TymeBank in bancassurance deal with Hollard
TymeBank has partnered with local insurance giant Hollard Insurance Group to offer customers funeral policy plans without any paperwork.
From October, new TymeBank customers will be able to sign up for Hollard’s Family Protect funeral policy, accessed at TymeBank’s self-service kiosks, which are available at over 400 Pick n Pay stores nationwide.
Existing TymeBank customers will be able to sign up for the products at a later stage.
The digital bank, which had signed up 1.9 million customers by July, says its new offering is in response to the structural impediments and complex processes often experienced by consumers when purchasing financial products.
The offering leverages TymeBank’s digital banking platform and Pick n Pay’s retail footprint with the aim to broaden access to financial solutions by providing insurance solutions that efficiently meet the needs of local consumers.
Signing-up for the funeral cover is a quick paperless process which involves the use of the digital-only bank’s biometric identity verification.
The service eliminates the use of long forms, documents, physical engagement, airtime, or data –allowing customers to sign up within minutes.
“This partnership is true to TymeBank’s ethos of ensuring responsible banking practices to offer solutions that will advance the consumer’s financial well-being,” says TymeBank CEO Tauriq Keraan.
“Given the current challenging and uncertain economic period that consumers face, this innovation provides a solution that can positively impact consumers. Our partnerships with Hollard and Pick n Pay demonstrates the value that can be unlocked when corporate citizens come together to the benefit of individual citizens. We are leveraging our expertise in the financial services sector to bring a truly innovative offering that resonates with the needs of families across SA.”
Established in 1980, the Hollard Insurance Group provides short-term and life insurance as well as investment products to over five million policyholders in 11 countries across Africa and Asia.
The Hollard Family Protect funeral policy provides beneficiaries with three months' cover to pay for living expenses, such as groceries or payment of bills, after taking care of funeral costs.
Despite SA having a mature financial services sector, many customers still experience a chasm in affordability, convenience, simplicity and transparency, says Hollard.
“A lot of work still needs to be done in the country around financial education and planning and the provision of broad-based financial access,” notes Besa Ruele, CEO of Hollard Life.
“Our aim is to play our part in informing consumers of the importance of financial planning. By harnessing the power of digital platforms, we want to ease the financial burden on future generations by providing financial control and convenient access to financial products and services.”
The companies say they will look to expand their insurance offerings in future.