The insurance sector has been one of the slowest industries to embrace technology. Over the last couple of years, we’ve finally seen a surge of insurers adapting, changing and finding new ways to deliver their services.
One of the biggest challenges the industry is facing is the ability to reach the younger generation, and one South African company, in particular, is striving to overcome these barriers.
Indie is a relatively new offering, backed by industry giant Sanlam, and they’re already making waves. Let’s take a look at what all the fuss is about.
Indie is a division within Sanlam Life Insurance Limited. With Sanlam behind them – funding projects, sharing resources and underwriting products – it gives Indie a pretty good advantage.
So, yes, as an Indie client you’ll essentially be entering into a contract with Sanlam – but given that Sanlam has been around for over a century, this should put your mind at ease.
What really sets Indie apart is that although it enjoys a reputable backing, the company still operates completely independently, granting it the freedom to follow new, fresh ideas. All of Indie’s products are unique, designed specifically for Indie clients.
Indie CEO, Peter Castleden, says:
According to Castleden, the business model of the entire insurance industry is built almost exclusively upon on a single-channel service.
These services are delivered via intermediaries – brokers – and one of the biggest problems is that the average age of these brokers has been increasing over the last couple of years.
This leaves the younger generation with almost nobody to connect with, particularly with regards to life insurance – which has always been a bit of a hard sell.
Then, of course, there’s the issue of time and the lengthy nature of the sales process. As Castleden says, with life becoming so rushed, nobody wants to sit and listen to a sales pitch.
By using digital technology to fast-track this process, and allowing clients to buy products online, Indie has found a way to overcome these hurdles. Products include life insurance, income protection and critical illness/ funeral/disability cover.
Of course, some consumers still prefer some form of human interaction – particularly when requiring answers to uncommon questions – so Indie still phones with all new clients to welcome them, and there’s always somebody available to speak or chat to if need be.
Another part of the company’s appeal is the fact that it shies away from fear mongering – refusing to hammer consumers with the ‘what would happen to your family in the event of your death?’ sales gimmick.
Instead, Indie puts an emphasis on personal wealth creation and the enjoyment of life now, in the moment – something that resonates with both the younger and more experienced market.
We need to talk about a free investment offered by Indie.
How it works is that when you as an Indie client pay the monthly premium, Indie matches 50-100% of that premium and puts it into a market investment for you. At no extra charge.
You can access 10% of this investment – along with the growth – every five years. When you turn 70, the full amount unlocks and you can use this as a retirement income booster or put a down payment on your dream car or a holiday home.
It may sound too good to be true, and you may find yourself wondering how a company is able to do this without bankrupting itself. Thanks to access to Sanlam’s data, and because Indie’s pricing is so accurate, the underwriting so precise and the company’s cost base so much smaller than other insurers.
The innovative website, launched in 2017, can calculate the risk and cost of cover, and complete the sale in under 10 minutes of the user submitting details.
Clients who then accept the quote will be insured right away, and will only pay the first premium on their selected date of payment.