Shoprite will now be offering OUTbonuses, following a partnership with OUTsurance, to bring consumers more accessible and affordable insurance products.
Photo: Supplied
Shoprite will now be offering OUTbonuses, following a partnership with OUTsurance, to bring consumers more accessible and affordable insurance products. Photo: Supplied

Shoprite partners with OUTsurance to offer insurance products

By Dhivana Rajgopaul Time of article published Mar 10, 2020

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DURBAN - Shoprite will now be offering OUTbonuses, following a partnership with OUTsurance, to bring consumers more accessible and affordable insurance products.

Under the new partnership a very competitively-priced funeral policy will be the first product to be launched along with numerous additional offerings in the pipeline.

"This collaboration is a natural fit. It sees Shoprite and OUTsurance combining its value propositions - lower prices you can trust and you always get something out - to offer consumers a highly competitive and accessible range of insurance products," said Jean Olivier, General Manager: Financial Services for the Shoprite Group. 

The Shoprite Group said that they want to offer its customers a highly competitive and accessible range of insurance products and by doing so in partnership with OUTsurance more South Africans will have access to financial services in the form of simple and easy to understand products. 

The products will be available at around 1600 Money Market counters located in Shoprite, Usave, Checkers and Checkers Hyper stores nationally. 

Danie Matthee, Chief Executive Officer for OUTsurance said, "We are confident that this partnership will give more South Africans access to financial services in the form of simple and easy to understand products. Two well-known and trusted South African brands are bringing together their complementary skills and assets such as retail reach, digital capabilities, insurance innovation and entrepreneurial spirit". 

The key features of the funeral policy include:

1. An OUTbonus, which gives customers one month’s premium back for every 12 premiums paid;

2. Pause and Play, a feature that allows cover to be paused for up to three months and resumed with no additional waiting period or cost;

3. Immediate payment of a R1000 Shoprite gift card in the event of a valid claim;

4. An optional Accident Death policy that pays out double the sum assured for all lives in the event of accidental death;

5. No waiting period for natural death when switching from any other registered insurer.

The funeral policy from the retailer and the insurer will be available from the end of April 2020.

BUSINESS REPORT ONLINE

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