Clientèle is excited to welcome Switch2 (Pty Ltd), a dynamic credit life insurance provider, into its growing family of financial services tied together by a common thread – safeguarding clients’ worlds with compassion.
“We are excited to welcome Switch2 to our stable,” said Iain Hume, Group Financial Director of Clientéle. “We are always looking for ways to broaden our services to the consumer, and credit life is one of the areas we want to expand, so Switch2 is a natural fit.”
Switch2 is a credit life company that focuses on providing South African consumers with a wide range of credit life cover at a fraction of the cost, compared to that of competing insurers. It was formed in October 2016 in response to amendments to the National Credit Act (NCA) capping charges on new hire purchase or loan agreements to R4.50 per R1,000. This is a big saving compared to a previous industry average for credit life policies of R7 per R1,000 with some insurers charging as much as R57 per R1,000.
South African consumers can also be pleased that in terms of the NCA and Consumer Protection Act, they cannot be tied to a prescribed service provider, which in turn allows them to change their credit life insurance policies without prejudice.
“When consumers realise how much they can save, they are really keen to switch,” said Sasha Knott, CEO of Switch2. “We have a really active call centre, but we realised that we needed further investment into the business in order to grow and take our business to the next level.”
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