Bayport’s insurance journey started with credit life insurance, a policy that covers any money owed on a loan should a customer be retrenched, contract a dread disease or pass away. Introduced in only a few operations in 2011, these days every Bayport loan carries compulsory insurance.
Insurance is not the same for people in different countries around the world, and Bayport had learned over the years which products work best in which markets. For instance, in Tanzania and Ghana, the education protection policy is a best seller, while in South Africa – where burials are culturally significant events – Bayport has devoted significant resources to the development of a funeral policy that stands out in a saturated market.
In our Latin American markets, personal accident insurance is proving popular, and in South Africa again we are having success with My RoadCover – a service that gives its members access to experts that will help them claim from the Road Accident Fund. RoadCover is not a Bayport product, but Bayport South Africa sells it through its contact centre as part of a partnership agreement between the two companies.
In 2017, BML signalled its intent to grow the group’s insurance business when it bought a 51% shareholding in Traficc, a South African company that specialises in insurance products and solutions.
The transaction was the next step in a long-standing relationship. Traficc has been Bayport’s insurance partner in many of our operations for several years, providing product development, claims processing, operational support and stakeholder relationship services. The transaction brought Traficc fully into Bayport’s business as our Insurance team.
The importance of insurance was powerfully illustrated during the Covid-19 pandemic. In South Africa, during the first six months of lockdown, Bayport paid out more than R56 million in credit life insurance claims, helping more than 7 000 customers when they needed it most. More than R36 million was paid out in short-time claims and compulsory unpaid leave and more than R20 million in claims that were related to retrenchment.
Different people need different financial solutions. With its insurance products, Bayport gives customers options beyond personal loans.
For more information about Bayport SA’s insurance offerings, contact Client Services: Tel: 087 287 4003 Email: [email protected]Go back