Standard Bank soft-launches new insurance plan for millennials
“The app makes car, home content and structural insurance available to a new generation of consumers, 24/7 via your smartphone,” said Dr Nolwandle Mbalo, the managing director of Standard Insurance.
Standard Insurance offered a range of short-term products across the country’s highly competitive homeowners’ structural insurance, contents, motor vehicles, all risks, watercraft, computer equipment and personal liability segments, it said.
“The app is in keeping with our broader goal of placing clients at the centre of what we do. It will match the clout of Standard Insurance Limited’s insurance practice with its group identity as Africa’s biggest bank, committed to driving the continent’s growth,” the group said.
The new app has several features aimed at the millennial market as well as those seeking to save on their insurance, including:
* A built-in feature that digitally scores one's driving behaviour for the first 300km and 25 trips.
* Rewards which include a discounted insurance premium of up to 30 percent, fixed for a year, as well as Uber vouchers for continuously driving well.
By providing vehicle insurance discounts based on the results of a digital driving test, the newly developed app enabled consumers trying to save money, the bank said.
“This app is truly easy to use, even for someone who is a first-time smartphone user,” said Mbalo.
The car and home insurance offer, which underpins the app, includes features like new-for-old vehicle replacement cover.
Standard Bank said: “The entirely digital nature of the app also means that our insurance offer can be delivered at a discount to our clients to optimise their benefit and usability.”
Mbalo said: “Cars are indispensable to people getting, and even often keeping a job. Therefore, replacing stolen or written-off cars in the first 12 months of the incident taking place is very appealing to anyone, where their car is often their biggest asset and largely irreplaceable.”
The new app soft-launched recently in both the Google Play Store and Apple App stores, with an official launch set for August.
Standard Bank said the app was part of a broader digitisation drive and additional features would be released soon.
* Quick and easy claims registration and tracking on the app.
* Digital sales on the app.
* Electronic vehicle inspection, adding convenience.
* Feature-based products that allow a client to select which benefits they want, versus the conventional one-size-fits-all product approach.
Being able to arrange and manage insurance directly from your smartphone is just one of the ways we are making it easier for our clients to protect what matters most to them,” said Mbalo.