Metropolitan Taps Low Income Citizens

November 13 - Cover2Go, a unique insurance product from Metropolitan, was created to deliver the most effective products to a segment of the South African population that is usually overlooked by marketing drives for other insurance companies.

The Cover2Go series allows low income citizens, who don't even have a bank account, to purchase a wide range of insurance products that offer them peace of mind and solid coverage.

Low income citizens traditionally have more need for insurance than other segments of the population - they live in poor, sometimes dangerous areas and are always under threat of crime. Their health deteriorates quicker due to a poor diet and they cannot afford adequate health care because they live from paycheck to paycheck. Add to all this the fact that the majority do not bank, and it is obvious that there is a real need for insurance products that are specially tailored for this group.

Metropolitan recognized these special needs and created the Cover2Go that is easily accessible through several methods that are not dependent on banks. For example, some of the products can be paid for via cellphone, over the internet, off the shelf in selected stores, and unique in-store terminals.

"Using SDT's Exergy, we delivered a full blown offering so quickly that it caught the market by surprise," said the Head of IT, Process and Infrastructure at Metropolitan Cover2Go, Raymond Africa. "We have done significant research globally, and as far as we can see, we are first in the world to be able to market Cover2Go's particular products using the channels that we do, and using a model that permits straight through processing."

Africa concluded: "We had a vision for the low income, unbanked market to access insurance cover at affordable price point, and through new channels using new payment methods."