Consumers urged to get more value from policies
JOBURG - According to Tetiwe Jawuna, head of Standard Bank Insurance Brokers, consumers are encouraged to get more value from their insurance policies, especially their funeral plans and each policy should offer more than money to their clients.
“Insurers have both buying power and influence on suppliers, by virtue of the number of people they reach through their policies and the substantial investments they make with premiums,” she said.
These insurance companies can, therefore, ensure that their influence in the industry creates additional value for their policyholders and make policies work better for those who own them.
Jawuna elaborated on how this can be achieved, either by improving the benefits of a particular insurance cover or by making an improvement on the client’s lifestyle overall or doing both.
“Clearly, there is no reason for a low premium to limit a policyholder’s [ability to pay] expenses for a funeral; policyholders shouldn’t feel that because they can afford less, they should not have benefits beyond the costs of the funeral,” she stressed.
Jawuna concluded by saying that a low premium should be the result of the astuteness of the insurer in using economies of scale to give policyholders’ dignity, not just in death but in all their medical requirements and cover thereof.
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