by SAVIOUS KWINIKA
JOHANNESBURG –FMI, the life insurer, has officially rebranded to Bidvest Life.
It looks to unlock growth opportunities, raise its profile in the local market and better connect the company with its customers, Independent Financial Advisers (IFAs) and other stakeholders.
Lulu Rasebotsa, the Chief Executive Officer, said the rebrand is a key step in the company’s move away from being ‘the best-kept secret’ in the local market.
“In partnership with Independent Financial Advisers, we’ve been helping South Africans achieve financial peace of mind for 27 years by insuring their most important asset: their monthly income,” the executive said.
“As Bidvest Life, with the backing of our shareholder, we are building a brand in the market that makes our life insurance solutions accessible to all South Africans; and we will continue to provide cover that is easy to understand and talks to the specific needs of our customers,” Rasebotsa said.
FMI, which was one of the first insurers in South Africa to specialize in income protection for business owners and the self-employed market in 1995, has been a division of Bidvest since 2016.
Hannah Sadiki, Bidvest Financial Services CEO, said the new brand would form part of a broader Bidvest offering that would offer consumers a wide range of financial services under one umbrella from banking, short-term insurance and life insurance.
“Bidvest is renowned for its model of acquiring businesses that will benefit from the synergies and strength of the Group to enable growth and ultimately deliver a greater return on investment,” Sadiki said.
The COVID-19 pandemic highlighted the importance of income protection, especially for business owners and self-employed.
FMI paid 92 percent of all claims in 2020.
According to FMI’s 2020 Claims Report, 87 percent of all claims paid were for Income Protection benefits.
– CAJ News