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Blue Chip Issue 81

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Blue Chip is a quarterly journal for the financial planning industry and is the official publication of the Financial Planning Institute of Southern Africa NPC (FPI), effective from the January 2020 edition. Blue Chip publishes contributions from FPI and other leading industry figures, covering all aspects of the financial planning industry. Blue Chip takes this opportunity to wish the FPI a happy 40th anniversary. Congratulations!

Hollard Life Solutions

Hollard Life Solutions launches Life Select – offering value for money with no bells and whistles

Hollard Life Solutions has just launched its Life Select product, a value-for-money, no-frills product offering life cover, disability, critical illness and income protection.“Our research found that both intermediaries and clients want more simplicity and transparency from their insurers. In response, we streamlined our offering, simplified our insurance language, removed jargon, and created product benefits that consumers will fully understand and buy into,” says Willem Smith, Executive Head of Distribution at Hollard Life Solutions. In designing Life Select, Hollard Life Solutions has removed benefits that are hardly used by clients or sold from the product set and created a simple product that fits diverse client profiles. Life Select seeks to solve the day-to-day insurance challenges that clients face. The product is rated according to specific client variables like income, education and health, and priced according to each individual client’s profile and ability to meet their specific financial requirements and enable access to financial services. Some of the product benefits include: • Life Select offers a client the ability to customise cover based on their individual needs. • Life Select provides the best value for money, as the cover is structured according to according to each client’s affordability. • With Life Select, your client only pays for what they need. • The product application process has been simplified to remove the complexities that restrict clients in buying insurance products. “In designing Life Select, we have focused on three main benefits that appeal to consumer needs and empower advisors to present the product to market. These are simplification, value for money and ease of doing business,” said Smith. Simplification By simplifying the policy language, marketing material and technical specifications, the Hollard Life Select product is easily understood, and there is clarity on the promise and obligations. The product is easily explained to the customer by advisors, eliminating complex benefit interactions and conditional benefit features, with fewer exclusionary clauses than most competitors. Additionally, regulatory, compliance and complaint risks are all minimised. Value for money Other factors taken into consideration in the design and development of the Hollard Life S elect offering was to maintain our competitive pricing. We have put together many more benefits for less. No bells and whistles “No bells and whistles means your client gets what they see and only pay for what they really need. This was our focus throughout the development phase, because we know that bells and whistles have imposed undue complexity on the industry and are very seldom used, so the customer does not really benefit.” Even with the introduction of new FICA and POPIA requirements, Hollard Life Select has one of the shortest application forms in the market. Customers as well as advisors will spend the least time completing application forms. This is designed to minimise the amount of time spent on complex application forms and to reduce the risk of error in the application process. Hollard Life Select is simply what your clients need. studio. 0709/2469 life • disability • critical illness • impairment Hollard Life Assurance Company Limited (Reg. No. 1993/001405/06) is a Licensed Life Insurer and an authorised Financial Services Provider, FSP No. 17697

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