Betty Masemula, Managing Director, WorkersLife
At WorkersLife, we are driven by a commitment to making insurance accessible and relevant to all South Africans, particularly those in underserved communities.
As a wholly black-owned insurance company, our mission is to provide financial security to individuals and families who have historically been excluded from the benefits of comprehensive insurance coverage. Since our founding in 1996, just two years after the birth of democracy in South Africa, we have grown to become a trusted provider of life and non-life insurance products, serving over 200,000 policyholders with more than a million lives assured.
Our journey began with a focus on serving the members of POPCRU (Police and Prisons Civil Rights Union), who remain our core market today. Over the years, we have expanded our offerings to include a wider range of products, such as funeral insurance, life insurance, and legal expense cover. While our roots are deeply embedded in serving the public sector, we are now branching out to reach new markets and communities, ensuring that more South Africans have access to the protection they need.
At WorkersLife, we are dedicated to offering solutions that are flexible, easy to understand, and tailored to meet the needs of our clients, especially those in the lower-income brackets who have traditionally been overlooked by the insurance industry. Our products are designed with simplicity in mind, making it easier for individuals and families to secure the coverage they need without the complexities often associated with insurance.
One of the key strategies driving our growth is the expansion of our distribution channels. While we have a strong in-house distribution arm, we also recognise the importance of partnering with independent Financial Service Providers (FSPs) to reach new markets. These partnerships allow us to tap into existing networks and leverage the expertise of established intermediaries who share our commitment to providing quality insurance products.
We are actively seeking collaborations with independent intermediaries who have a proven track record and a strong presence in the market. By partnering with these organisations, we can bring our products to a broader audience, particularly in non-core markets where the need for accessible insurance solutions is greatest.
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Our distribution strategy is multi-faceted, incorporating face-to-face interactions, call center support, and digital platforms. All our products are available online, enabling individuals to purchase coverage directly from our website without an intermediary. This digital approach not only makes our products more accessible but also empowers consumers to take control of their financial security with ease.
Innovative Products to Meet Diverse Needs – At WorkersLife, we are constantly innovating to address the evolving needs of our clients. One of our most recent innovations is a life insurance product that offers a unique solution to a common problem faced by many South African families. Traditionally, families would purchase multiple funeral policies, which, while useful in covering immediate burial costs, often leave the family without ongoing financial support following the death of a breadwinner.
Our new life product addresses this gap by providing a monthly income of up to R15,000 for a period of up to 10 years upon the death of the policyholder. This income ensures that the family can continue to meet their living expenses, reducing the financial strain during an already difficult time. What makes this product particularly innovative is that it requires no medical underwriting, making it accessible to a broader range of individuals who may have been excluded from traditional life insurance due to health concerns.
This product is designed to complement existing funeral policies, offering a comprehensive solution that not only covers burial costs but also provides long-term financial security for the family. With coverage of up to R1.8 million, this product is a game-changer for many South African families, providing them with the peace of mind that comes from knowing their loved ones will be taken care of, even after they are gone.
As we celebrate our participation in the 50th Insurance Institute of South Africa (IIE) conference, we are reminded of the importance of collaboration and strategic partnerships in achieving our goals. This conference is an excellent platform for us to showcase our brand, connect with industry peers, and explore new opportunities for growth. We are excited about the future and confident that by working together with our partners, we can continue to make a meaningful impact in the lives of our clients.
At WorkersLife, we believe that by learning from the past and embracing the lessons we have learned, we can build a brighter future for our company and our clients. We are committed to being a full-fledged insurance provider that offers innovative solutions tailored to the needs of South Africans.
Together, with our partners and clients, we will continue to strive for excellence and ensure that everyone has access to the financial protection they deserve.