Banking group Capitec has been granted a licence to conduct life insurance business in South Africa, with the group planning to start underwriting its own life and funeral insurance products soon.
Banking group Capitec has been granted a licence to conduct life insurance business in South Africa and is planning to start underwriting its own life and funeral insurance products soon.
“Proposed changes to the third-party cell captive regulations and strong growth in the number of insured clients prompted Capitec to apply for its own life insurance licence,” the bank said.Capitec Life will, in due course, replace the current cell captive insurers as underwriters of Capitec’s credit life and funeral policies, said the group.
Capitec CEO Gerrie Fourie told BusinessTech in September that the bank wants to leverage its client base of 19 million customers – the 5.2 million ‘quality clients’ that make use of the group’s range of products in particular – alongside the roughly 10.8 fully digital customers to offer new services.
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