Standard Bank Group's insurance offerings to South Africans has breached the 4-million policy mark, offering insurance cover for household, credit life, funeral cover and homeowners insurance. Standard Bank has paid out more than R5-billion in claims on credit life and funeral policies since inception.
Standard Bank Group, with Liberty Group as underwriters, recently launched its Direct Life Insurance business, adding to its growing capacity to offer its customers a wide range of insurance and investment solutions. This offering aims to provide customers with convenient and simple to understand life insurance products.
Standard Bank Group's new direct business offers customers a choice of uncomplicated insurance solutions that are not linked to a specific banking product. The new product range comprises Life, Disability, Serious Illness and Salary Protection cover and is underwritten by Liberty.
Peter Schlebusch, CEO, Personal and Business Banking, Standard Bank South Africa, says: "The steady growth of Standard Bank's insurance business is a clear indication that the traditional roles of companies operating in the financial services sector have become increasingly diversified. The emphasis today is on providing convenient access for customers to good value products." Banks are fast becoming a viable alternative and insurer of choice when compared to the traditional insurance business and offerings. The diversified business model and products that banks offer customers is seen as an attractive, viable, cost effective, convenient and competitive.
Mr Schlebusch says: "Standard Bank gives customers the choice to interact personally through the branch network with appointed insurance specialists and have queries or requests resolved immediately through direct channels at no additional cost. This is a major advantage as customers know that when they purchase policies from the bank that they have the security of being able to conduct their insurance business while they are conducting their day-to-day banking."
See www.standardbank.co.za for more about the online short-term insurance offering and Life Insurance.
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