We are look­ing to dou­ble in size every year for the next five years

CityPress - - Business -

years.

“We want to re­tain In­stant Life’s unique char­ac­ter and in­te­grate where it makes sense. We are ex­cited by the po­ten­tial of the busi­ness,” Ven­ter said.

In­stant Life, which has 1Life, Out­surance and Dif­fer­ent Life as its di­rect com­peti­tors, started as a pure play life in­surance com­pany seven years ago.

McLachlan said In­stant Life had ap­proached a num­ber of com­pa­nies with the aim of be­ing associated with a big brand with a sig­nif­i­cant dis­tri­bu­tion net­work.

One of the ad­van­tages of the com­pany is that a prospec­tive cus­tomer can go to the com­pany’s web­site, com­plete an on­line ques­tion­naire and get life in­surance within about 20 min­utes, com­pared with the process of­fered else­where, where it can take two weeks.

“The quick, on­line process of­fers cus­tomers con­ve­nience and strips out a big amount the of cost, which al­lows us to have a small team,” McLachlan said.

Af­ter ini­tially selling life in­surance through its web­site, In­stant Life has added a call cen­tre, and now 80% of in­surance sales deals are com­pleted though the call cen­tre and 20% are com­pleted on­line.

In­stant Life typ­i­cally has so­phis­ti­cated cus­tomers who are pro­fes­sion­als work­ing in IT, or small busi­nesses in­clud­ing doc­tors, ac­coun­tants and at­tor­neys, as well as peo­ple liv­ing in re­mote ar­eas.

An­other com­pet­i­tive fac­tor, McLachlan said, was that In­stant Life’s life in­surance pre­mi­ums were less ex­pen­sive than its com­peti­tors in the field. It re­ceived this feed­back from rein­sur­ers, the hippo.co.za web­site and di­rectly from cus­tomers.

In­stant Life’s life in­surance pre­mi­ums are typ­i­cally 30% to 40% cheaper than what the ma­jor in­sur­ers of­fer, and 20% to 30% cheaper than in­surance com­pa­nies that sell in­surance di­rectly to the pub­lic.

An­other el­e­ment of In­stant Life’s busi­ness is that it re­cently launched wear­able tech­nol­ogy.

When a cus­tomer agrees to wear a Fit­bit – a de­vice that tracks your ac­tiv­ity, ex­er­cise, food, weight and sleep – In­stant Life grants them a 15% dis­count on its in­surance pre­mi­ums.

“This is a new prod­uct that we have been pi­lot­ing since De­cem­ber,” McLachlan said.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.