For the life insurance industry to stay relevant, deliver holistic financial solutions and meet the evolving requirements of clients, innovation must be at its very heart and its design must be simplified.
Investec Life announced in May 2017 that it would develop a comprehensive life insurance offering as part of its Investec. One Place™ proposition and in line with its clients’ needs.
Through Investec. One Place™, clients already have access to its banking and investment services, both locally and internationally, enabling them to manage and grow their wealth across geographies. Through Investec Life, South African Investec Private Banking clients can now also protect their life, lifestyle, family and wealth with cover that adapts as their needs change.
Richard Wainwright, CEO of Investec Bank Ltd SA, comments that in the development of Investec Life, the company conducted extensive research and analysis to uncover clients’ life insurance needs. “We acknowledged that life insurance products are an emotional purchase. Our clients want their lives and loved ones to be financially secure, so a one-size-fits-all approach was never the answer. Investec Life’s emphasis is on products that are easier to understand and use and adaptable to clients’ individual needs, while ensuring comprehensive protection.”
The flagship of the new product range is Mortgage Protection Cover - the most innovative product of its kind in the South African market, challenging current market convention on how mortgage protection products are more than just credit life cover, but rather integrate effectively into an overall financial portfolio.
According to Investec Life CEO, Michael Goemans, Investec Life’s Mortgage Protection Cover could potentially save clients 20% to 35% in premiums, which can be re-invested elsewhere. “Premiums automatically adjust every month as our clients pay off their home loan - they only pay for the cover they need.”
Investec Life’s Mortgage Protection Cover is one of five offerings in the Investec Life complement of products, along with Life Cover, Disability Cover, Income Protection Cover and Severe Illness Cover. These can be purchased as standalone products or a collection of products.
Goemans continues, “Our approach is to collaborate to provide a bespoke and comprehensive life insurance solution geared for financial stability when our clients experience a life-changing event. More than this, we partner with them at each life stage to ensure this cover evolves with them as their personal needs change.”
Since launch, Investec Life has focused on what is arguably the first truly omni-channel approach in the industry. This means that clients choose how they select and purchase life insurance - either through a fully integrated digital platform, Investec Online or through a team of specialist Investec Life advisers. Alternatively, clients can contact their Private Banker or the 24/7 Global Client Support Centre.
“We embraced digital platforms and enabled our clients to take direct control of their own life insurance. We believe that simplicity and technology will spearhead the evolution of life insurance and will ensure it plays an active role in our clients’ overall financial portfolio,” he concludes.