Standard Bank creates insurance app for millennials
Standard Bank’s insurance arm, Standard Insurance, now offers a standalone app for car and home insurance aimed at the millennial market. The app makes car, home content and structural insurance available through a smartphone app.
The app, which is available from the Google Play and Apple App stores, enables the younger generation to be rated on their driving ability rather than their generic underwriting factors when applying for vehicle insurance.
The car and home insurance offering, which underpins the app, includes features like new-for-old vehicle replacement cover and rewards clients for good driving.
Standard Insurance is a short-term insurance company that offers a range of short-term products to cover homeowners’ structural insurance, contents, motor vehicle, all risks, watercraft, computer equipment, and personal liability.
Standard Insurance MD Nolwandle Mbalo says this is Standard Bank’s first standalone short-term insurance app under the main Standard Bank brand. The bank has insurance functionality in its main banking app, as well as a partnership with Liberty through the Liberty short-term app.
“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’s insurance practice with its group identity as Africa’s biggest bank, committed to driving the continent’s growth,” she says.
While the SITEisfaction 2019 survey found First National Bank and Capitec tied for the best digital bank in SA, Standard Bank’s app is currently the only app created by a bank that is dedicated to short-term insurance in the market. Other major banks offer their insurance packages through their mobile banking apps.
“This app offers a discount on our quote to clients who pass our digital driver test through the app’s telematics capabilities (first 300km and 25 trips). Unlike some of our competitors, this discount for good driving is guaranteed for 12 months for the duration of a client’s policy instead of the premium changing monthly,” says Mbalo.
In 2017, Standard Bank launched a banking app geared specifically for the youth. According to the bank, the MegaU App for Kids enables users to actively track earnings and spending transactions, and in so doing create visibility and encourage a culture of saving.