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Outsurance review 2022

OUTsurance Holdings
 Type Public 
 Sector  Financial
 Industry  Insurance
Products Automobile, Home, Life, Business and casualty insurance services
 Address  1241 Embankment Road Zwartkop Extension 7
Centurion,
0157
South Africa
 Phone  27-12-673-3000
 Parent  Rand Merchant Investment Holding
 Website  http://www.outsurance.co.za/

OUTsurance is a South African insurance firm headquartered in Centurion. The company was founded in 1998 as a subsidiary of RMB Holdings to provide individuals with short-term insurance. OUTsurance is an unlisted public firm with operations in Africa and Australasia. Subsidiaries of the corporation can be found in New Zealand, Australia, and Namibia. OUTsurance has grown into a massive firm that provides a wide range of insurance products. Since then, the organization has expanded its offerings to include long-term insurance services.

A brief history of OUTsurance holdings Limited

OUTsurance was founded in 1998 as a subsidiary of RMB Holdings to give individuals with short-term insurance. As a result of this change, OUTsurance became a wholly-owned subsidiary of RMB Holdings. OUTsurance would purchase the First National Insurance group from FirstRand Limited in 2000. FirstRand Limited and RMB Holdings each received a 47.5 percent ownership in OUTsurance as a result of the transaction.

However, because RMB controlled a piece of FirstRand Limited, the transaction made RMB Holdings the largest shareholder with a 59.4 percent stake. Because FirstRand Limited and RMB Holdings owned 95% of OUTsurance, the remaining 5% was controlled by the staff trust. In 2006, OUTsurance decided to expand into Namibia. OUTsurance Insurance Company of Namibia would be launched in collaboration with FNB Namibia. OUTsurance Insurance Company was the first OUTsurance operation to operate outside of South Africa.

OUTsurance expanded further outside of South Africa in 2008 by creating Youi Australia. OUTsurance became the first African company to establish an insurance business in Australia as a result of the move. OUTsurance Life was launched by the firm in 2010. As a result, the group was able to provide basic and fully underwritten life insurance products in South Africa. Youi Australia would eventually become a subsidiary of Youi New Zealand, allowing the company to grow into New Zealand.

Services offered by OUTsurance

Personal insurance

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.

Business insurance

Business Insurance

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.

Fleet insurance

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.

Engineering Insurance

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.

OUTsurance Executives

Name Position
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

Conclusion

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.

Outsurance review 2022

Staff Writer

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