JOHANNESBURG - Patrice Motsepe's financial services group African Rainbow Capital on Thursday launched an insurance subsidiary, African Rainbow Life, earmarked for a sector that has traditionally been under-serviced.
African Rainbow Life will focuses on long-term insurance products including life cover, savings, investments, retirement annuities and funeral cover, targeting primarily the lower to middle income market.
Chief executive Bongani Madikiza said the company would provide cost effective life cover which would include death, dread disease and disability cover, as well as a cashback option. Additional products on offer would include funeral cover and savings, investments and retirement products, as well as group benefits.
Madikiza was previously CEO of Lion of Africa Insurance and managing director of the Mass Market Cluster and Corporate businesses at Old Mutual South Africa.
“Our customers are typically low to middle income earners who historically have had little access to sound financial advice or cost effective financial services products around which they can effectively plan for their financial futures,” he said.