By: Anthony Miller, Simply
“Traditional insurance companies have big mainframe computers and very expensive enterprise software systems that are very difficult to break away from. With cloud-based technology, all of that becomes a low variable cost. It means as an insuretech business it is possible to run our technology at very low overhead costs. As a result of that, we don’t have a lot of tech loading going into the pricing of our policies. With the type of technology that’s now available and the ability to develop software in a shorter time frame, we can be very experimental with the products that we take to market. We can nimbly market and distribute products and test them against alternatives to find out what’s the best for customers. We let the data help us decide where to invest our marketing spend. It helps us to be more efficient in delivering products at a good price and in an economically sustainable way,” Anthony Miller, CEO of Simply Financial Services.
“When a bread winner dies in South Africa and many other emerging economies, his or her dependents are often consigned to poverty – that’s the harsh reality many face in our country. What’s more, South Africans are also often significantly over-insured when it comes to funeral cover – a high proportion of South African adults have at least two funeral policies, many of which are very expensive.
As an insuretech business our aim is to secure the financial futures for South Africa’s mass market by providing easy-to-understand, affordable life insurance products (that are up to half the cost of comparable policies on the market) in an industry that writes up R8,5-billion worth of business a year. A large percentage too of the 14 million South African households earning under 30k per month do not currently have life insurance, as many feel it is too expensive and find the sign up process daunting.
We as Simply Financial Services offer life, disability and funeral insurance “combo’s” designed to meet people’s needs in a way they understand and at a price they can afford. The products are designed for a mobile first environment, understanding that most South Africans do not have access to the Internet other than on their phones, although a significant percentage of sign ups are done through Simply’s call centre “– Anthony Miller, CEO of Simply Financial Services.
Anthony will be presenting at COVER’s #Insurtech conference 6-7 June at the Wanderers club, Illovo, Johannesburg. His presentation is titled “Reaching Markets – Art of enablement” and is not to be missed. For more on the conference or to register click here