Telco Vodacom, which is part of the Vodafone
Group, has been granted regulatory approval to underwrite and sell
insurance products in South Africa.
As part of the strategic decision to enter the
South African insurance market, Vodacom has appointed life
insurance provider FRANK.NET, which is owned and capitalised by
Liberty Holdings, to provide administrative and claims support for
the offering.
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Vodacom said the business case for entering
the South African insurance market is based on it being able to
leverage the direct links it has with its more than 30m customers,
and dramatically reducing the costs traditionally associated with
acquiring and serving customers.
According to Vodacom, it is also one of South
Africa’s most trusted brands.
Mark Taylor, managing executive of Vodacom
Financial Services, said: “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.”
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