Absa to sell insurance products online

     Absa to sell insurance products online

ABSA has introduced online insurance products accessible to its 1.3-million internet banking clients in a few minutes.
Clients can buy short-term and life insurance and investment products on Absa Online in a simple, seamless process, Absa Financial Services CEO Willie Lategan said on Wednesday.
As South Africa’s big four banks battle for market share, the fight has moved into the digital realm.

"Our research has shown that digital innovation is going to be the key area of change in the industry … so it’s essential that we offer clients a unique and holistic digital experience," Mr Lategan said.
According to PwC’s 2013 banking survey, the big four banks plan to spend R3bn-R5bn on technology in the medium term as innovation was critical to compete.
Some banks had grown revenue in South Africa by migrating customers to electronic channels, the report added.

Absa was the last of the big four banks to launch a banking app for mobile devices.
But Mr Lategan said it was the first bank to introduce a "genuine, fully-integrated, online offering" in the South African bancassurance market.
Absa clients can apply for short-term insurance policies to cover residential buildings, household contents and vehicles. They will also have access to life insurance, funeral cover and credit protection.
As the bank already has most of the customers’ information, there is no need to complete long applications forms.
Applicants answer a few questions relating to their health and risk. Based on this, they get a quote which they can accept immediately.

Mr Lategan said this process took about two minutes.
Once the cover is in place, clients can manage their policies online as well as claim online.
Absa plans to make online insurance available to non-Absa clients and to roll it out to other digital channels such as cellphones. This is essential if Absa expands the product to its bancassurance businesses in Botswana, Mozambique and Zambia where more people have access to mobile phones than the internet.

Absa head of digital channels and payments Adrian Vermooten said Absa Online was launched in July 2012 as a more integrated platform to replace internet banking. About 70%-80% of the bank’s internet customers have migrated to Absa Online.
Since its introduction in April, Absa’s banking app has been downloaded 200,000 times, with customers using it on average 28-34 times a month, said Mr Vermooten.
He said the app was used most frequently at 10am on Saturdays.

by Gillian Jones, September 04 2013,  

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