Woolworths is a company that is primarily known within South Africa for its multipurpose stores. Traditionally, Woolworths stores have been known to cater to the demand for textile and food items in the country. The company currently boasts of over 400 stores within South Africa, the African continent and the Middle Eastern region. The company has been in existence for over 8 decades.
The company has been known to be a pioneer in the country with respect to most innovations. Its achievements include being one of the first companies in the country to adopt various employee benefit schemes, to start using computerised merchandising systems, and to introduce sell by dates on its food packaging.
While the company is primarily known for its multipurpose stores, it also plays a part in the country’s insurance market. The company mainly provides short term insurance products to the nation in collaboration with ABSA bank through its financial services division. The company provides seven different types of short term insurance products.
Here is a list.
1. Car insurance:
The company offers various forms of car insurance covers to its customers, and each customer can virtually design his policy on the basis of his specific needs and requirements.
2. Touch up insurance:
The company also offers a touch up insurance policy that is aimed at taking care of minor damage to the car such as chips, light dents and minor scratches.
3. Home insurance:
The company’s home insurance looks after all the contents of the home.
4. Personal accident insurance:
Personal accident insurance is designed for dealing with the consequences of death or disablement resulting from an accident.
5. Cell phone insurance:
The company’s cell phone insurance allows for immediate replacement of a cell phone of the same value.
6. Travel insurance:
The company also offers travel insurance to people buying international tickets from their Woolworths credit card.
7. Balance protection insurance:
Finally, the company offers balance protection insurance if a person gets a Woolworths credit card, personal loan or even store card.
It is important that the company’s financial services division also provides store cards, credit cards and personal loans in addition to short term insurance products mentioned above.