Funeral for Foreign Nationals within South Africa Qorus Innovation in Insurance Awards 2022

Submitted by

First National Bank

Premium
08/04/2022 Insurance Innovation
FNB Insurance has taken a step towards making it possible for Foreign National customers to enjoy FirstRand’s holistic financial offering, by offering funeral cover.
Innovation details
Country
South Africa
Category
Product & Service Innovation
Keyword
Customer acquisition & loyalty, Insurance, Strategy & Business model, Targeted-niche offerings, Marketing & sales, Funeral Insurance
Total Cost
$0-250k

Innovation presentation

There is a population of Foreign National customers within South Africa who traditionally could got not get cover; largely due to the requirement of them to have a South African ID. These individuals then had to rely on burial societies or shady insurance providers in order to plan for potential funeral expenses. FNB Insurance saw a gap in the market and began exploring the possibility of offering Funeral cover to these customers for the time they are within South Africa. Further to that, the tried and tested FNB Funeral Plan with its benefits was offered to these customers at the same price as South African customers.

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