Virgin aims to shake up short-term insurance

“We have set out to redefine insurance in the South African market with our ultimate goal being to place the customer at the heart of our insurance offering,” says VMSA CEO, Ingrid Veysie. “In so doing we will evolve from a brand that merely ‘sells’ their insurance cover for cars, homes and funeral to one that offers insurance solutions for people, who are at the heart of everything that we do.”

Virgin Money SA CEO, Ingrid Veysie and Dion Nair, personal insurance head: Africa at AIG.

Virgin Money South Africa is no stranger to insurance having entered the domestic market in 2010 in partnership with the Telesure Group. “When the agreement came to an end we had an opportunity to totally reengineer the business,” she says. “We have now concluded a strategic partnership with AIG South Africa, which gives us the capacity needed to develop customer-centric insurance products and services.”

To become truly customer-centric requires an understanding of the customers’ time and needs. Virgin Money Insurance will meet the first requirement through the digital environment it has developed. Customers will be able to apply for and receive a binding quote in under five minutes. Added to this, all policy holders will have access to Virgin Money Insurance Assist, a call-centre service that will help customers out of motor and home emergency situations regardless of which cover they have with Virgin Money Insurance.

“The short-term insurance market is highly competitive, especially in the direct insurance segment, where Virgin Money Insurance will play,” concludes Veysie. “We have identified a gap in the domestic market and believe that our purpose, Virgin brand values, tone of voice and innovative approach are ideal to appeal this segment.”