Statistically, women are lower insurance risks than their male counterparts, according to 1st for Women MD Robyn Farrell. This is based on the fact that women take fewer risks, make more careful decisions, usually stick to the speed limit and frown upon road rage. In addition, the cost of repairs to vehicles crashed by women is, on average, lower than the cost of damage caused by men.
Robyn Farrell
Armed with this information, and the fact that at the time the majority of financial services companies still used sales processes and approaches tailored to the needs and expectations of men (who bought most of the policies in the past), Telesure set out to create a product tailor-made for women. This was designed to offer them lower insurance premiums because they are better insurance risks.
In 2003, 1st for Women Insurance Brokers was born. It launched to the market as a holistic lifestyle support solution rather than a generic insurance product. As well as comprehensive car and home insurance it included, from day one, free value-added products that met the needs of women. Its value-added products take into account the modern women's overall wellness requirements, including the physical, emotional and financial.
Farrell says that 1st for Women also offers a breakdown assistance service, which was designed to assist and "guard" women motorists if they have a mechanical breakdown, a flat battery or flat tyre in a dangerous place. 1st for Women's Guardian Angels, who drive around in distinctive pink vehicles, are located in Gauteng and Cape Town.
The Guardian Angel car
For the businesswoman, 1st for Women has a business insurance product, specially aimed at the small business sector. In addition, 1st for Women recently launched a comprehensive life insurance product, designed specifically for women.
1st for Women has also established the 1st for Women Insurance Trust, aimed at uplifting and helping the women of SA.
Online services
Telesure has an online facility that allows policyholders to manage their motor and household insurance portfolios online, in their own time. This system is a first in SA.
It allows policyholders to update or change their personal details, view their policy information and make adjustments to their insurance cover. It also gives them the opportunity to make general policy enquiries like checking to see whether a premium has been paid or not. Policy changes would normally require a phone call to a call centre, but can now be handled online, in real-time. The policy will be updated immediately and all documentation, reflecting the changes, e-mailed to the client.
This system follows another technological innovation - an online claim submission facility, which permits customers to submit their claims online 24/7 and also to track the progress of their claims online.
