Old Mutual Namibia has launched a new personal cover solution, which allows each customer to build their cover to suit their lifestyle and their budget.
The development of the product according to insurance giant had been brought about by the need to provide targeted solutions where the needs, aspirations and behavior of customers take centre stage.
Kosmas Egumbo, Group CEO at Old Mutual, who spoke on the launch of Old Mutual’s new proposition, which offers a range of personal and business cover solutions in respect of Life cover, disability, funeral , will also be complimented by the launch of savings and investment propositions.
“When designing this proposition, we took all our learnings and market insights, coupled those with some of the best product features in the industry, added smart technology and integrated our rewards offering, giving our advisors and brokers a seamless tool to engage customers with,” he said adding the insurance solutions will be backed by sophisticated systems that provide advisors and brokers with a seamless online sales and servicing experience.
Egumbo said at the heart of the new solution lies modularity and flexibility – giving advisors and brokers the ability to help customers build for what is relevant to them in terms of cover and any extra benefits they wish to add – and also flexibility, meaning cover modules can be changed as the needs of the customer change.
“Today, people are following non-linear career paths, they live in traditional, non-traditional and blended family set ups with changes in journeys being followed towards self-actualisation. Our current reality highlights the need for personal cover that is comprehensive, flexible, and modular, keeping pace with our evolving lives and aspirations for the future. This is exactly what our new proposition offers,” said Egumbo.
He explained that the ease of the digital process allows for online needs analysis and solution recommendation, which is set to result in a more informed customer and improved efficiencies.
“Besides the legal requirement to keep record of all financial advice conversations, online access and storage of documents makes it easier for financial advisors and brokers to conduct business on the go and thus improve their own turnaround times and all-round customer service,” the Group CEO said.
He said the seamless experience – from solution recommendation, to quote and the issuing of the policy – means that advisers can focus on engaging and meaningful advice conversations with their customers.
“We’re introducing systems that will save our advisors’ and brokers’ time by, for example, pre-populating personal information, saving advice records securely in a cloud for them to access easily, and making quick underwriting decisions,” Egumbo said.
He said funeral policies can now be issued within 30 minutes, and life policies and severe illness policies can be issued within 5 days, provided all administrative and medical requirements are met.
“What we have now is essentially cover that evolves with the customer’s ever-changing life needs, ensuring that what matters most to them is always protected,” said Egumbo adding the wide range of benefits ensure that a comprehensive range of customer needs are addressed.
“Old Mutual’s new insurance proposition is intuitive and intelligent, and it has been designed with the needs of customers in mind while making it easier for advisors and brokers to engage with and advise customers. The dynamic quote process, choice of modular benefits and automated solution recommendation will help advisors and brokers across all channels to design individually tailored plans that meet customers’ financial needs in one journey.”