October 2006 - Celebrations are underway at 1Lifedirect, South Africa’s first
truly direct life insurer. In just a month since its launch, the company has
sold R1 billion worth of life cover to its clients.
This fact definitely proves that there is a need for a direct life insurance
channel and that consumers have welcomed this refreshing alternative!
According to Lenerd Louw, CEO of 1Lifedirect, "To date, 1Lifedirect has received
an overwhelming and extremely positive response from the South African public.
"The response we have received really proves that consumers welcome our
channel’s ease, convenience and simplified product offering and that you can cut
out the middleman, and save, when it comes to life insurance," he said.
1Lifedirect's success to date can be attributed to the fact that consumers have
noticed that there is a need for change within the life insurance industry and
are now confident to investigate other life cover options.
In addition, many consumers did not know how much commission they were actually
being charged in the past by brokers, and have welcomed the fact that they do
not have to pay broker commissions with 1Lifedirect.
"Our clients have also been pleasantly surprised by the cost effective quotes
they have been receiving from us, and have realised that you can get a quality
product, quickly, without the hassle of lengthy broker meetings and paperwork,"
Louw continued.
The fact that 1Lifedirect is financially backed by Budget Holdings Limited (BHL),
a large multi-national company based in Europe and that it has funding in place
to preserve the stability of the company has also gone a long way in installing
confidence in consumers.
Concluded Louw, "We are confident that the success we have experienced to date
will continue and look forward to a bright future."
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