By Edmond Lee, Insurance Advisor
On any given day, if you switch on the TV, or read a magazine, or just cruising around town, it is difficult not to notice the advertisements by insurance companies – and yes, there are many of them out there. Besides the different logos and colour schemes they use, it is often difficult to tell their differences, but as the saying goes, “never judge a book by its cover”, their differences lie at the core of their business model and operations. In recent years, insurance regulators have imposed more stringent measures to ensure that customers are treated fairly. This not only levelled the playing field but also prompted brokers and insurers to enhance their business model in order to stay relevant. This includes enhancing customer experience, promoting customer engagement, upgrading system capability, improving product features, providing valued-added offerings – just to name a few. These factors ultimately determine the success of an insurer in this day and age. A success story in the South Africa short-term insurance market is Discovery Insure, which has grown exponentially since its launch in 2011. The product itself has been distinctive right from the start, with safe-driving incentives as a core part of it. In addition, as the new kid on the block, they have the luxury of utilising newest process and system which promote better efficiency. As a case in point, a client of ours phoned our emergency line on a rainy Saturday after his car skid off the road between two busy highways. The client was clearly shocked and worried - we immediately called Discovery 911 and requested help. We sent them the client’s location via Whatsapp which already made life much easier for everyone. They then dispatched a tow truck who arrived on the scene in less than an hour. And there’s more – they also dispatched a taxi to pick up the client, and since the client has selected the optional car hire benefit, he was taken to the nearest car rental depot where he picked up a rental car, and off he went. In the case above, everything was seamless and it is a great example of how internal systems and processes can enhance customer experience. For us as intermediaries, it is also imperative to choose insurers who have the capability and credibility to truly meet clients’ needs and provide help when it is needed – this is ultimately what insurance is about. We believe that by providing the right advice and solution to clients, we can create win-win relationships which will ultimately benefit everyone. If you are looking for advice on your short-term insurance needs, you can contact us on the following channels: - WeChat: daberistic - Email: ShortTerm@Daberistic.com - Phone: working hours 011 658 1333. After hours:076 200 5488
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Do you think of yourself as a healthy person? If you exercise a few times a week, make mostly positive eating choices, and rarely become seriously ill, you might well consider yourself to be. In fact, the thought of contracting a severe illness has most likely never entered your mind. Until you arrive at work one day to find out that an apparently healthy colleague of the same age as you has just been diagnosed with cancer. And then the realisation hits. There's a chance it could just as easily have happened to you. Suddenly you start to consider the possibility that a severe illness could become a reality in your own life. And that protecting yourself and your family against the risk of an illness is more than a nice-to-have it's a must-have in every way. Do I really need severe illness cover? It's a good question and if you're relatively young and in good health, you may think the answer to be a resounding no. But for a more accurate assessment of your potential risk factors, a look at actual statistics might help shed some valuable light. Over the past year, the severe illness claims paid out to Discovery Life clients have painted an interesting picture: On average, 38% of claimants in 2015 were female, while the majority of 62% were male. Of the claims made, a full 51% paid out to females were for cancer-related diseases, compared to 31% for men. While claims made for body systems such as gastrointestinal, ear nose and throat, respiratory, eye and musculoskeletal tended to be evenly paid out between genders, a total of 35% of claims made by men were due to heart and artery conditions, compared to just 8% for women. Finally, claimants between the ages of 41 and 60 were by far in the majority, representing 61% of claims made in 2015, with claimants from 26 to 40 representing only 16%. What these figures clearly indicate is that no matter your gender, age or health profile, severe illness cover always needs to be a priority not for you, then for the continued well-being and support of your family. Cover for severe illness When choosing your level of cover you should consider any outstanding debt and other liabilities that you would have to settle if you were to become severely ill. It is also important to consider the cost of modifications or lifestyle changes that would be required as a result of a severe illness. Please contact Kevin or Thato in our Life Department, email life@daberistic.com, tel (011)658-1333 to get a quote and more information on Severe Illness cover Source: Discovery Daberistic Financial Services , will be taking part in the Financial Planning week programme during the week of the 5th - 9th September 2016. Please see below to get an understanding what the programme is about.
We will be doing different things during that week, we invite you and your family and friends to join us. Anyone is more than welcome to attend any of the sessions at no charge. To make a booking or for more information please contact Koketso Ncube on 011 658 1333 or email her on info@daberistic.com Activities for the week Monday, 5 September 2016: BUSINESS STRUCTURING Our Certified Financial Planning ® professionals will be holding complimentary consultations with any business owners who require advice on the correct structuring of their business or partnership agreements. Place: 4 Basalt Place, Jukskei Park Time: Consultations between 10h00 and 16h30 Monday, 5 September 2016: RETIRE SUCCESSFULLY Kevin Yeh, Director and Certified Financial Planning ® professional, will be presenting to members of the Ekurhuleni Business Initiative on how to retire successfully Place: To be confirmed Time: 19:00 – 20:30 Tuesday, 6 September 2016: PRO BONO ADVICE DAY Our Certified Financial Planning ® professionals will be available to provide complimentary advice to residents of Jukskei Park and surrounding areas. Place: 4 Basalt Place, Jukskei Park Time: Consultations between 08h30 and 16h30 Wednesday, 7 September 2016: INVESTING 101 Kevin Yeh, Director and Certified Financial Planning ® professional, will be presenting to young professionals at the Infinity Business Park on how to go about investing successfully. Place: Infinity Business Park, Corner William Nicol and Pieter Wenning Road, Fourways Time: 18h00 – 19h30 Thursday, 8 September 2016: PRO BONO TAX ADVICE DAY Our Chartered Accountants at Daberistic Accountants & Auditors will offer complimentary tax returns advice to residents of Jukskei Park and surrounding areas. Place: 4 Basalt Place, Jukskei Park Time: Consultations between 08h30 and 16h30 Friday, 9 September 2016: FINANCIAL LITERACY COURSE Kevin Yeh, Director at Daberistic Financial Services, will be presenting a Financial Literacy Course to learners at Fourways High School. The course will focus on budgeting, saving, buying on credit and life-stage planning. About Financial Planning Week This is an ongoing effort by the Financial Planning Institute (FPI) to make financial planning a fundamental aspect of South Africans lives. It cannot be done in isolation, and although it is an ongoing objective, it is celebrated by the industry and other key role players during a week of dedicated and focused energy by all players.
Many employed South Africans are not adequately protected against the risk of a disability which can impact their ability to earn an income, says financial long term insurer Liberty. This type of risk cover is either not well understood or not taken seriously. Millennials in particular believe that ‘it won’t happen to me’ or ‘I’ll be able to overcome that’, but they too, stand to lose from a disability or a life event that may not allow them an opportunity to earn an income. Liberty’s latest Claim Statistics show that millennials claimed mainly for income protection benefits in 2015, with retrenchments being the main cause of claim (at 15.9% of all claims for this segment). “As the South African economy struggles to regain momentum, we have seen a steady increase in retrenchment claims. But this is not the only reason for income protection claims in this segment. Even millennials face the risk of disability due to illness or accidents – yet there is very little understanding as to why one should protect or insure their ability to earn and income,” says Henk Meintjes, Head of Risk Product Development at Liberty. Meintjes says that income protection cover, although part of a broader lifestyle protection solution, should be the first thing that a young person should discuss with an accredited Financial Adviser. “At the onset of your career, get an accredited Financial Adviser to walk you through the journey of what cover is relevant for you. At the start of your career, discuss income protection so as to ensure that your future earnings aren’t lost should you be disabled. It is also essential to maintain this cover later in life so that you can continue to fund the lifestyle that you become accustomed to through earning a salary,” he says. Please contact Kevin and Thato in our Life Department; email life@daberistic.com , to get your personalised Income protection quote. Source: FA News |
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