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Outsurance looks to brokers for future growth

Historically Outsurance has been critical of brokers and have built their model around saving money for their direct customers by “cutting out the middle man” – Now they look set to change their core strategy by adopting the broker model themselves. Outsurance are advertising for a new recruit to be tasked with setting up a broker distribution model for their Commercial Insurance product, something that is almost certain to be seen as a U-turn on their main value proposition, cut out the middle man and save money. We spoke to Outsurance today and they confirmed that Outsurance recognised that some of their clients “still want the personal touch” and that they would offer their Commercial Insurance products through brokers from January 2015. This

House Contents Insurance – more than just an afterthought

Many South Africans, particularly younger people consider House Contents cover to be an add-on to their vehicle insurance and a way to keep their vehicle rates low. Insurance companies provide cheaper rates on your car insurance if you include house contents cover on your policy and as a result, people will often just add the minimum sum insured for the contents of their home. Being under insured for House Contents places the policy holder at significant risk, because the insurance company will apply average in the event of a claim and the amount paid out could be significantly lower than the amount of the loss. Another factor influencing under insurance for house contents cover is that people usually underestimate the value of their

Kayser Baird introduces “Intelligent Alerts” for policy holders

Kayser Baird has taken the lead in the industry and has started sending policy holders “Intelligent Alerts” about possible weaknesses in their insurance cover. Repudiated or underpaid claims are the single biggest source of frustration for policy holders, and one of the biggest challenges for insurance companies. It gives insurance a bad name, and is a major contributor to the high “churn” in the insurance industry – when policy holders move their insurance frequently from one insurer to another. Insurance companies do not actually want their clients to be paid out less than what they expected when they claim. It causes them to lose business. Clearly the insurance company cannot be expected to pay out for something that is not insured on the

EU gender price ban to raise womens insurance costs

Women Driver Car Insurance

New European rules have come into force banning insurers from charging different rates based on gender (Kayser Baird) It is generally accepted that women have lower car insurance premiums because statistically they have less accidents than men. In March 2011 a European Court of Justice ruled that it was sexual discrimination to charge people different premiums on the basis of gender alone. The insurance industry was given time to prepare for the change but the changes have now come into effect and women will see their premiums go up by up to 40%, while men could see their premiums coming down by an estimated 10%. Could the same thing happen to the South African insurance industry? Insurance companies here do use gender as a

Over the limit? Get chauffeured home for free with Kayser Baird’s Santam Personal Policy

Kayser Baird Designated Driver by Santam

Kayser Baird introduces the Home-Drive service to its Santam personal policy holders. Our clients can dial a toll free number and be chauffeured home with their vehicles if they find themselves over the legal limit. The service is offered in conjunction with Europ Assistance South Africa and is a complimentary benefit of our Santam Personal Policy. This service is limited to six call-outs a year and is available to Santam clients within 50kms of the city centers of Johannesburg, Pretoria, Nelspruit, Polokwane, Durban, East London, George, Cape Town and Bloemfontein. For trips further that 50km Europ Assistance will bill at R9 per additional kilometer. Our clients can also book additional trips through Europ Assistance at a discounted rate. Up to 5 passengers can