OUTsurance commits R102 million to support COVID-19 efforts

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27 March 2020
OUTsurance is helping South Africa out in its greatest time of need with R102 million in support of clients, service providers, the healthcare sector and the Solidarity Response Fund.

OUTsurance salutes the South African President, Cyril Ramaphosa, for the courage, conviction and clarity in his address to the nation on Monday, 23 March 2020. OUTsurance is committed to supporting the various initiatives announced by Government to ‘flatten the curve’ and minimise the impact on our country’s economy as far as possible.

It is clear that the impact of COVID-19 will be devastating to the economy and to all South Africans, and that its effect will be felt for months to come. With decisive leadership, togetherness and community support, we will emerge stronger.

OUTsurance has committed R102 million towards a comprehensive COVID-19 response plan, as part of our Helping SA OUT campaign. This includes relief for OUTsurance service providers, who are impacted by the inability to work, as well as for clients who may experience financial difficulty during this tough time. In addition, we will provide protective equipment for healthcare workers and are making a contribution to the Solidarity Response Fund, announced by the President. Details of the plan may be viewed below.

“Every aspect of our environment will be affected by COVID-19. Of paramount importance to us is the safety and well-being of our staff and partners who work with us, while making sure that our clients are assisted. To this end, our offices will be closed during the lockdown period, with staff working from home to ensure the continuity of our business. As a major South African financial services company, we have a social responsibility to contribute to the fight against this debilitating virus and its devastating economic impact.” said CEO Danie Matthee.


The beneficiaries of our R102 million commitment are:

 

  1. Assistance to SME Claims Service Providers (SPs):

To qualify for this benefit, the following is applicable:

  •  SPs must have a turnover of less than R50m per annum.
  • The rand value of work allocated to our SP by OUTsurance must drop by more than 50% during the period April to June 2020.
  • This drop has to be caused by the impact of the pandemic and not because of normal work reductions due to poor service or audit outcomes.
  • We will assess this by the 10th of each month, starting 1 May 2020. An individual SP can only qualify once.
  • We will assess the merits of each application and make a contribution to the SP.
  • SPs will be requested to apply by sending a motivation to the mailbox covid19sphelp@out.co.za

 

  1. Assistance to clients:
  • Reduced excesses for claims during April to June 2020.
    • Business OUTsurance Clients: 50% lower excess, max reduction R5000.
    • Personal Lines Clients: 30% lower excess, max reduction R5000.
  • Accelerated access to OUTbonuses vesting within the next six months for missed premium payments during the period April to June 2020.
  • Amendments to client cover to temporarily reduce premiums, without impacting terms when changing back. For example, if a client knows they won’t use their car during the lockdown, they can choose limited cover and return to comprehensive cover afterwards.

 

  1. Assistance to medical professionals by sourcing and distributing Personal Protective Equipment.

 

  1. Contribution to the President's Solidarity Response Fund.
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