Old Mutual Insure sets aside R60 million towards premium relief for customers

Ramping up efforts to support customers manage the financial fallout of COVID-19 Old Mutual Insure has set aside R60 million towards 15% motor premium discounts in April 2020 and 10% in May 2020 for qualifying personal lines customers. Qualifying Commercial and Agriculture customers will receive a 10% motor premium discounts for both April 2020 and May 2020.

If Old Mutual Insure is to live its purpose of being a certain friend in uncertain times, it’s important that, “we pass the benefits of the reduced motor claims that we are seeing in hard lockdown directly to customers most impacted by this crisis,” says Soul Abraham, Chief Executive Retail, Old Mutual Insure.

It is at times like these that the importance of deep customer relationships and knowledge of individual customer circumstances becomes significant.

To ensure that Old Mutual Insure’s customer relationship partners are not negatively impacted by these premium cuts, “we are also committing to continue to calculate all partner fees as if 100% of the premium has been received,” assures Abraham.

This latest R60 million augments the following COVID-19 customer support initiatives already in place:

• Premium deferment, with a delayed pay-back over a set period.
• Leniency on debit orders missed due to COVID-19.
• Reduced premiums, by allowing customers to amend cover temporarily.
• Premium relief via iWYZE, allowing qualifying motor insurance customers a 3-month 7.5% premium discount.
• Free expert review of premium relief requests across commercial, agriculture and personal lines conducted by a dedicated team of 50 ‘Help U’ employees assisting customers to maintain and manage essential and relevant covers.
• Commitment to keep premium increases low over the next 12 months.
• Option for customers in good standing to freeze renewals or exchange them for flexible excesses as required.
• Three-month premium discounts and excess waivers for doctors and nurses.
• R50 million to assist SME customers and service providers.

This raft of initiatives is designed to ensure that, “Old Mutual Insure remains a genuine partner in adversity, supporting customers in crisis to prosper and grow into the future by staying calm, focused and insured in the present,” concludes Abraham.