Financial institutions are always looking at different ways to be innovative, which sometimes leads to some interesting services being provided or peculiar partnerships being struck up. This latest announcement regarding funeral cover from Hollard, however, may be one of the most peculiar we’ve heard to date.
To that end now Pick n Pay shoppers will be able to access their Hollard Family Protect funeral cover via TymeBank, which is located at a vast majority of the stores across the country.
“The partnership leverages TymeBank’s superior banking platform technology and Pick n Pay’s retail footprint to broaden access to financial solutions, providing unique insurance solutions that more efficiently meet the needs of consumers,” explains a press release sent to Hypertext.
“This innovative cover is available for new TymeBank clients and can be accessed at TymeBank’s self-service kiosks in over 400 Pick n Pay stores nationwide. Existing TymeBank customers will be able to access the solution at a later stage,” it adds.
The process is described as very simple, with sign-up facilitated at the TymeBank kiosk found inside the Pick n Pay store thanks to biometric identity verification.
Within minutes, according to the financial institution, customers can sign up for an account and choose the cover most suitable for their individual family needs. TymeBank adds that this eliminates the use of long forms, documents, physical engagement, airtime or data.
Both Hollard and TymeBank note that this partnership came about as a means to remove barriers to entry for financial services that many South Africans experience, and have been frustrated by during lockdown.
“A lot of work still needs to be done in the country around financial education and planning and the provision of broad-based financial access,” says Besa Ruele, CEO of Hollard Life.
“Our aim is to play our part in informing consumers of the importance of financial planning. By harnessing the power of digital platforms, we want to ease the financial burden on future generations by providing financial control and convenient access to financial products and services,” the CEO adds.
The insurer adds that customers can, as part of the funeral policy they sign up for, also sign up to cover their children, spouse and parents.
In addition, the main life insured is covered on their death for a three-month income benefit, with the monthly pay-out income benefit directly linked to the monthly deposits made by the customers into their TymeBank account, as well as the average amount that the customer spends on grocery purchases.
This money is deposited directly into the customer’s TymeBank account for their use as they see fit, Hollard adds.
If you’re intrigued by this new financial service, it is slated for availability in October, with Family Protect funeral cover accessible at TymeBank kiosks installed at 400-plus Pick n Pay grocery stores.