The Money Show with Bruce Whitfield

Patrice Motsepe’s ARC and Sanlam take on Old Mutual with new entry-level insurer

…particularly at the lower end of the market… they’ve been oversold funeral [cover]…

Bongani Madikiza, CEO - African Rainbow Life

Patrice Motsepe’s African Rainbow Capital (ARC) and Sanlam have launched a new insurer, African Rainbow Life (ARL).

ARL will focus on the lower end of the market with a complete range of products.

Most insurers operating in the entry-level market only offer limited services such as funeral cover.

(Also, read: Why Anchor Capital is buying Naspers, Sasol and Patrice Motsepe’s ARC)

We must think about ‘how do I beat Old Mutual?' … Our aim is… to become a sizable business over the next 5 to 10 years…

Bongani Madikiza, CEO - African Rainbow Life

(Also, read: SA’s many badly-behaved insurance companies facing the wrath of the ombudsman)

Old Mutual is the entry-level retail insurance market leader in South Africa.

It is followed closely by Metropolitan.

The Money Show’s Bruce Whitfield interviewed Bongani Madikiza, CEO at ARL.

Listen to the interview in the audio below (and scroll down for more quotes from it).

We’ve don’t have high termination fees. We only have a termination fee of R50 in the first two years. After that, there’s no termination fee…

Bongani Madikiza, CEO - African Rainbow Life

…We needed shareholders with an appetite and the capital…

Bongani Madikiza, CEO - African Rainbow Life

Any costs that we can save give an advantage to the pricing to the customer…

Bongani Madikiza, CEO - African Rainbow Life

Management and staff must be able to have a share in the business. It’s a model that can hopefully be copied by other businesses…

Bongani Madikiza, CEO - African Rainbow Life

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