If there is a lesson to be learnt from the South African Zimele standard, it is to have product standards not standard products. Greg Becker explains
The South African (SA) long-term insurance industry has developed an endorsement standard, Zimele. Zimele is a Zulu word meaning ‘to stand on your own two feet’ and it aims to help South Africa’s low income earners to easily identify those life insurance products that meet minimum product requirements, thus helping customers to easily distinguish products that are accessible, appropriate, simple, affordable and which offer good value for money. The initiative encourages the take-up of insurance among low-income earners, and as we will see, it has been very successful. The long-term insur...
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