Contact person: Michael Goemans
Email address: Michael.Goemans@investec.co.za
Contact number: +27 11 291 3250
The Digital Insurer Insurance Innovation Award
Historically, Investec focused on private-client, high-income banking, asset and wealth management. The idea behind Investec Life came from speaking to private clients and understanding their needs. Providing a long-term insurance solution seemed a natural extension to our existing value proposition: allowing our clients to bank, save, invest and now protect – all in One.Place™.
Our research identified many pain points that clients traditionally face within the life insurance industry – not only is life, disability and illness insurance traditionally a “grudge purchase”, it is also a “grudge process”. There was a real need to craft a client experience that was convenient, seamless, comprehensive, and tailored to clients’ life stages.
Consequently, Investec Life set out to reinvent the life insurance purchase process for top-end life, disability and illness insurance, with our client in mind. By developing a dynamic, digital process, and assessing our clients as unique individuals, particularly from a medical underwriting assessment point of view, we’ve eliminated paperwork, ensured that each touch point is tailored to their needs and life stage, eliminated unnecessary medicals, and improved client experience whilst increasing cost efficiency.
We took a clean slate approach to design a technology-enabled underwriting process that gives private clients a more modern, intuitive experience, with so far, only the minority of clients needing medical tests.
Mortgage Protection Cover: