As South Africa’s insurance industry continues to grow, a new innovative insurer is set to shake things up with their unique service offering.
BrightRock (Pty) Ltd was launched late last year and is backed by the Lombard Insurance Group, an AA-rated insurer with decades of experience in the sector. As a new entrant to the market, BrightRock plans to draw new customers with a unique idea – fully customisable insurance.
BrightRock plans to offer its clients insurance cover that changes over time as their needs change. Compared to existing insurers who cover a range of insurance events like fires, theft, and damage to property, giving their clients a general idea what they will cover and allowing the maximum cover to determine the monthly premiums, BrightRock’s approach may be just what is needed in the SA insurance market.
According to the new insurer, clients will be able to choose what their policy covers and how it will change over time, essentially planning for their future insurance needs in a streamlined way that will allow their total cover to increase over time as they can afford it.
With a range of personal insurance options including education costs, estate duty and many more, BrightRock plans to offer clients the assurance that when an insurance event takes place, it will be covered. This needs-based insurance approach should also save their clients’ money in the long run, making this new insurer an interesting alternative for South Africans who are shopping around for an insurer.
Long Term Savings
Insurance is an essential expense, especially in South Africa where property crimes are relatively high. By saving each month on your insurance premium, you’ll be freeing up capital that you could put toward your short-term and long-term saving goals. A R100 monthly saving translates to R1200 per year and with the effect of compound interest this amount could equal hundreds of thousands over several decades. If you’d like you re-assess your insurance needs, contact your financial advisor who will be happy to assist.