Evolving consumer preferences continue to influence and shape the go-to-market strategy of businesses. The insurance industry is no exception. Customers continue to influence the industry’s approach to insurance, from the construct of products and services to the manner in which customers prefer to interact with their service providers and access these products and services. To meet customer needs, it remains crucial for businesses to use distribution channels that prioritise these preferences.
For the insurance industry, this means embracing comprehensive distribution channels that meet customer expectations. This will allow customers to initiate their engagement with their insurance companies or brokers via their preferred platforms and at their own convenience. Hollard uses a wide range of distribution channels to serve its customers, these include traditional insurance intermediaries, banks and a diverse range of partners in the retail and motor value chain.
Partnership has been part of Hollard’s DNA for over two decades and through strategic partnerships with retailers we have been making insurance a simple, everyday product that is easily accessible across retails stores in the country, be it via traditional clothing outlets or through other non-traditional channels across the motor and banking sectors. Our partnership approach focuses on creating tailored insurance solutions that complement our partners’ offerings to their customers.
The key is to understand that each partner serves a distinct audience and to tailor our insurance products to meet the specific needs of different industry sectors. The integration of what customers buy from our partners and the insurance we offer – whether life products or short-term insurance – enables diverse industry partners to play a part in insuring a wider demographic of the uninsured market.
Our business is designed to enable partners to engage directly with us to effectively work together in designing the best-fit insurance solutions for our clients. Our single point of entry for both life and short term products ensures streamlined support, offering a level of ease and efficiency that sets us apart in the market, in an industry where this is not the standard practice.
Across industry sectors, we have seen how the provision of insurance can be seamlessly integrated into any business to reach unserved and underserved insurable markets. Through partnerships, a wide range of industry players can contribute to making insurance more accessible and inclusive.
Furthermore, through our global backing by Tokio Marine, Hollard has access to world-class insurance innovations and product offerings, which it is able to tailor to the South African market.
Partnerships in insurance have become a game changer in driving business growth across sectors and extending coverage to underserved markets. Whether a business has never sold insurance and is introducing it for the first time, or expanding its product offerings, or if it is leveraging an existing insurance license to scale up, partnerships are not only driving business expansion but are also creating broader access to insurance.
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Petunia Makgoro is the Executive Head of Partnerships in Hollard Life Solutions