Financial Services Board (FSB), South Africa’s insurance regulator, has awarded Vodacom a long-term insurance license allowing the mobile telecommunications company an official entry into the country’s Insurance market.
Vodacom will capitalize on its more than 30 million customer base in South Africa expected to give it an advantage of reduced production costs.
Mark Taylor, Managing Executive of Vodacom Financial Services, said the company’s insurance business proposition is focused on providing customers with unbeatable value to allow them to benefit from the value and convenience they offer.
Vodacom’s vision is to dissolve the barriers to entry for all South Africans previously unable to access insurance products, Taylor added.
Vodacom appointed Frank.net, South Africa’s fastest growing direct life investment company to provide administrative and claims support for its long term insurance offering.
According to Taylor, the company has a proven records of accomplishment in the long term insurance industry with the latest technology platforms and innovative ways to provide an excellent customer experience.
Commenting on the partnership, Frank.net CEO Lenerd Louw said they are pleased to work with Vodacom to support their new long term financial products offering.
“The scale of Frank.net’s direct capability enables us to easily support the delivery and administration of insurance programmes to help Vodacom leverage from our proven affinity platforms,” Louw said.
Vodacom intends to provide a full suite of insurance products relevant to its customers.
