INSURANCE
How Sanlam-backed Indie manages to offer free investment with its life insurance
There is a great deal of sceptism about the 'bounty' idea, but Peter Castleden is sure Indie's low overheads and accurate pricing make it viable
Life insurance has always been a hard sell. But Peter Castleden and his team at Sanlam-backed Indie are trying to change that. The selling point? Indie matches 50% to 100% of your premium, depending on your age, in a money market investment at no extra cost. This is known as "bounty" and it unlocks when you turn 70. You can access 10% of it, along with the growth, every five years. If you skip a premium Indie simply won’t invest that month. Sound too good to be true? Castleden admits this has been the insurtech’s biggest challenge. Hardened to the charm offensives of life insurance firms, consumers are understandably sceptical of a product that appears to offer real value for money. "I had very specific ideas around how to build a better product," says Castleden, an actuary who started his career at Sanlam. So how is Indie able to match your premium — which could be for life insurance, disability, critical illness, income protection or funeral — without charging a fortune or losing ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.