CAPE TOWN – Insurance pioneers, Simply and Iemas Insurance Brokers have formed an exciting insurance distribution partnership that brings together leading edge insurtech, innovative life insurance products and a strong grassroots distribution network.
The Simply founders, with backgrounds in tech and life insurance innovation, set out in 2016 to shake up the SA life cover market. The idea was simple: use the rapid acceleration of various technologies and the seismic changes happening in consumer behaviour to give people the cover they need at a price they can afford. In a market writing up to R8.5 billion worth of business a year, the prize and the need was huge.
“We shook up the life insurance sector in 2017 when we launched fully online life, disability and funeral combos to the SA market. Suddenly people could buy great value cover in a matter of minutes – for themselves or their domestic employees. We followed that up in 2018, when we added life, disability and funeral combos for employees of small to medium sized businesses – a global first.” said Anthony Miller, the Simply chief executive.
He said: “While our direct online model offers cheap, easily accessible and dependable insurance cover, we recognise it’s not for everyone. For many people, the advice of a trusted advisor is helpful when buying life insurance or other financial products - there’s no doubt brokers reach many customers.
“Traditionally brokers have not been focussed on this market. So our next big disruption in distribution, is launching a digital platform that enables brokers to sell the various Simply products in minutes via a slick, user-friendly interface. It’s a win-win. The platform allows partners to focus on sales and advice, with Simply taking care of much of the admin. We’re excited about how the platform could open up new markets and revolutionise the way brokers work, and we couldn't be more thrilled to have Iemas Insurance Brokers as our first partner on the platform.”