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Category:
Insurance News
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Short Term Insurance
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Old Mutual Group
/ May 2010
Old
Mutual Group
Launches
iWYZE
Responding to the growing need of mass market consumers for
short-term insurance, Old Mutual and Mutual & Federal have joined
forces to launch iWYZE valuables insurance. This initiative is part
of Old Mutual’s strategy to exploit group synergies and the combined
expertise accumulated in both companies over many years.
“We prefer to call our offering ‘valuables insurance’ rather than
‘short-term’ insurance”, says Willem Smith, Chief Executive of iWYZE.
“We realised that clients want the peace of mind that their valuable
possessions are protected, but don’t want to be burdened with
industry jargon and small print. We’re making it as easy as
possible for people to protect their valuables through the Old
Mutual Group, which has a solid track record of securing positive
futures for clients for 165 years”.
“Both
Old Mutual and Mutual & Federal are incredibly excited about this
offering,” says Smith. “Teams from both companies worked closely
together, pooling experience and insights to build a strong offering
which we will continue to enhance. Our approach, coupled with the
strength of the Old Mutual brand, especially in the mass market,
provides a solid platform for the launch of this initiative. iWYZE
is positioned for broad appeal in the South African market, but
specifically targets the mass market where it is believed a
significant opportunity exists.” He concludes, “The current South
African short-term insurance market for personal lines is estimated
at R25 billion in premium income, but penetration into the mass
market is less than 10%”.
“Our promise to our clients is to be straight and transparent with
them. They will know what they’re getting from the start from our
team of call centre agents who are FAIS accredited and trained to
advise clients on the insurance options that best meet their needs.
Becoming an iWYZE client is as easy as phoning us or sending an SMS,”
adds Smith.
He
continues, “By sharing information and providing advice we want to
put the power of real informed choices into the hands of consumers.
We intend to be the consumer-champion brand – not only serving
clients, but educating them on what they can and should expect from
their insurer. Insuring valuables like the car or house in which
you have invested so much is not a five minute decision to be taken
lightly. We offer the reliability that clients expect and the
transparency they require in order to understand their insurance
contract”. Smith adds, “The name iWYZE alludes to our intention to
help both existing and new short-term insurance consumers to make
the wise choice”.
Product highlights
iWYZE automatically adjusts the retail or market value of a vehicle
at policy anniversary. For clients who have elected to be on the
minimum excess option, iWYZE will waive the excess on their first
claim after 3 claim-free years. iWYZE also offers a six month
retrenchment premium waiver.
iWYZE provides cover for individuals for motor vehicles, buildings,
contents, all risks, personal liability and legal expenses. Says
Smith, “We have simplified, and will continue to enhance all client
communication including policy contracts for easy reading by our
target market. We have ensured that our products do not cause any
nasty surprises at claim stage, for example by offering only fixed
excess options rather than a percentage of the claim. We also offer
the standard benefits such as a no-claim reward and free road and
home emergency service”.
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