When translated into insurance, this means providing a millennial client with a range of choices, quick-service options, and enough information packaged in a way that will educate, reward and entertain.
For fintech start-up, Indie, the challenge was to convince this generation that life insurance is necessary, despite not having dependants or hefty financial commitments. By creating a product and message that addresses their most important asset: being young and able to work, and accumulate wealth, Indie aims to capture the millennial market – through a six-minute sign-up process.
Indie – short for IndieFin or Independent Financial Services – is a Sanlam start-up with a mandate to future-proof financial services while designing for the long term.
The first product offerings launched in August 2017 comprises income protection, debt protection, life cover, disability income, funeral cover and dread disease cover, and is bundled with a built-in investment. The design is such that, through gamified “CashDrops”, the cost of life cover is almost cancelled out by cash perks.
Indie is an example of how a large, established entity like Sanlam can foster entrepreneurship by providing financial and licence support while enabling the start-up to operate independently and flexibly. Sanlam owns the majority stake in the business, with management holding a small portion of the shares.
For more information, visit the Indie website