Investec Life reaches R10-billion cover insured benchmark
23 Nov 2020
This milestone has entrenched the business as a private client insurer of choice.
“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.
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.
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