Workerslife's Role in South Africa's Insurance Landscape

In a recent interview with Tony from Cover Magazine, Betty Masemula, Managing Director at Workerslife, shed light on the company's history, mission, and innovative product offerings. Workerslife, a wholly black-owned insurance company established in 1996, encompasses both life and non-life insurance divisions. Originally focused on serving pop crew members, the company is now branching out to reach a wider audience, aiming to provide accessible and flexible insurance solutions.

Betty discussed Workerslife's range of products, which include funeral insurance, comprehensive life insurance, and a unique legal expense product. One notable innovation is their life insurance offering, which provides a continuous monthly income to beneficiaries rather than a lump sum payout. This product is designed to support families financially after the loss of a loved one, addressing a significant gap in the market where multiple funeral policies are often relied upon. Importantly, this policy does not require medical underwriting, making it more accessible to a broader population, with coverage available up to R1.8 million.

Workerslife employs a multi-channel distribution strategy that includes face-to-face interactions, call centers, and digital platforms. This allows customers to purchase insurance online, offering convenience and eliminating the need for intermediaries. The company also collaborates with established independent intermediaries to enhance market penetration and expand its customer base.

At the AIE's 50th celebration, Betty highlighted the significance of Workerslife's participation. The event aligns perfectly with their strategy to boost brand awareness and establish their presence as a full-fledged insurance provider. Betty emphasised the company's commitment to learning from past experiences and leveraging these insights to inform future strategies. She stressed the importance of collaboration in achieving sustainable growth and ensuring that Workerslife remains a trusted provider of insurance solutions. Betty concluded by encouraging potential partners and customers to visit their website for more information and support.

Key points  

‍Company Background and Ownership:

• Workerslife Group is a wholly black-owned insurance company established in 1996, offering both life and non-life insurance products.

Core and Expanding Markets:

• Initially served pop crew members as its core market.
• The company is now expanding to reach broader markets and underserved communities.

Product Offerings:

• Provides a range of insurance products including funeral insurance, comprehensive life insurance, and legal expense coverage.
• Notably offers a unique life insurance product that provides monthly income to beneficiaries, which can help sustain families financially after the loss of a loved one.

Accessibility and Innovation:

• The company aims to provide accessible and flexible insurance solutions, particularly to those who previously lacked access to comprehensive life insurance.
• No medical underwriting is required for certain life insurance products, making them accessible to a wider audience.

Distribution Strategy:

• Utilises a multi-channel distribution approach, including face-to-face interactions, call centers, and digital platforms.
• Partners with established independent Financial Service Providers (FSPs) to extend market reach and avoid "reinventing the wheel."

Current Reach and Growth:

• Currently has nearly 200,000 policyholders with over a million lives covered under both life and non-life policies.
• Actively seeks collaborations with intermediaries that align with its strategy to expand into non-core markets.

Digital Accessibility:

• All products are available digitally, allowing for direct online purchases without the need for brokers, providing convenience and broader accessibility.

Unique Product Features:

• The life insurance product can provide a monthly income up to R15,000 for up to 10 years, addressing a market gap where multiple funeral policies are commonly used.
• This product aims to alleviate the financial burden on families post-funeral, providing ongoing support instead of a one-time payout.

Participation in the IIE Conference:

• Workerslife is participating in the IIE's 50th celebration, aligning with their strategy for strategic marketing and brand positioning.

Commitment to Collaboration:

• Emphasises the importance of collaboration and learning from past experiences to inform future strategies and achieve long-term success.