This week, South Africa was introduced to Indie – a 100% digital insurer that focuses on creating wealth while offering customised cover – all in under ten minutes. In a world where consumers have instant access to services like Uber, Netflix, Airbnb and a plethora of retail offerings offering instant gratification, it’s not surprising that the current insurance landscape leaves most South Africans frustrated and confused.
“Nobody likes to think about their mortality, and many South Africans don’t recognise that they actually need insurance. So when it comes to choosing between spending on something that gives you instant gratification, or insurance… insurance often loses,” says Peter Castleden, Chief Executive Officer at Indie. With Indie Life Insurance, 100% of your monthly premium into placed in an investment that creates future wealth.
Castleden says that insurers have made it difficult to actually buy life insurance. “A mix of complicated jargon, levels of unnecessary complexity and sometimes ridiculous hoops that consumers are made to jump through almost make it seem that insurers don’t really want to sell their product to you.”
Off the back of this, Indie has taken shape. We’re not simply disrupting the industry, but rather returning to first principles,” says Castleden. “We’ve gone back to core principles, and designed everything again the way it should be, coupled with the fantastic enabler which is technology. We’ve reinvented life insurance and we’re hoping to enable people to focus on building their best lives – not prepare for when it’s all over.”
Castleden says that the model includes flexibility that adapts as the customers needs do. “Indie offers the best for any budget – and importantly, doesn’t lapse if a premium payment is missed. We understand that life happens, and sometimes circumstances prevent you from meeting all of your commitments.”
Life insurance is just one of the Indie products – the online offering also includes disability cover, critical illness cover, funeral cover, death income protection and income protection should you be unable to work.
“Indie offers world-class, customised cover, and an investment – all in under 10 minutes,” he adds.
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