Hollard aims to learn how to deliver voluntary asset and other short term insurance to the poor. The proposed innovations include:
The project focuses on short-term insurance such as home and assets insurance, which is still virtually unavailable to low-income households in developing countries. Success with this product may encourage other insurers to launch pilot projects in this sector.
Click here to view the Product Description of Hollard Insurance.
Expected target groups: low-income households in urban and rural areas not currently using short term insurance such as household insurance
Expected outreach: 1 million clients within 10 years
Hollard Insurance, a family-owned group, is the South Africa´s largest private insurance company. Active for twenty-seven years, it has 1,300 brokers providing both short-term and life insurance services to more than 6 million policyholders in South Africa and abroad.
“We see the partnership with the ILO Microinsurance Innovation Facility as an exciting opportunity to learn faster in order to drive effective access to the lower income market, in a way that is good for the clients, good for our partners and, of course, good for business’
Jeremy Leach, Principal: Micro-Insurance, Hollard Insurance Group
“Building trust between Insurers and their customers is key to successfully serving the low income markets, and together with the Facility we hope to find an efficient and innovative way to better service this market’
Bipin Bhagwan, Assistant Principal: Micro-Insurance, Hollard Insurance Group
“Hollard has already achieved considerable success in the micro-insurance segment. We will continue our focus on developing unique insights into the needs of the low income market, and will design innovative and relevant product and distribution solutions that take insurance into the customer´s comfort zone. We have demonstrated that these solutions must be affordable, easy to understand, conveniently accessible, and must represent good value for money if they are to be sustainable. Consumer education must underpin our efforts to expand the potential market.’
Nic Kohler, Group CEO: Hollard Insurance Group
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