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Capitec Insurance

It is interesting to note that Capitec is walking away with accolades that were exclusively only given to the “Big Four” in the recent past. Did you know that Capitec recently won the Sunday Times Top Brands award for best micro-lender in this year’s awards ceremony? Now Capitec is going one step further by introducing Capitec Insurance products – but why Capitec Insurance and what sets them apart from other insurance companies?

These are the facts regarding Capitec Insurance:

  • Capitec is about to introduce insurance products targeting its low-end consumers; these include funeral insurance cover that is a simple product designed to fit the profile of customers.
  • Because there is such a need for insurance cover for those that are not able to understand the process and documentations – customers will now be given an opportunity to sign up for simple Capitec insuranceproducts.
  • Other banks that are at present offering similar insurance products are ABSA Bank and FNB – these offerings include financial services that permit clients to conduct, borrow, save as well as take out insurance cover.
  • Capitec needs the clients to understand what they are insured for before signing up.
  • But when this product will be introduced to the market is anybody’s guess.

Capitec’s vision regarding loans:

  • Capitec has plans to offer clients unsecured loans up to R500 000 in the future.
  • Presently loans for R120 000 are being offered with terms up to 60 months.
  • This all dependents on Capitec Bank having the correct tools to work out the ability for clients to pay the bank back with credit assessment models being developed at present.
  • Accurate assessments of risk profiles of customers are all-important when it comes to giving loans.
  • Capitec has protected itself from risk of default and death of clients or even job losses on high loans as it has a 100% insurance cover for any outstanding balances.

It is encouraging to learn that in the next 12 months Capitec will be introducing numerous products so that it can remain competitive, and due to the fact that the growth of the bank is sustainable for the foreseeable future, and especially with growing client numbers, this is quite achievable.

Over the last six months Capitec insurance has been acquiring in excess of 90 000 new clients per month. In August it says it acquired about 100 000 new clients and hopes this trend will continue upwards.

Are you keen to bank with an innovative bank such as Capitec Bank? Then chances are once they introduce their insurance products to the market taking out Capitec Insurance cover with be a no-brainer.

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