Assupol Life, a South African business firm with close to 8 500 shareholders has since its establishment provided South Africans especially top serving police members with life insurance products. But in the years 2000 and 2001, the company diversified into other markets such as healthcare, education, and the broader government services.
Assupol Life, a financial institution whose existence in the financial industry clocked 100 years in 2013 also provides funeral covers, life cover, savings products, retirement annuity and group schemes and the Assupol on call.
A look at Assupol’s products reflects that the insurance company is committed to serving the South African public. The assertion can be backed up by the company’s CEO Rudolf Schmidt who in an interview with BizNews.com argued that his company’s experience in the last four years had improved.
“…I think the rebranding of Assupol over the last four years, the changing of our distribution models becoming much more aggressive and our distribution becoming much more aggressive on our distribution side, has put us onto the radar screen,” he said.
How do the products work?
- Funeral cover: the cover provides finances to ensure that a client’s dependents and loved ones enjoy a noble burial. The cover is divided into excellence family funeral plan and the absolute advantage family funeral plan.
- Life cover: The life cover is made to make sure that on disability, a lump sum is paid out tax free which assists the client to pay off home loans and other debts. This policy is divided into progress 4sure plan, progress legal plan and progress accident plan.
- Savings products: The savings ensures that your money is invested wisely and professionally managed for a client’s future plans.
- Assupol retirement: this allows South Africans to save money which is paid out during retirement time.
- Group product: it is provided as the Assupol life employee plan and provides corporate entities with the objective to offer risk cover to employees.
- Assupol direct: The service grants clients the opportunity to do their financial plans in the privacy of their homes while group schemes offer innovative and affordable benefits and tailor made co-branded products to millions of satisfied policyholders.
- Assupol on call: It is a service available to policyholders and provides a wide range of personal assistance and support.
The firm boasts of a 76% market share in the government sector. Established in 1913 as a burial society for members of the police, correctional services and other government employees, Assupol Life has grown to cater for the general public, becoming the leader in tailor-made insurance products for low to middle-income groups.
The financial institution pioneered the 48-hour claim turn-around, and this has become a norm in the industry.