Instant Life Takes on the Giant Insurers – Fast

JOHANNESBURG –  It’s never easy being the new kid on the block, because people don’t like to change. They are loathe to try something new. They prefer to live by the saying ‘better the devil you know than the devil you don’t know’. Bryan McLachlan is the CEO of the new insurance company, Instant Life. He says that Instant Life is the new kid on the block with a difference. He says this cost-saving insurer is making a name for itself competing against the likes of Liberty and Old Mutual.

McLachlan also matter of factly said that unlike other insurers, they’re quick and on the ball and you’ll have your policy documents in your inbox in 20 minutes and not 20 weeks. Not only that, Instant Life claims to be as much as 30% cheaper than other competitors and also 30% cheaper than its direct competitors such as 1Life and OUTsurance. This is essentially because of its electronic underwriting.

Instant Life Means Savings

McLachlan says that they are able to pass their substantial cost savings on to their customers through their low monthly payments. Instant Life believes they have saved some of their clients more than 30% on their monthly insurance costs.

McLachlan is by no means new to the insurance industry, having gained plenty of experience at Old Mutual, FNB, Woolworths Financial Services and others. He says the reason for their growing success is their online underwriting.

Instant Life set up shop in 2008. The company is a new-generation insurance administrator, offering customers high quality insurance cover and products. Some InstantLife products have a Cash Back Benefit that returns 20% of all payments made every 10 years.

Instant LIfe in its baby shoes

Today Instant Life has a customer base of 15 000, with the 35 – 45 year old age group making up
the biggest proportion. The insurer’s customers include a diverse range of people – small business owners,  professionals and individuals who have until now not been properly serviced by the financial industry. Recently, ABSA bought a 75% stake in Instant Life and this opportunity has saved Instant Life from putting money into developing their own brand.

Instant Life has moved into a paperless arena and rates the risk of potential customers through an online questionnaire. The way customers answer one question determines what the next question will be. There are thousands of different combinations of questions which have been developed by actuaries and a New Zealand-based IT company. The questionnaire must be accompanied by a recent HIV test.

Paperless management of policies online

Instant Life’s platform also allows customers to manage their policies online. The insurer is always looking at advanced technologies, and McLachlan said an example of this was self testing technology.

People rightfully want to know what makes Instant Life trustworthy and worth a try. For starters they are underwritten by Guardrisk Life Limited who are a leading financial services provider and a subsidiary of MMI Holdings. Secondly, their message to customers is that they are a dynamic insurance administrator who with their offerings can help get customers back onto the saving bandwagon.

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All info was correct at time of publishing