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Insurance innovation: MiWay fixes premiums for three years


MiWay has launched yet another industry first in the fiercely competitive short-term insurance market.  The company, which burst onto the scene in 2008 and shook up the establishment with its innovative approach, is now offering the opportunity to fix premiums for 36 months.  This gives under-pressure consumers the assurance that at (where their insurance premiums are concerned) inflation is no longer a worry.

MiWay CEO René Otto points out that the concept was borne out of the number one irritation that clients express with their insurers: the annual premium increase. “In our efforts to understand and empathise with our customers, it became clear that a premium increase every year spelled increased financial pressure and just plain annoyance for many people. That directly led to the development of a Premium Guarantee,” he says.

While Otto says annual and even interim premium increases are a business necessity, MiWay’s actuaries have worked to create a product that offers longer-term budgeting security for its customers. “What we stressed in the design of this product is that it should offer the best of both worlds – affordable, quality cover without the annual escalation.”

The product is available to both new and existing MiWay customers.

“This is just another example of MiWay’s commitment to revolutionising the way South Africans view direct financial services. It adds to our other firsts, which include online buying (and not just quoting) of short-term insurance cover, online self-management of policies, as well as the MiDriveStyle product which lets the individual influence their premium based on the way they drive,” Otto adds.

He says it remains MiWay’s commitment to not only listen to what its customers say, but also to seek meaningful solutions to their concerns in the form of insurance products which push the boundaries of what is considered possible.

Date Posted: 2010-02-09
Posted By: MiWay Insurance Limited
Listed under these Business Listing Categories: Financial services,

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