Sanlam Set To Offer Direct Life Insurance |
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21 May - Sanlam is set to offer the direct sale of a South African life insurance product via the Internet following in the footsteps of the success of 1Lifedirect. There has been no official announcement but there are strong indications that this will happen soon. Outsurance's founder, Rene Otto, is no longer going to be the CEO at ChannelLife, currently one of the largest life insurance providers in South Africa and the word on the street is that he will be reassigned to head up this new initiative to cut out insurance brokers and allow South Africans to purchase life insurance directly without the middle man. The true innovators in this country were Dial Direct SA and their sister company 1Lifedirect. The latter gets approximately 10,000 calls every month and 30% of these result in sales. In the first 14 months this has generated recurring income of R100 million from premiums. 1Lifedirect has taken away substantial market share when one considers that Old Mutual is the market leader in South Africa with recurring premium sales of R891 million per year. Previous attempts to offer direct life insurance were handled ineptly and did not take with the public. But South Africans are starting to grow accustomed to going online in order to get their insurance quotes and compare products, and this is definitely the way of the future. Related Insurance Articles: * Interest Rate Hikes Impact On Home Insurance * Car Insurance Scams In South Africa Exposed * SA Insurance Study Shows Dialling Direct Is The Future * Old Mutual Posts Strong First Quarter Results * SA Insurance Companies Beset By Fraudulent Claims * SA Car And Home Insurance Risk Factors * Gripes About South African Life Insurance On The Rise * South African Home Insurance Tips 
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| 3/14/2010 7:05:30 AM | |||||||||||||||||||||
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