Posted on January 5, 2021 by Staff Writer
|Products||Automobile, Home, Life, Business and casualty insurance services|
|Address|| 1241 Embankment Road Zwartkop Extension 7
|Parent||Rand Merchant Investment Holding|
OUTsurance is an unlisted public company and has business interests in parts of Africa and Australasia. The company has subsidiaries in New Zealand, Australia and Namibia.
OUTsurance has grown to become a huge corporation that offers different types of insurance products. The company has since added other services to its list of services, now including long term insurance services.
A brief history of OUTsurance holdings Limited
OUTsurance was formed in 1998 as a subsidiary of RMB Holdings to provide short term insurance to individuals. OUTsurance was then a wholly-owned subsidiary of RMB Holdings because of this move.
In 2000, OUTsurance would acquire the First National Insurance group from FirstRand Limited. The move earned both FirstRand Limited and RMB Holdings a 47.5% stake in OUTsurance.
However, since RMB owned a portion of FirstRand Limited the deal made RMB Holdings a majority shareholder with 59.4% shareholding. Since FirstRand Limited and RMB Holdings shared 95% of OUTsurance, the remaining 5% was held by the staff trust.
OUTsurance decided to expand to Namibia in 2006. The company would partner with FNB Namibia to launch OUTsurance Insurance Company of Namibia. OUTsurance Insurance Company became the first of OUTsurance operations outside South Africa.
In 2008 OUTsurance went further to expand outside South Africa by launching Youi Australia. The move made OUTsurance the first African company to set up an insurance business in Australia.
In 2010 the company launched OUTsurance Life. This allowed the group to offer basic and fully underwritten life insurance products in South Africa. The company would later expand into New Zealand by launching Youi New Zealand as a subsidiary of Youi Australia.
Services offered by OUTsurance
Comprehensive car insurance: This is car insurance that gives a full range of benefits such as fixed access, 12 months guaranteed premiums, 24/7 roadside assistance and cash OUTbonus. Under essential car insurance, you can insure a car that is not financed and is over 5 years old.
Home contents insurance: You can cover your home valuables such as appliances, decor, furniture and more with OUTsurance. The cover is for theft, intentional damage, damage caused by a power surge or geyser burst against your home contents.
Buildings insurance: This cover is for your home. The cover is against your house damages caused by leaking pressurized pipes, acts of nature, explosion, subsidence and fire.
Portable possession insurance: This cover is for personalised portable possessions. You get covered when you are at home, work or travelling around the world. The cover is against loss and damage of your personal belongings such as a camera, cellphone, watches, jewellery etc.
Life insurance: The Life insurance covers you for death, critical illness and disability. You are covered for 40 critical illnesses.
Funeral insurance: funeral insurance covers your funeral costs and family members. Cover benefits include transport, catering, marquee, tombstone and after tears benefit.
This is general business insurance for small to large businesses. The cover insures over numerous business assets and other valuables.
Business building insurance: covers for building premises that the business operates in. The physical structure is covered including the fixtures and fittings. This option covers against accidental damage, power surge, malicious damage and subsidence and landslip.
Plant, machinery and contents insurance: covers a wide range of assets that a business relies on. Cover can be for machinery that helps in the manufacturing process or for rendering a service such as a computer for a coder and other general office furniture.
Money insurance: is a cover for business cash. Since money is essential for business survival it is, therefore, one of the many assets that a business insures. Insurance covers against loss or damage to business money.
Business interruption insurance: This insurance cover specifically covers businesses for any interruption of business due to damage of premises. An optional cover can be taken whereby your business is covered from financial loss when business is interrupted as a result of damage to supplier premises.
Comprehensive fleet insurance: This insurance covers your fleet against loss or damage. The insurance also covers damage due to theft and hijacking.
Goods in transit insurance: This insurance covers for goods while they are in transit whether being transported by road, rail, air or even post. The insurance covers against damage from theft, hijacking, explosion, fire, accident, collision and derailment.
Motor traders insurance
Motor traders external insurance: This covers for loss or damages to a vehicle where an accident happens away from the business premises. The insurance cover against accidents, storm, hail, flood, theft and hijack.
Motor traders internal insurance: This covers against accidental damage to a customer’s vehicle when driven in the business premises. The cover pays should accidental damage happen to a vehicle driven on company premises.
Vehicle stock: this is a cover on your business stock which in this case is motor vehicles. OUTsurance covers against fire, explosion, bad weather and impact damage.
Machinery breakdown insurance: This insurance covers the cost of a mechanical, electrical or electronic breakdown. The cover is against breakdown due to lack of skill, faults and explosions.
|Daniel Matthee||Chied Executive Officer|
|Jan Hofmeyr||Chief Financial Officer|
|Carl Louw||Chief Marketing Officer|
|Arnold de Swart||Chief Actuary|
|Suren Naidoo||Chief People Officer|
|Keneiloe Selamolela||Chief Transformation Officer|
|Matt Cole||Chief Information Officer|
|Paul Myeza||Chief Operating Officer: OUTsurance Life|
|Micky Maharaj||COO: OUTsurance shared services|
|Burton Naicker||COO: Claims and Legal|
|Wilbur Smith||COO: Sales and Services|
|Riyaad Loonat||COO: Business OUTsurance|
|Natasha Kawulesar||Head of Client Relations|
|Lynette Bischoff||Group Chief Risk Officer and Head of Compliance|
OUTsurance group has rapidly grown to become one of the biggest short-term insurance companies, along with competitors such as Hollard and Sanlam. With the purchase of Miway, the company was able to expand its portfolio and Miway is now the second-largest brand within the group.