…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.
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
Old Mutual is the entry-level retail insurance market leader in South Africa.
It is followed closely by Metropolitan.
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
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Recommendedby NEWSROOM AI
It’s a milestone in the history of blood transfusion, not only in South Africa but in the entire world, says Dr Jonathan Louw.
Consumer Journalist Wendy Knowler discusses the angry-sounding ombudsman for long-term insurance’s 2018 annual report.
The Money Show’s Bruce Whitfield asks Peter Armitage, CEO at Anchor Capital, for his stock picks of the week.
The Money Show's Bruce Whitfield interviews Daniel Baines, author of "How to Get a Sars Refund for Small Businesses".
The Money Show’s Bruce Whitfield interviews Lira about her attitude to money (hopes and fears, successes and failures, etc.).
The Money Show’s Bruce Whitfield interviews Daniel Baines, author of “How to get a SARS Refund”.
Cheryl Modise shares a story of how a Range Rover Evoque she had purchased from a dealership was stolen and recovered.
An annoyed Public Enterprises Minister Pravin Gordhan made a surprise call to Bruce Whitfield’s The Money Show on Wednesday.