile start-ups to the world’s largest financial institutions.
The partnership between Standard Bank Insurance Brokers and the insurance tech platform, MobiLife, was awarded gold for the development of a payment plan solution made available through Standard Bank’s Flexible Funeral plan, underwritten by Liberty Group Limited. The solution, through a robust technology enablement, helps clients remain protected even when going through financial challenges allowing clients the grace to miss premium payments without jeopardising their cover.
“We are delighted to be recognised by Qorus at the Insurance Innovation Awards. This is truly an incredible accolade. Winning the Insuretech award for MobiLife reaffirms our commitment to partnering with Fintech players within the insurance industry to help close the protection gap in South Africa,” said Linah Mabena, Chief Executive of Standard Bank Insurance Brokers.
The Flexible Funeral offering temporarily reduces policy benefits in proportion to the premium payments missed over the preceding six months and restores them once outstanding contributions have been paid. It supports customers in times when they don’t have money to pay for insurance, to retain their policies and ensures cover limit is restored to original insured amount as the client catches up on missed premiums.
“The ever-escalating cost of living has left South Africans grappling with financial challenges. In such trying times, the ability to keep up with monthly insurance premiums can feel weighty. At Standard Bank Insurance Brokers, we are passionate about driving Africa’s growth and we understand the importance of helping clients remain protected,” says Mabena. “Not only can this safeguard livelihoods, but cumulatively, it can have a positive effect on the economy. With Standard Bank’s Flexible Funeral product benefit, we aim to help clients remain protected even in these tough times.”
John Berry, Qorus CEO says, since their inception in 2017, the Awards have played a critical role at the center of industry innovation by recognizing and rewarding the best and brightest ideas so others can learn and grow.
“The insurance sector is facing ongoing and complex disruption, but despite this, continues to show remarkable resilience. This year’s submissions offer rich inspiration, illustrating how insurers are broadening and diversifying their products and services to tackle disruption head-on and exceed customer needs; investing in digital innovations; creating new ecosystems and marketplaces, and championing the sustainability imperative,” says Berry.
Winners were selected across seven categories through a peer-based voting process combined with a panel of judges from leading global financial firms.
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