A major South African operator has been granted a long term insurance licence. Vodacom, a subsidiary of Vodafone, can now underwrite and sell insurance products.
“Our insurance business proposition is simple; we are focused on providing Vodacom customers with unbeatable value. Our customers will benefit from the value and convenience that we are able to offer. The vision is to dissolve the barriers to entry for all South Africans previously unable to access insurance products,” says Mark Taylor, Managing Executive of Vodacom Financial Services.
As part of the strategic decision to enter the insurance market, Vodacom appointed FRANK.NET, South Africa’s fastest growing direct life investment company which is owned and capitalized by Liberty Holdings, to provide administrative and claims support for its long term insurance offering.
“The company has a proven track record in the long term insurance industry with the latest technology platforms and innovative ways to provide an excellent customer experience,” says Taylor.
FRANK.NET's direct capability is purpose built to support the delivery and administration of insurance programmes and it currently does so for a number of enterprises.
FRANK.NET CEO, Lenerd Louw, said: “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. We look forward to supporting Vodacom as they grow and develop exciting new products to address the financial needs of the South African population.”
