According to many industry watchers and experts, OUTsurance has the distinction of being one of the first insurance companies in South Africa to utilise the direct short term insurance concept.
The company used highly trained and very knowledgeable agents through state of the art call centres to communicate directly with their customers as opposed to going through insurance brokers of various types to get clients. The result was a considerable reduction in expenses through the removal of different types of administration costs for both the insurance providing company and the customer.
The company was established in the year of 1998 but has since, on the back of its working principle, managed to grab a good percentage of market share in the South African insurance market. It is a part of the much larger RMBH FirstRand financial services group.
Another concept pioneered by the company has been its no claim rewards system wherein customers can avail premium reduction if they do not make claims towards their policies.
These rewards are reductions in the premiums of future policies. The rewards system is even a part of the company’s marketing strategy where it says that the customer always gets something out of the policy. Here is a list of the company’s offerings.
1. Vehicle insurance:
These policies provide cover for various types of vehicles such as cars, light delivery vehicles, motorcycles, caravans and trailers.
2. Buildings insurance:
Buildings insurance products are for insuring immovable property along with things like gates, swimming pools and fences.
3. Contents insurance:
Contents insurance policies are designed to protect all types of household contents.
4. Out and about insurance:
The out and about insurance products are created for covering personal possessions.
5. Personal accident insurance:
These types of policies protect the policy holder against death and disability resulting from an accident.
6. Watercraft insurance:
These policies provide full cover for motorboats, ski boats and jet skis.
7. Business insurance:
These are comprehensive business policies for vehicle and fleet, buildings, electronic equipment, buildings contents, stock, money, possessions, public liability, business interruptions and others.
OUTsurance is a company that has become a major part of the insurance real estate of the country.