Iemas Insurance Brokers is at the forefront of affordable and trusted digital solutions. Managing Director, Piet Wolmarans and Operations & Compliance Manager, Ian de Jongh, looks at the importance of going digital and how insurance supports consumers on their financial wellness journey.
In 2019 Iemas added a digital life, disability and funeral cover solution (underwritten by OMART) to its basket of product offerings.
Tell us more about this solution and why it has become one of your flagship products?
Ian: Before the outbreak of COVID-19, we saw a need for convenient and affordable digital solutions. That’s why we partnered with InsureTech Company, Simply. This solution offers individuals and businesses life, disability and funeral cover for themselves, employees and domestic workers in a matter of minutes. What is more is there are no medicals, which makes it safe and convenient. Life cover and related products are not “nice to haves” anymore – the market responded to this realisation and as such, we have seen a significant increase in uptake.
What are the most significant changes you have recently seen in the insurance industry and how should the industry adapt to these changes?
Piet: Most consumers’ financial situation has changed drastically over the last few months. We have seen an increase in the demand for car and household insurance payment breaks. However, we have similarly seen an increase in the need for life, funeral and disability cover. This is not surprising as consumers understand the seriousness of planning for the future in light of the life-threatening pandemic, COVID- 19. The insurance industry has to adapt to these changes by offering payment break options and affordable digital insurance solutions.
In what way can insurance support consumers on their journey towards financial wellness?
Piet: If you do not have insurance, you will be financially worse off as your assets (like your car and home) are now at risk as well as your family. Certainly life, funeral and disability cover are a must. So, take the time to speak to your insurance broker about options available to you as some level of cover is much better than no cover. Especially during high-risk times, such as these, being insured will not only give you peace of mind but will also provide you with much needed financial support when the unexpected happens.