Low income communities are often uninsured because they cannot afford or access relevant and suitable insurance products. Hollard aims to change that through creating low premium, value-for-money products that can be accessed easily by these communities.
We believe there is a better way for low income communities to protect their stuff, and the people they care about.
The peace of mind that insurance can bring is often out of reach for low-income communities. Not because they don’t want to protect the people who depend on them, or their things, but because there are very few insurance solutions that met their needs.
It’s a challenge: On one hand, these low-income communities need relevant, value-for-money insurance products that are easy to understand and to access. And on the other, insurers need to create a sustainable revenue stream from small premiums in a sector of the market they’ve seldom served.
The challenge is not easily overcome, but it’s been an integrated part of Hollard’s business strategy for some time and we have already developed a bunch of innovative solutions in this space. We passionately believe low-income communities deserve to benefit from the very real impact appropriate insurance products can deliver and we’re in it for the long haul!
PEP FUNERAL POLICIES
It may sound bizarre to call a funeral policy a lifesaver but, the truth is, for the people left behind when a breadwinner dies, the financial security it provides can make an enormous difference.
We partnered with South Africa’s largest single retail brand, PEP Stores, to offer three simple, affordable funeral policy packages that can be purchased at the till points of any of their 1500 stores spread across South Africa.
We chose PEP because of its broad geographical reach, its target demographic and the fact that it is represented in most of South Africa’s smallest towns.
There are policies for families, seniors and individuals, all structured to provide a lump sum payout if the policyholder dies, to help their dependents pay the funeral costs and cope financially in the difficult months afterwards.
Info on each of the products is available in-store and applying is as simple as grabbing a starter pack , going to the till, presenting South African identification, providing a few details about the beneficiary and paying a month’s premium.
There’s no medical, no lengthy form to fill in and monthly premium payments can also be made in-store. It couldn’t be easier!
Now low income earners can purchase and maintain a formal funeral policy that gives them the peace of mind they need and deserve, at a store that is close to where they live, and we’re delighted to be part of it.