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 Why you need to adapt your attitude towards money as you age
As you move through life, you will encounter different phases and interests, and your perspective will change. Where you choose to spend your money will change as a result. We have a look at the impact on your finances.
How to pay your bills on time and save your credit score
The most crucial factor in ensuring a good credit score is meeting your monthly payments – in full, and on time. But how can you guarantee you don’t miss any payments?
What are your financial responsibilities in the funeral of your employee’s family?
When your in-home employee loses a loved one, your heart will go out to them, and you may feel compelled to contribute financially towards the costs of the funeral. However, this comes with a lot of uncertainty. How much should you contribute?
7 Emotions that impact your finances
We all strive to make rational financial decisions, to control our costs in the present and increase our future financial gain. However, what would happen if we allowed our emotions to take the lead in money matters?
Deals
Book 3 nights and get the 4th one free at Sun City
Price: Available on request
When: Until 30 June 2021
Where: Johannesburg
Bakwena Spa Mother’s Day Special
Price: From R849
When: Until 09 May 2021
Where: Western Cape and Gauteng
Spur Monday Special
Price: R60
When: Mondays
Where: Nationwide
Our suppliers and companies we review
