In the competitive insurance arena in South Africa, OUTsurance has steadily built a reputation for its innovative approach, based in part on clear and direct marketing communication of the benefits it offers to insurance consumers.
The main thrust of this, which effectively ushered in a new era in the perception of insurance in the country, was OUTsurance’s tagline of “you always get something out”. This of course referred to the company’s policy of rewarding customers with refunds on their insurance premiums in return for not having claimed on their insurance policies.
OUTsurance’s history in the insurance market began in 1998, when it first began trading. The company’s stature and financial muscle was strengthened by its subsequent merger with RMBH FirstRand.
Perhaps one of the most popular and successful insurance strategies adopted by OUTsurance is its approach of dealing directly with customers, rather than using an intermediary broker network. This not only cuts down on administrative costs (which are usually passed on to clients), but it also forges a stronger relationship between the insurance customer and his or her insurance provider. The practical upshot of this is that a smaller percentage of each month’s premium has to go towards administrative costs – thus providing higher investment power for the money paid to the OUTsurance, as well as keeping premiums down. It is this combination that has proven to be so effective in the insurance market, especially as far as insurance policy holders are concerned.
In addition to this sort of direct consumer benefit, OUTsurance is also involved in a significant number of community intervention programmes, encompassing everything from involvement in the Business Against Crime initiative, to sponsoring pointsmen to supplement the traffic department’s human resources.
This combination has effectively positioned OUTsurance firmly in the minds of insurance consumers as a company that takes very tangible action towards fulfilling its company tagline and creating goodwill in the insurance industry.
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