Responsible business in practice
Accessing insurance through different channels
Customers can now buy short-term insurance from us directly - through iWYZE, a collaboration between Mutual & Federal and Old Mutual. It enables Old Mutual to offer a new product to its customer base while allowing Mutual & Federal to expand its customer channel capability and reach.
We launched iWYZE in just eight months with relatively low capital spend. In the eight months since the public launch the business has grown to over 150 staff members with close to 5,000 active policies and R36 million* of annualised premium income. Besides using Old Mutual's distribution channels, iWYZE taps into all our traditional and emerging digital marketing channels to drive business. Thanks to the Old Mutual brand, market insight and distribution capabilities, and state-of-the-art systems and processes, iWYZE is already competing effectively with longer-established direct players in South Africa - and is very well positioned to capture a significant part of this emerging market.