Disruptors earn that title by bringing something new to a market, so some might find it ironic that Capitec - the main disruptor in South Africa's financial services sector - is launching something old. Capitec this week announced that it would offer funeral cover through a joint venture with Sanlam in May. The funeral policy is the first of the insurance products due to emerge from the bank's newly built bancassurance platform. Capitec will try to differentiate itself from an already active insurance category with aggressive pricing 30% below the market. While some may interpret the product launch as a failure to innovate, Capitec CEO Gerrie Fourie is confident that the bank will offer something unique. Policyholders under financial stress will be able to take a payment break of up to six months, load up to 21 beneficiaries and review the terms of their policies from within the Capitec app. Be it something old or something new, what is clear is that pressure to diversify income str...
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