CENTURION, 31 May 2013 – OUTsurance today announced the launch of a brand-new cash OUTbonus reward system where life insurance clients will automatically receive all of their paid life insurance premiums back in cash after 15 claim-free years.
OUTsurance introduced the concept of the OUTbonus to the South African short-term insurance industry more than 15 years ago. At the time, it was the first-of-its kind reward system where clients would receive 10% of their short-term insurance premiums back in cash after three years of remaining claim free.
Ernst Gouws, CEO of OUTsurance says that “the OUTbonus was a big game changer in the market. People loved the idea of getting some of their premiums back if they had managed their risk well and had not claimed as a result. We’ve paid over R1.5 billion in OUTbonuses to our clients to date.
“In our opinion, consumers feel similar about their life insurance. There has also not been much product innovation in this space for a long time, and so we thought the time was ripe for us to look at offering a really significant OUTbonus to this market. It should be both appealing to the consumer as well as help us improve the persistency of our clients.
“We are pleased to confirm that the 100% OUTbonus reward will apply to all our life insurance product offerings – our fully underwritten life insurance product, as well as our credit protection offering”
OUTsurance’s life insurance product was launched in 2010 and provides comprehensive life cover in case of death, disability and critical illness, up to a limit of R16 million. The new Essential life insurance product provides up to R500 000 in cover and clients are not required to undergo any medical or blood tests.
“We are very excited about our new life insurance offering for the middle market. With lots of innovative benefits, no medical tests and the added advantage of getting all of your premiums back in cash after 15 years, we believe that we can offer the lower segment of the market true innovation and excellent value for money,” Gouws said in closing.
For more information on OUTsurance’s Life Insurance product offerings and to read more about the 100% Life OUTbonus, please visit their website on http://www.outsurance.co.za/life-insurance/
OUTsurance has established itself as the leader in the direct insurance market offering car insurance, home insurance and business insurance. OUTsurance also provides life insurance, offering cover in case of death, disability or critical illness. For awesome service and affordable insurance premiums that will suit your budget, get an insurance quote from OUTsurance.