RGA actuary Greg Becker discusses the lessons that can be learnt from the South African protection market.
The South African insurance industry has developed an endorsement standard based upon the Zulu word meaning "to stand on your own two feet." The initiative encourages the take-up of insurance among low-income earners, and it has been very successful. But could it work here in the UK? A set of product standards need to be met for a product to be able to carry the Zimele logo. The standards have been carefully structured not to impinge on the products sold by the incumbent intermediaries, for example, the sum assured on life cover has been capped at a relatively low sum assured so...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
