In­vestec Life: a healthy de­mand for its per­son­alised cover of­fer­ing

The com­pany’s aim is to cut out much of the com­plex­ity typ­i­cally as­so­ci­ated with in­sur­ance prod­ucts, writes Lynette Dicey

Financial Mail - Investors Monthly - - Cover Story -

In­vestec’s life in­sur­ance of­fer­ing, In­vestec Life, has had a rapid up­take since its launch in 2017. Re­main­ing true to the In­vestec phi­los­o­phy of of­fer­ing clients in­no­va­tive prod­ucts and the best ad­vice, tai­lored to the client’s in­di­vid­ual needs, the life in­sur­ance of­fer­ing aims to bridge the gap in the mar­ket for per­son­alised in­sur­ance.

In­vestec Life’s prod­ucts of­fer its pri­vate bank­ing clients ac­cess to the right level of cover for in­di­vid­u­als and fam­i­lies, de­pen­dent on their true needs.

It pro­vides clients with a range of prod­ucts that in­cludes life, in­come pro­tec­tion, dis­abil­ity, se­vere ill­ness and mort­gage pro­tec­tion — cover that is per­son­alised and cus­tomis­able.

Michael Goe­mans, In­vestec Life CEO, says: “Re­duced com­plex­ity and in­creased lev­els of per­son­al­i­sa­tion, flex­i­bil­ity and trans­parency, sup­ported by cut­ting-edge tech­nol­ogy, is what sets In­vestec Life apart. It pro­vides clients with fi­nan­cial so­lu­tions, tech­nol­ogy and pro­cesses that en­able them to get what they want, how they want it and when they want it,”

To en­sure con­ve­nience, clients have the op­tion of se­lect­ing and pur­chas­ing in­sur­ance in the way they pre­fer and choos­ing how they in­ter­act with In­vestec Life — by con­tact­ing their pri­vate banker, through a fully in­te­grated dig­i­tal plat­form on In­vestec On­line, or through a team of spe­cial­ist ad­vis­ers. The lat­ter in­cludes salaried In­vestec Life fi­nan­cial ad­vis­ers who have been trained to pro­vide the most ap­pro­pri­ate ad­vice for each client to en­sure that prod­uct in­for­ma­tion is easy to un­der­stand, sim­pler to gain ac­cess to and cus­tomis­able to suit in­di­vid­ual needs.

“Tech­nol­ogy has played a crit­i­cal role in al­low­ing In­vestec Life to be­come a mod­ern, for­ward-think­ing in­sur­ance provider that of­fers both in­creased choice and con­ve­nience,” says Goe­mans.

“Client-cen­tric­ity is at the heart of ev­ery­thing we do, and our om­nichan­nel ap­proach al­lows us to de­liver that prom­ise mean­ing­fully.

“In­vestec re­mains a hi-tech, high-touch busi­ness, de­liv­er­ing great peo­ple when you need them and great tech­nol­ogy when you don’t. The in­te­gra­tion of our own life of­fer­ing into In­vestec’s broader One Place™ propo­si­tion is a case in point where so­lu­tion and con­ve­nience an­chor ev­ery­thing,” Goe­mans adds.

More than half of In­vestec Life’s clients have taken ad­van­tage of In­vestec Life’s of­fer­ing purely on­line, of­ten log­ging onto the on­line ap­pli­ca­tion sys­tem out of con­ven­tional busi­ness hours.

One of the big­gest up­takes has been in mort­gage pro­tec­tion cover, the flag­ship prod­uct in which pre­mi­ums are au­to­mat­i­cally ad­justed monthly as clients pay off their In­vestec home loan. It is a first for SA.

The life span of clients has in­creased and it has be­come im­per­a­tive that clients plan for their fi­nan­cial fu­ture bet­ter, with the cover they need for them­selves and their fam­i­lies, for years to come. Clients are busy man­ag­ing their own lives, which are of­ten com­plex, and as a re­sult have time pres­sures and feel stressed by the com­plex­ity of prod­ucts.

In­vestec Life’s aim has been to re­move much of the com­plex­ity as­so­ci­ated with in­sur­ance prod­ucts without jeop­ar­dis­ing com­pre­hen­sive cover, and while en­sur­ing clients are able to cus­tomise their in­sur­ance cover to suit their needs.

The re­sult, says Goe­mans, is the niche, gold-stan­dard prod­uct of­fer­ing that clients have come to ex­pect of In­vestec.

Goe­mans high­lights that, since launch­ing a year ago, In­vestec Life has is­sued cover for more than R2bn, which demon­strates the de­mand for cus­tomis­able in­sur­ance of­fer­ings. Sur­pass­ing this mile­stone at such an early stage un­der­lines the real in­no­va­tion at the heart of In­vestec Life, and pro­vides in­sights into an in­sur­ance mar­ket look­ing for a fresh ap­proach, com­pre­hen­sive prod­ucts and per­son­alised ser­vice. “In a highly com­pet­i­tive mar­ket we’re suc­cess­fully chal­leng­ing the in­sur­ance sta­tus quo by high­light­ing what our pri­vate bank­ing clients re­ally need as op­posed to sim­ply mak­ing a sale. It’s about un­der­stand­ing and meet­ing the needs of our clients as in­di­vid­u­als at var­i­ous life stages at a rea­son­able cost and en­sur­ing they al­ways re­tain di­rect con­trol,” Goe­mans says. In­vestec Life Lim­ited is an au­tho­rised fi­nan­cial ser­vices provider, num­ber 47702. in­

Michael Goe­mans, CEO.

Si­nenhlanhla Nzama, head prod­uct ac­tu­ary.

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