Last week Vodacom was awarded a long term insurance licence by the Financial Services Board (FSB). This news comes after it was given the go ahead to sell and underwrite short term insurance products earlier this year. A spokesperson said products had not yet been finalised but Vodacom said it is looking at providing a full suite of insurance products relevant to its customers.
Vodacom said it will be able to leverage the direct links it has with over 30 million customers and dramatically reduce the costs traditionally associated with acquiring and serving customers. It claims that these savings will enable it to extend greater value to its customers.
“Our insurance business proposition is simple; we are focused on providing Vodacom customers with unbeatable value. Our customers will benefit from the value and convenience that we are able to offer. The vision is to dissolve the barriers to entry for all South Africans previously unable to access insurance products,” said Mark Taylor, managing executive of Vodacom Financial Services.
Vodacom appointed direct life company Frank.net, which is owned and capitalized by Liberty Holdings, to provide administrative and claims support for its long term insurance offering.
“Frank.net is a good fit for us. The company has a proven track record in the long term insurance industry with the latest technology platforms and innovative ways to provide an excellent customer experience. We are excited about the depth of experience that Frank.net will bring and believe that they will provide excellent service that our customers expect,” added Taylor.
Vodacom to offer life insurance
Recent Articles
Featured Can you take out vehicle finance on an old vehicle?
As it turns out, creditors have several concerns regarding cars older than 10 years. Justmoney has a look at why creditors are sceptical of older vehicles and what you can do to get around this.
Should you have a living will in place?
When you hear the word will, the only thing that comes to mind is the document that states who is going to inherit you property when you’re dead. But have you thought about who’s going to decide what happens to you when you become incapacitated? A living will can help you do just this.
Know the difference between a loan and a credit facility
Choosing the correct product according to your needs is critical in making smart financial decisions. Credit options can be separated into two main categories – loans and credit facilities. But for some people, the lines can be quite blurred between the two.
Is property a good investment?
It’s good to consider whether property is a good investment. Justmoney spoke to numerous specialists to find out whether this is the case in South Africa.
Deals
DaVinci’s on Kloof Students Discount
Price: Available on request
When: Daily
Where: Cape Town
Ghandi's Backpackers and Guest Lodge 10% Discount
Price: Available on request
When: Daily
Where: Johannesburg
Fairway Hotel Happy Hour Special
Price: Available on request
When: Until 13 December 2019
Where: Johannesburg
Our suppliers and companies we review
