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OUTsurance Insurance
OUTsurance has made a high-profile name for itself in the South African
short-term insurance market with its ground-breaking approach and marketing
strategies. In particular it has scored big points among consumers with its
strategy of rewarding clients for not claiming on their policies - not in the
sense of encouraging people to refrain from putting in legitimate claims, but in
that they give a rebate on premiums if people have not had to use their
insurance policies. This is a clever idea, not simply from a loyalty
perspective, but also because it addresses one of the central misgivings that
people have about taking out insurance - that it could be a waste of money if
they don`t ever need to claim. While this might not make sound risk management
sense, it certainly is a real objection that people voice. This principle is
also the source of the company`s inversion of insurance to "out" surance - in
the words of the company`s tagline - "you always get something out".
OUTsurance began trading in 1998 and merged with RMBH FirstRand two
years later, giving it a very sound and deep financial backing. This marriage
benefited both parties, in that OUTsurance gained a solid underwriting basis,
while its merger partner gained a cutting edge aspect to its financial services
prospectus.
The other major identifier of this insurance company`s offering is that it
always deals directly with customers - no brokers are ever involved. This means
that virtually 100% of your premiums go towards your insurance investment (minus
a certain small percentage for admin costs, one would assume) - there are no
broker or other intermediary fees. It also means that premiums can be kept lower
than if there were intermediaries involved.
The company also puts money back into the community, most visibly in
Johannesburg recently with the funding and deployment of traffic pointspeople to
help at busy intersections. It is also involved in community upliftment drives.
Related Insurance Articles:
- Genesis Medical Aid
- Fedhealth Medical Aid
- Discovery Health Medical Aid
- Dial Direct Insurance
- Old Mutual Insurance
- PPS Insurance
- ABSA Insurance
- U-Insure Insurance
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| | 6/28/2011 10:01:47 AM |
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