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Flexibility in product design brings innovative personal insurance to market

Flexibility in product design brings innovative personal insurance to market

Long-term insurer Old Mutual this week launched a range of flexible personal insurance products for individuals to help households obtain vital insurance cover for Life, Disability and Funeral. At the same time, the company announced new savings and investment products.

Old Mutual Group Chief Executive, Kosmas Egumbo said their new products are based on their best experience and a keen understanding of the market. “When designing this proposition, we took all our learnings and market insights, coupled those with some of the best product features in the industry, added smart technology and integrated our rewards offering, giving our advisors and brokers a seamless tool to engage customers with.”

Egumbo said that at the heart of the new solutions lie modularity and flexibility, giving advisors and brokers the ability to help customers build what is relevant to them in terms of cover and any extra benefits they wish to add. These products also unprecedented flexibility, meaning cover modules can be changed as the needs of the customer change.

“Today, people are following non-linear career paths, they live in traditional, non-traditional and blended family set ups with changes in journeys being followed towards self-actualisation. Our current reality highlights the need for personal cover that is comprehensive, flexible, and modular, keeping pace with our evolving lives and aspirations for the future. This is exactly what our new proposition offers,” said Egumbo.

Kosmas Egumbo, Group Chief Executive of Old Mutual.


 

About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and is working on her degree in Journalism at the Namibia University of Science and Technology (NUST). She believes education is the greatest equalizer. She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.