Press Centre
Confirmation of transfer of policies from Guardrisk Life to Absa Life
28 January 2020
We confirm that we have received the required regulatory approval from the Prudential Authority in terms of Section 50 of the Insurance Act, 18 of 2017. The transfer has occurred in respect of policies sold by Instant Life, and which were previously underwritten by Guardrisk Life.
As a result of the transfer, Absa Life has taken over all obligations of Guardrisk Life in relation to the affected policies. The policies will continue to be administered by Instant Life and the benefits, premiums and other terms and conditions will remain the same.
A Frequently Asked Questions document has also been attached to this publication to help clarify the impact on and required action by affected policyholders.
If you have any questions or queries relating to the transfer, please don’t hesitate to contact Instant Life on clientservices@absainstantlife.co.za or 087 806 1413.
Yours sincerely
Mugove Nyimo
Managing Director: Instant Life
Eugene Strauss
Managing Executive: Absa Life
Francois Schaap
Managing Executive: Guardrisk Life
Notice of transfer of policies from Guardrisk Life to Absa Life
17 January 2020
This notification serves as notification to affected policyholders and the public of the intended transfer of policies from Guardrisk Life to Absa Life. The transfer is in respect of policies sold by Instant Life and underwritten by Guardrisk Life. The transfer is, however, subject to regulatory approval by the Prudential Authority (PA) in terms of Section 50 of the Insurance Act, No 18 of 2017 (the Act).
If the transfer is approved, Absa Life shall be responsible for the fulfilment of all the obligations of Guardrisk Life in relation to the affected policies. The policies will continue to be administered by Instant Life and the benefits, premiums and other terms and conditions will remain the same. Details of the proposed transfer are contained in the attached documents. These documents will be available for inspection by the public until 14/02/2020. In terms of the Act, any person who has an interest in this matter may submit to the PA such representations concerning the transaction as are relevant to his, her or its interests. Representations should be made in writing and submitted by 14/02/2020 to any of these email addresses:
compliance@absainstantlife.co.za; policytransfer@absa.co.za; compliance@guardrisk.co.za
Guardrisk Life and Absa Life intend to apply to the PA on 28/02/2020 at 370 Helen Joseph Street (Formerly Church Street), Pretoria, 0002, or as soon thereafter as the application may be heard for approval of the proposed transfer. Any owner of a policy, shareholder or creditor affected by the proposed transfer, shall be entitled to appear and to be heard at the aforesaid application and may make application to the said PA on any matter regarding the transfer.
A Frequently Asked Questions document has also been attached to this publication to help clarify the impact on and required action by affected policyholders.
If you have any questions about the transfer, please don’t hesitate to contact Instant Life on compliance@absainstantlife.co.za or 087 806 1413.
Yours sincerely
Mugove Nyimo
Managing Director: Instant Life
Eugene Strauss
Managing Executive: Absa Life
Francois Schaap
Managing Executive: Guardrisk Life
2016 South African Life-Insurance Customer Value Leadership Award
18 August 2016
Instant Life receives the Frost & Sullivan 2016 South African Life-Insurance Customer Value Leadership Award
Instant Life is a low-cost, disruptive model in the life insurance industry and its technology can easily be seen as its unique selling point, enabling it to be efficient and convenient. This platform provides customers with an ease of use that reduces the time spent applying for a policy, as compared to traditional life insurance companies. Additionally, its use of wearable devices encourages and incentivizes a healthier lifestyle. As South Africa's first online life insurance provider, Instant Life has the potential to grow substantially in the coming years. Instant Life is targeting 300% growth in new business for the next year, by leveraging Absa’s customer base and brand. With its strong overall performance, Instant Life is recognised with Frost & Sullivan’s 2016 Customer Value Leadership Award for Life Insurance in South Africa.
What are the Best Practices Awards?
The Frost & Sullivan Best Practices Awards have identified exemplary achievements within a multitude of industries and functional disciplines for the last 16 years. Frost & Sullivan conducts best practices research to properly identify unrivalled innovation and leadership among companies, products, processes, and executives. Receiving the Frost & Sullivan 2016 South African Customer Value Leadership Award is a compelling, third-party validation of a company's growth strategy and execution. Instant Life’s Best Practice Award is a very strong indicator to employees, investors, customers, and the public that Instant Life address the growing market need for pure-risk life insurance sold online that offers high-quality coverage and product offerings.
Significance of South African Customer Value Leadership Award
To receive the Frost & Sullivan South African Customer Value Leadership Award depends upon customers purchasing from the company and then making the decision to return time and again. Delighting customers is the cornerstone of any successful growth strategy.
Key Benchmarking Criteria
For the Customer Value Leadership Award, Frost & Sullivan analysts independently evaluated two key factors – Customer Impact and Business Impact – according to the criteria identified below.
| Customer Impact | Business Impact |
|---|---|
|
Criterion 1: Price/Performance Value Criterion 2: Customer Purchase Experience Criterion 3: Customer Ownership Experience Criterion 4: Customer Service Experience Criterion 5: Brand Equity |
Criterion 1: Financial Performance Criterion 2: Customer Acquisition Criterion 3: Operational Efficiency Criterion 4: Growth Potential Criterion 5: Human Capital |
Who is Frost & Sullivan?
Frost & Sullivan is a leading, 55 year-old market research and consulting firm that tracks multiple industries including Automotive, Healthcare, Information and Communication Technology, and more. Headquartered in Mountain View, California, Frost & Sullivan employs 1,800 analysts and has offices in over 40 countries.
Absa to acquire a controlling interest in Instant Life
4 April 2016
Absa Life receives regulatory approval to acquire direct life insurer Instant Life
Absa Life is pleased to announce that it has been granted the necessary regulatory approvals, including approval from the South African Reserve Bank, to acquire a controlling interest in the direct life insurer Instant Life. This includes meeting all other conditions customary for a transaction of this nature.
Instant Life, an online life insurance distribution platform offering life, disability and critical illness cover to qualifying customers, will now operate as Absa Instant Life.
Jannie Venter, Managing Director for Absa Life, says: “The acquisition of Instant Life provides Absa with an advantage to scale its Life Insurance business for future growth and supports our continued efforts to provide a simpler and easier application process to improve our customers’ insurance purchasing experience.”
While competition in the life insurance industry has increased significantly, product differentiation remains relatively limited. The acquisition of Instant Life however will provide Absa Instant Life customers with access to a range of other online products while providing them with the flexibility of insurance solutions that are tailored according to their unique needs. “Absa Instant Life will leverage data, technology and automation to bring customers convenient, great value life insurance products with the backing of the Barclays Africa Group” adds Venter.
This acquisition also signals the Barclays Africa Group’s commitment to grow its Wealth, Investment Management and Insurance business in existing and new markets and in the process contribute to the success of the rest of the continent. In June 2015, Barclays Africa procured a controlling interest in First Assurance in Kenya and was also granted a life insurance license by Kenyan regulators at the end of February.
Bryan McLachlan, CEO of Instant Life says: “Our philosophy is to help customers live a happy and healthier life and we will keep delivering an innovative, simple and competitive business that takes advantage of any opportunity that supports this.”
Venter concludes, “This acquisition gives us the opportunity to establish Absa as a centre of excellence for the provision of life insurance on the African continent. We are combining the technical expertise of Instant Life with Absa’s scale of distribution to create a formidable proposition for our customers.”