Life insurer Investec Life has reached a R10-billion cover milestone - two and a half years since its launch in October 2017 to Investec Private Banking clients.
“Our growth trajectory has always been mindful of the need to address deep transformational gaps in the operating models of a typical life insurance company. In a broader market environment where traditional risk product growth has been flat over the last five years, it was not simply about launching a new insurer – but rather addressing an underlying need for a more deeply personalised and relevant risk offering,” said Investec Life CEO Michael Goemans.
Since launch, Investec Life has achieved a number of key operational milestones, including the launch of a unique “omni-channel” go to market strategy structured to recognise that the life insurer of the future must effectively bridge the divide between personal and technology-enabled client connection if it is to significantly enhance experience.
“It is not either-or. A deeply embedded omni-channel strategy recognises that the growing number of digital natives will shift towards online solutions and connections in making their financial decisions. Responding to this is key, but never at the expense of human connection. Choice is both a fundamental structural shift in the current status quo as well as a key enabler of the Investec Life business since launch,” said Goemans.
Our growth trajectory has always been mindful of the need to address deep transformational gaps in the operating models of a typical life insurance company.
“This makes it vital for players in these markets to prepare themselves for a shift in client behaviours. Gone are the days of dictating to clients how they must engage with the life insurance provider. Already, we are seeing an interesting mix in how clients are choosing their engagement channels at different points of the life insurance process. Since launching, we have seen this behavioural shift reflected in the number of new policies through our web-enabled engagement platform,” he said.
High touch and relevant human connection and advice matched with a strong technical ecosystem is expected to underpin the next phase of growth for the business.
“Despite the challenges that the incumbent life assurance groups are facing it is still an attractive market. What drives this opportunity is an appreciation of what needs to change – not just to be different, but to be significantly better. Key to this is the aspect of choice and how this influences client buying behaviours and needs into the future, said Goemans.