Insurance pioneers, Simply and Iemas Insurance Brokers have formed an insurance distribution partnership that brings together leading edge insurtech, innovative life insurance products and a strong distribution network.
The Simply founders, with backgrounds in tech and life insurance innovation, set out in 2016 to shake up the SA life cover market. The idea was simple: use the rapid acceleration of various technologies and the changes happening in consumer behaviour to give people the cover they need at a price they can afford.
“We shook up the life insurance sector in 2017 when we launched online life, disability and funeral combos to the SA market. Suddenly people could buy great value cover in a matter of minutes – for themselves or their domestic employees. We followed that up in 2018, when we added life, disability and funeral combos for employees of small to medium sized businesses – a global first.” said Anthony Miller, CEO of Simply.
According to Piet Wolmarans, Managing Director of Iemas Insurance Brokers, a subsidiary of Iemas Financial Services, the life cover market in South Africa holds tremendous potential as a recent survey by ReportBuyer confirmed that 40% of South Africans don’t have a formal life insurance policy, leaving their families vulnerable in the event of death.
“In terms of funeral cover, around 18 million adult South Africans have this type of cover, however few of these people have life cover and even fewer have disability insurance. Most households will be worse off if the main breadwinner becomes disabled without having disability cover.
The Simply platform makes it easy to choose the right cover for a person’s unique needs with the assistance of an Iemas Financial Advisor who can guide and advise them on the details of the policy,” said Wolmarans.
“People need cover, however many don’t have the right products according to their specific needs. Distribution, product and sound advice are key in closing this insurance cover gap, hence our partnership with Simply.” concludes Wolmarans.
Simply products are underwritten by Old Mutual Alternative Risk Transfer Ltd (OMART), a member of the Old Mutual Group, and reinsured by RGA (the Reinsurance Group of America).
Visit www.iemasinsurancebrokers.co.za and select the Life, Funeral & Disability tab under Quick Quotes to access the Simply site.