South Africa Investment Platform Offers Life Insurance ‘Gap’ Product

South Africa-based low-cost investment platform EasyEquities has partnered with digital-first insurer Sanlam Indie to deliver a new life insurance product, exclusively for EasyEquities clients under the age of 40.

The new policy, created by Sanlam Indie, provides cover to EasyEquities clients until the age of 45. It provides comprehensive life insurance cover up to the value of R2million directly through the EasyEquities platform. The policy is delivered digitally through an underwriting process – considering the individual, their assets and liabilities to insure the ‘gap’.

The life insurance product offers clients the option to adjust the cover amount as investments grow. EasyEquities partnered with Sanlam Indie to leverage its insurance capabilities to help bring the insurance product to market.

This product is set to be released in phases to customers over the coming months through the EasyEquites platform.

Charles Savage, CEO and founder of EasyEquities, explained the investment platform’s aim. Savage said: “Our commitment to our customers is to continue to deliver innovative products and services that make it cheaper, easier and more fun to build and protect wealth and this product is built with this in mind.”

Insurance for investors

Edwin Theron, CEO of Sanlam Indie, also discussed the features of the product. He said: “Insurance should be used for the gap between what you have and what you would need if you were to die today. With this logic, as your investments grow, your need for insurance reduces. Basically, it’s an insurance product that’s aimed at reducing the need for insurance in the long-term and that’s really unique.

“EasyEquities already knows a lot about their clients so the underwriting process shouldn’t take more than two minutes. This makes for a world-class onboarding experience. We’ve learned a lot while creating our own onboarding process and the EE process builds on this to ensure that there are absolutely no delays in the amount of time it takes to sign up new insurance clients for this new proposition.”

Theron also discussed the need for the insurance sector to adapt to how it sells to potential customers. He said: “More and more, we are seeing that insurance has to be sold to clients where they are. Clients won’t always continue to go out and look for an insurance product and so we need to come up with new ways to bring insurance to them. This partnership is our first try at this kind of thing. We are very excited about what we could learn about where the industry may be headed in years to come.”

The post South Africa Investment Platform Offers Life Insurance ‘Gap’ Product appeared first on The Fintech Times.

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