Celebrating a lockdown Birthday
WICO is celebrating its 24th birthday in June. The first ever in Lockdown and hopefully the last time ever. We have been challenged greatly this year with the global pandemic. Fortunately, we have been fully operational since the start of lockdown and could provide our valued clients with uninterrupted service. We want to extend a special thanks to our loyal clients who have made it possible for us to be celebrating 24 years in the Industry. Without your support this would not have been possible. We continuously strive to improve our offerings and service. Being an independent Financial Service Provider has changed dramatically since the launch of WICO in 1996. Numerous exams, legislation and rules have been implemented over the years, which has most definitely been a very positive change, making sure client outcomes are good. We must continually stay on top of our game with legislated Continuous Professional Development points. We get audited by an Independent Compliance officer and send quarterly updates to the Financial Services Conduct Authority. This is all very good news for our clients, as they are protected.
What makes us different?
We are an Independent Brokerage, contracted with most of the big-name brands in the Industry:
Santam, Discovery Insure, Auto & General, MiWay, First for Woman, Virseker, Kingprice, Momentum, Western, CIA, SHA, ITOO, Sanlam, Old Mutual, Liberty, Mirabillis, Navigate etc
This gives us the added advantage of testing our clients premiums in the market and offering them the best comprehensive cover at the best price.
We are passionate about delivering excellent service to our clients, and thank our dedicated staff for their commitment.
We have a large footprint in the Commercial and Private Shortterm Insurance Industry.
We also offer extended services such as Medical aids, GAP cover and Longterm Insurance.
The pandemic and Insurers
Insurers have done their part and have come to the aid of clients by reducing their motor vehicle premiums in the most difficult months. Many Insurers are still offering discounted rates on restricted kilometers. We were able to assist clients in reducing premiums by changing cover, making payment arrangements and offering vehicle premium discounts with the reduced travelling in the critical period of the Lockdown.
What type of claims did we receive in Lockdown 5?
Lockdown 5 did cut the crime rate with 90 % in South Africa – nobody ever thought that would be possible.
With restriction of movement, alternative shopping was hampered. But we still received claims.
Geyser claims, cell phone and tablet claims were the most common. There were a few severe storms around SA in Lockdown and this also contributed to claims.
Are we expecting increased risk as lockdown eases?
We most definitely expect more claims. We would also like to urge our clients to be much more vigilant when they leave and return home – as this is a very high risk period for hijackings and entrance into homes. Make sure your home security is in place and that the linked alarms are in working order. It is also important to activate your alarm at night.
New types of cover
Discovery Insure has launch the first ever vehicle maintenance warranty cover coupled with your Shortterm Insurance. Pricing depends on year and model of vehicle and quotes can be requested.
Momentum is offering specialized 4×4 cover, giving you peace of mind especially when travelling outside of the country’s borders.
Discovery, MiWay and Kingprice are offering restricted mileage premium discounts.
Feedback from the Shortterm Insurance Ombudsman report.
It was noted that the most complaints received were regarding the following:
Credit shortfall cover – when you owe the bank more than what your car is retailing for – This is an extension of your policy and a premium is payable.
Accessories on vehicles – the value is not included in the retail value of the vehicle and must be specifically mentioned as a premium will be payable.
The new Normal
We definitely see that our clients and Industry are adjusting to the new normal. We still have a long way to go as we are still heading to the peak of the pandemic in SA. We are a resilient nation and this challenge will also pass. We hope our clients will stay happy and healthy and be innovative in the way they do business and life in the next few months. Thank you once again for your loyal support over the past 24 years. God Bless!