CAPE TOWN, South Africa, Nov. 28, 2017 /CNW/ -- Based on a recent analysis of the insurance industry, the Frost & Sullivan Best Practices Awards programme recognises Sanlam Group with the 2017 South African New Product Innovation Award for Sanlam Personal Finance's (SPF) Go Cover. The South African insurance market is highly competitive, as the country has strong market participants in both long-term and short-term insurance, all vying for the same customer base. A highly competitive industry means that insurance companies need to continuously seek innovative ways to attract new clients while engaging existing ones to up-sell other products. SPF caters to the South African retail portion of the business, which takes the increasing growth of the entry-level market into consideration and launches products that enable it to maintain relevance in a dynamic digital world.
"High mobile penetration rates in South Africa continues to drive access to the Internet, and digital literacy presents growth opportunities for insurance companies," said Fadzai Deda, Best Practices Research Analyst at Frost & Sullivan. "SPF, which caters to retail businesses, has created an on-demand digital platform designed to appeal to younger clients, sportsmen and women, weekend warriors, commuters, and to individuals requiring workplace protection. The platform's first product, Go Cover, provides instant, self-activated accidental injury and death coverage that complements SPF's traditional life assurance offerings."
Go Cover is a flexible and affordable insurance solution, as it:
- Is available through Google Play, Apple's App Store, and via the Go Cover website(gocover.co.za)
- Offers the option of selecting the duration of coverage, ranging from 24 hours to 30 days
- Provides up to R100,000 cover from as little as R10, to R1,000,000 cover for R30
- Can be instantly activated, or set to automatically activate within any 30 day period
- Requires no paperwork or long-term contracts
- Provides South Africans with worldwide coverage, while foreigners are covered while within the borders of South Africa
- Allows for easy and quick registration signup and has a two to three day claim process
"Sanlam's Go Cover excels at offering exceptional value and creates a platform for financial inclusion, as the premiums for Go Cover challenge the perception that insurance products are expensive and luxury," said Deda. "The company also imposes no age or activity limits for its coverage. Cover is provided while driving to work or bungee jumping. In addition, the product has significant scalability potential. The company is working on launching a business version suitable for enterprises and institutions."
The business version of Go Cover will cover vast and small companies across industries; such as agriculture, construction, property management, education, event management, tourism, and mining. Additionally, enterprises and institutions will be able to use Go Cover for any number of employees, clients, learners, or event participants who are at risk of accidental injury or death.
Sanlam's Go Cover is an early success developed on its on-demand platform by a multi-disciplinary team working in an innovative workspace designed to accentuate digital innovation as part of its organisational culture. The product's current success with individuals, coupled with its imminent scalability and different use cases, positions Sanlam as an innovative leader in the South African insurance market. Frost & Sullivan, therefore, recognises Sanlam Group with the 2017 South African New Product Innovation Award.
The Frost & Sullivan Best Practices Awards validate the most impactful companies by leveraging results driven research. The award recognises the features and benefits of the product, as well as the increased return on investment (ROI) it provides to customers, which in turn raise customer acquisition and overall market penetration potential.
About Sanlam Personal Finance
Sanlam Personal Finance (SPF) is the largest business within the Sanlam Group of companies. Sanlam, listed on the JSE Limited and the Namibian stock exchange, is a financial services company that employs over 12 000 people and manages assets worth over R722 billion. It has business interests elsewhere in Africa, India, the UK and Australia. SPF provides clients in the entry-level, middle, affluent, professional and self-employed markets in South Africa with comprehensive financial services. SPF's underlying philosophy centres on offering financial planning, insurance, retirement and investment solutions for clients.
SPF values diversity and innovation and strives to attract and retain superior talent.
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SOURCE Frost & Sullivan