Mobile phone company, Vodacom, has been awarded a licence to sell long-term insurance by the Financial Services Board and the company is now entitled to offer its clients both long-term and short-term insurance products.
says that Vodacom wants to use its direct links to more than 30-million clients to offer insurance services to them and, it claims, it will "dramatically reduce" the costs associated with "acquiring and servicing customers".
Vodacom's Mark Taylor, managing executive of Vodacom Financial Services says that the company intends providing customers with greater value in terms of the insurance products that are available to them.
Taylor says the goal is to dissolve barriers to entry for South Africans who were previously unable to access insurance products.
Vodacom has appointed FRANK.NET, a direct life investment company owned by Liberty Holdings to provide administrative services and claims support for the long-term insurance offering.
It says this company has a proven track record in long-term insurance, excellent technology and innovative ways to provide client services. For more: