Virgin founder Sir Richard Branson was in Cape Town this week for the launch of Virgin Money’s new short-term personal lines insurance offering in South Africa, in partnership with global insurance giant AIG.

With their three new products for the local market – home contents, vehicle and funeral cover – Virgin Money and AIG aim to change your perception of insurance as being a “grudge” purchase.

“Customer-centric” features include:

• When you apply for cover you will receive a binding quote in under five minutes.

• If you are in an accident that is not your fault, it will not affect your no-claim bonus or your premiums. “If you did not cause the accident, you should not be punished,” Virgin Money says.

• You will get a replacement car similar to the one you own while your car is being repaired.

“Transparency, straightforwardness and simplicity are true to the Virgin way of doing business. It’s why our products and processes are easy to understand and why we make sure our customers know exactly what they’re getting for their money,” Branson says.