Investec Life: demand for its personalised insurance offering

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

Investec Life’s products offer its Private Banking clients exclusive access to the right level of cover for individuals and families, dependent on their true needs.  As such, Investec Life challenges the existing
life insurance status quo by providing clients with a range of products that includes life, income protection, disability, severe illness and mortgage protection - cover that is personalised and customisable.


“Reduced complexity and increased levels of personalisation, flexibility and transparency, supported by cutting edge technology is what sets Investec Life apart providing clients with financial solutions,
technology and processes that enables our clients to get what they want, how they want it and when they want it,” explains Michael Goemans, Investec Life CEO.


To ensure convenience, clients have the option of selecting and purchasing insurance in the way that 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 access 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 omni-channel approach allows us to deliver that promise meaningfully. Investec remains a high-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 just a case in point where solution and convenience anchor everything,” he adds.


More than half of Investec Life’s clients have taken advantage of Investec Life’s offering purely online, often accessing the online application system out of conventional business hours. One of the
biggest uptakes has been in Mortgage Protection Cover, the flagship product where premiums automatically adjust monthly as clients pay off their Investec home loan – a first of its kind for South Africa.


The lifespan of clients has increased and as such, 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. In today’s times, clients are busy managing their own lives, which is often complex, and as a result feel pressured for time and by the complexity of products.

Investec Life’s aim has been to remove much of the complexity typically associated with insurance products without jeopardising comprehensive cover, and while ensuring that clients are able to customise their insurance cover to suit their unique needs. The result, says Goemans, is a 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 R2-billion demonstrating 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 a South African 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,” concludes Goemans.