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In just under five months, 1Lifedirect, South Africa's first truly direct life insurer, has been able to prove that the direct life insurance channel is a force to be reckoned with. The company has managed to exceed all budgetary expectations and has, since its inception in March 2006, sold R5 billion worth of life cover.
According to Lenerd Louw, CEO of 1Lifedirect: Our entrance into the life insurance market was greeted with an overwhelming response from the South African public. Many of our clients were jaded by the shoddy service they had experienced in the past and were looking for a viable alternative.
These new figures confirm that consumers welcome our direct channel's ease, convenience and simplified product offering and that you can cut out the middleman, and save, when it comes to life insurance."
Louw continues: Our success to date can be attributed to the fact that consumers have noticed that there is a need for change within the life insurance industry and are now confident to investigate other options. In addition, many consumers did not know how much commission they were actually being charged in the past by brokers, and have welcomed the fact that they do not have to pay broker commissions with 1Lifedirect.
Our clients have also been pleasantly surprised by the cost effective quotes they have been receiving from us, and have realised that you can get a quality product, quickly, without the hassle of lengthy broker meetings and paperwork."
The fact that 1Lifedirect is financially backed by Budget Holdings Limited (BHL), a large multi-national company based in Europe and that it has funding in place to preserve the stability of the company has also gone a long way in installing confidence in consumers. We are confident that the success we have experienced to date will continue and look forward to a bright future" concludes Louw.
