Cash-back rewards for SA taxi owners to promote road safety

Vulindlela Underwriting Managers (VUM), a specialist business unit of Santam, is rewarding taxi company owners for managing their risk by giving them a cash-back reward for their claim-free status. The company hopes that this incentive, combined with the introduction of insurance products that are financially within reach of the average taxi owner, will make roads safer for all South African commuters.

The rewards benefit, called Zuzimali Cash-Back, is aimed at rewarding taxi owners who do not claim on insurance after twenty four months. The cash-back reward totals 10% of premiums paid and rewards are refunded after a twenty four month no-claim period.

“The incentive is an excellent way to ensure that drivers are observing road safety requirements, which in turn means safer roads for all South African commuters and road users. Fewer claims mean fewer accidents, which benefits the population, the economy, the driver and owner of the vehicle as well as the industry as a whole,” says David Gould, managing director of VUM.

One of the biggest challenges for South Africa insurance is to make premiums affordable enough to ensure regular payments and a strong economy. The VUM policy is addressing this by providing easy access to a product that is affordable and that offers a reward for smart risk management.

Gould says that besides the obvious cover, traditionally taxi owners would not previously derive any benefit from being insured.

Promoting a culture of risk management is important to Santam. Through VUM, and its position as key insurance provider to the taxi industry and emerging market, Santam is claiming its position as a company focused on rewarding safety.

Benefits of the policy offered by VUM:

· Fully comprehensive insurance cover for all types of taxis, minibus, midibus and sedan-type taxis.
· A specialised insurance policy for metered taxi fleets and these also feature a Cash-Back benefit.
· Passenger Liability Cover with a choice of various limits up to R20 million.
· Personal Accident Cover – R10 000 per passenger and R25 000 per driver to cover funeral costs and other expenses.
· Fixed Expenses Cover to pay for expenses while the taxi is being repaired or replaced.
· Optional cover for trailers and sound equipment.

VUM, established in 2006, provides the widest range of insurance products for owners of mini, midi and metered taxis in South Africa and is the first underwriting company in South Africa to offer a cash-back payment reward to taxi company owners.

In addition to the Zuzimali Cash-Back benefit, VUM also offers exceptional policy and claims administration. VUM operates under a completely paperless environment using the TISCO Insurance Management system, which allows every single business process to be tracked by a defined workflow. Client communication, centered around personalised SMS technology, is also an automatic feature of the VUM business process.