TechnologyWhy you need insurance in the palm of your hand for all those ‘oops, eina, wuuu shem’ moments

https://startupafrica.co.za/wp-content/uploads/2020/02/insurance.jpg

After the back to school or work dust settles, South Africans tend to review their insurance policies in search of better premiums, value-adds and cover. Insurance service providers are generally associated with call centres, lengthy phone calls and loads of paperwork. However, the insurance landscape is changing at a fast pace; keeping up with consumer behaviour and digital trends. It’s no surprise that Insurtech[1] trends report published by KPMG indicated that the top trend for insurance providers is to digitise their business.

Piet Wolmarans, Managing Director of Iemas Insurance Brokers explains: “Only providing the best insurance products is simply not good enough anymore. As a broker, we partner with some of the biggest insurance companies and have found that in addition to quality of service, ease of use is the deciding factor for consumers”. As such, insurance providers invest a lot of time and money to develop user-friendly self-help tools such as online calculators, real-time quotes and insurance apps where you can log a claim within seconds.

The Automobile Association of South Africa (AA)[2] revealed that there are around 14 000 deaths annually on South African roads. It is therefore essential for insurance providers to offer digital solutions that will enable consumers to get assistance instantly. “We understand that when an accident happens, every second counts and that you need assistance right then and there. This applies even in vulnerable situations such as being stuck on the side of the road with a flat tyre” says Wolmarans.

Some insurance apps provide immediate assistance in emergencies with a panic button or emergency assist functionality when you need it most. “One simply cannot predict the future, that is why it is so important to have the right support when you have an ‘oops, eina and wuuu shem’ moment,” adds Wolmarans.

He gives the following useful tips to help you choose an insurer that will give you the best service and support no matter what the future holds:

  • Choose an insurance provider that will act on your behalf. An insurance broker will liaise directly with the insurer to get the best quality cover at the best price and will assist you when you need to claim. Partnering with a broker with back-office capacity is a good option when taking out a policy.
  • Make sure that your insurer gives you the right support when you need it most. Understand exactly what you are covered for and what not, this includes value added services such as accident and emergency assist. A broker will be able to take you through all the details of your policy.
  • Get the app: An app is a solution in the palm of your hand. Iemas recently updated its app to provide additional services as we found that more and more of our clients use apps for their day-to-day insurance needs. We also offer various self-help tools on our website where individuals and businesses can apply for life, funeral, disability cover as well as request a short-term insurance quote within a matter of minutes. Our financial wellness indicator and retirement, death and disability calculators can point you in the right direction when it comes to making important decisions for you and your family.

As the year is getting busier, consumers are advised to take out an insurance policy or update their policy if they already have one. “As soon as your policy is in place, make sure you download your insurance app so that you have assistance on hand. Speak to a broker to make sure you are adequately covered. It is important to note that using an insurance broker is not an expensive or exclusive service, in fact a broker might even save you money as we deal with some of the best insurers to get the most affordable cover on your behalf,” concludes Wolmarans.

[1] KMPG, Insuretech 10: Trends for 2019, https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/02/insurtech-10-trends-for-2019.pdf

[2] Automobile Association of South Africa, Easter 2019: Don’t become a statistic, https://www.aa.co.za/insights/easter-2019-dont-become-a-statistic

Leave a Reply

Your email address will not be published. Required fields are marked *

2020 STARTUP AFRICA ALL RIGHTS RESERVED.