South Africa-based low-cost funding platform EasyEquities has partnered with digital-first insurer Sanlam Indie to ship a brand new life insurance coverage product, solely for EasyEquities purchasers below the age of 40.
The brand new coverage, created by Sanlam Indie, offers cowl to EasyEquities purchasers till the age of 45. It offers complete life insurance coverage cowl as much as the worth of R2million instantly by means of the EasyEquities platform. The coverage is delivered digitally by means of an underwriting course of – contemplating the person, their belongings and liabilities to insure the ‘hole’.
The life insurance coverage product provides purchasers the choice to regulate the quilt quantity as investments develop. EasyEquities partnered with Sanlam Indie to leverage its insurance coverage capabilities to assist carry the insurance coverage product to market.
This product is about to be launched in phases to prospects over the approaching months by means of the EasyEquites platform.
Charles Savage, CEO and founding father of EasyEquities, defined the funding platform’s purpose. Savage mentioned: “Our dedication to our prospects is to proceed to ship revolutionary services that make it cheaper, simpler and extra enjoyable to construct and defend wealth and this product is constructed with this in thoughts.”
Insurance coverage for buyers
Edwin Theron, CEO of Sanlam Indie, additionally mentioned the options of the product. He mentioned: “Insurance coverage needs to be used for the hole between what you’ve gotten and what you would want in case you had been to die as we speak. With this logic, as your investments develop, your want for insurance coverage reduces. Mainly, it’s an insurance coverage product that’s geared toward lowering the necessity for insurance coverage within the long-term and that’s actually distinctive.
“EasyEquities already is aware of lots about their purchasers so the underwriting course of shouldn’t take greater than two minutes. This makes for a world-class onboarding expertise. We’ve realized lots whereas creating our personal onboarding course of and the EE course of builds on this to make sure that there are completely no delays within the period of time it takes to enroll new insurance coverage purchasers for this new proposition.”
Theron additionally mentioned the necessity for the insurance coverage sector to adapt to the way it sells to potential prospects. He mentioned: “Increasingly, we’re seeing that insurance coverage must be offered to purchasers the place they’re. Shoppers gained’t at all times proceed to exit and search for an insurance coverage product and so we have to provide you with new methods to carry insurance coverage to them. This partnership is our first strive at this sort of factor. We’re very enthusiastic about what we may study the place the trade could also be headed in years to come back.”
