"Improving upon the traditional broker model, Instant Life employs a multi-channel approach that makes policy application more efficient, expeditious, and appealing," said Frost & Sullivan Best Practices Programme Manager, Danielle de la Mare. "Its first channel is call centres, wherein reps can talk directly to customers to discuss their specific needs. The second is Instant Life's Internet portal where questionnaires are used to ensure that customer information is truthful, confidential, and secure. The third is face-to-face meetings with a representative."
There are 55,000 combinations of questions that are generated based on the answer to the previous question. Potential customers will be sent a policy document via email immediately after the questions are satisfactorily answered and the risks are accepted. Instant Life also presents Medical Gap Cover customers with Text-a-Doctor (digital doctor), a short message service (SMS) platform that provides access to qualified medical doctors for confidential and trusted medical advice.
In 2015, Absa Bank, a wholly owned subsidiary of Barclays Africa Group Limited, bought a 75% stake in Instant Life, giving the latter access to its customer base. Before Absa, Instant Life made use of Guardrisk, an underwriter leader in cell captive business and alternative risk transfer solutions in South Africa.
"With an already established customer base of 15,000, Instant Life targets the 'missing middle' customer segment comprising 35- to 45-years olds who are underserviced by brokers and financial advisors," noted de la Mare. "Instant Life also targets customers, such as small business owners, professionals, and wealthy people, living in very small towns. This missing middle is estimated to number 5 million."
Additionally, the company is looking to disrupt the life insurance industry by providing wearable devices to its FitLife Cover policy holders. These customers can obtain discounts by sharing the number of steps taken and the number of hours slept each day. They are encouraged to use Instant Life's FitBit activity tracker for six consecutive months to avail a 15% reduction in premiums. This way, Instant Life encourages healthy living in addition to easing the process of purchasing life insurance policies.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and ultimately customer base expansion.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About Instant Life
Instant Life set out in 2008 with the goal of using the latest technology to deliver life insurance products that offer clients peace of mind, simplicity, and value for money. Because it runs on efficient digital systems, Instant Life is able to offer customers savings of up to 30% of their premiums as well as generous cash benefits. Customers can buy life cover and have their policies issued in under 20 minutes with no need for a medical examination. Instant Life's Fitlife Policy comes with a Fitbit Flex™ Activity Tracker, offering discounts to users who simply track and share their activity for six consecutive months. In addition to offering convenience 24 hours a day, 365 days a year, Instant Life also gives customers access to a well-trained support team who can answer their questions about its life insurance products. Instant Life's products are underwritten by Absa Life Limited. For more information, visit: www.instantlife.co.za.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Join Us: Join our community
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
P: +44 (0) 207.343.8314
Logo - http://photos.prnewswire.com/prnh/20160830/402635LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/frost--sullivan-commends-instant-life-for-being-south-africas-first-online-life-insurance-provider-300320500.html
SOURCE Frost & Sullivan