Vodacom Insurance makes insurance products accessible to people without access to financial services products
Changing consumer experiences and expectations mainly driven by the digital boom is pushing companies to be more proactive and creative when launching new products. What it essentially boils down to is the value proportion and personalised offerings.
In order to meet consumer demands, Vodacom Insurance a subsidiary of Vodacom South Africa, is using the power of its mobile network and capability to communicate and make insurance products more accessible to people who don’t normally have access to financial services products. Yesterday the mobile network launched its first pre-paid funeral cover in Polokwane. The Funeral Cover 4 You and Your Family are unique funeral products that are available to pre-paid Vodacom customers from as little as R7.50 per week, depending on the level of cover.
“We are extremely proud that Vodacom is the first Telecoms insurance business to offer this product. What makes our pre-paid offering relevant in the market is that it is cost effective and provides value to customers. It is about accessibility and convenience as consumers are becoming more and more reliant on their mobile handset to store money, pay bills and even purchase products. With this product we are targeting customers who do not have bank accounts or have an irregular income”, said Andrew Culbert, Managing Executive at Vodacom’s Telcosurance.
Customers on the Vodacom network will be able to pay for cover using their prepaid recharge value through a simple registration process on USSD. All of the following options can be effected through the zero-rated USSD self-service *111*187# on the main Vodacom USSD menu: purchases, updating of beneficiaries, updating of cover, the initiation of the claim process, advance payments and the settlement of a policy.
Payment options are flexible depending on customer needs and can be made weekly or monthly, giving flexibility to customers to match their income patterns to the premium payment frequency. Premiums can be paid up to a year in advance if that is the customer’s preference. Accident cover is effective immediately on receipt of the first premium with full cover effective after the receipt of 3 months premiums, which is highly competitive in the market.
Since the launch of Vodacom Insurance five years ago, over a million Vodacom customers have signed up for a range of insurance policies which include cell-phone, laptop cover, life and funeral cover adding on more than 13 000 new customers a month.
Andrew adds: “The growth we have seen in the uptake of insurance cover, particularly family funeral cover and more recently the newly launched Funeral Cover 4 You and Your Family is indicative of the need for affordable insurance that can be easily accessible from a reputable household brand”.
During 2012 Vodacom built and licensed a Life Insurance Company and a Short Term Insurance Company to provide additional products and services to its loyal customer base as well as further enhance the brand claim of making a difference, changing lives and offering value to customers. Vodacom Insurance also offers short term insurance for cell-phones, laptops, modems and tablets while long term insurance covers all of life, funeral, death and disability. During this time, Vodacom Insurance has established itself as one of South Africa’s most trusted insurer. In 2015, Vodacom Insurance customers lodged the fewest complaints on a proportional basis with the Short Term Insurance Ombudsman of all insurers who processed more than 75 000 claims in one year.
For more information on Vodacom Insurance products, visit www.vodacom.co.za/insurance