Beyond direct financial assistance, Old Mutual is responding to COVID-19 by leveraging the strength of its business relationships, infrastructure and people to prepare its customers, business partners and communities for the massive economic challenges ahead.
Here is what Old Mutual is doing:
Ongoing customer relief of up to R300 million
Old Mutual has set up a ‘Help-U’ team to specifically support its vulnerable commercial, agriculture and personal customers during the lockdown period. However, its goal remains to assist all its customers during this difficult time. This team comprises of 50 employees dedicated to review premium relief requests on a case by case basis.
Pro-active monitoring will allow Old Mutual, together with its intermediaries, to provide guidance and interventions to assist customers to maintain and manage essential and relevant covers. Specific relief options are listed below:
- A reduction in cover option to allow customers to amend their cover temporarily if, for example, a vehicle or other assets are not being used during the lockdown.
- An option to increase excesses during the low claim frequency periods to further reduce premium.
- A premium deferment option to delay pay-back over a set period, on a case by case basis in exceptional circumstances.
- Leniency on missed debit orders on a case by case basis should the impact of COVID-19 have led a missed debit order.
- Premium discounts and excess waivers during the next three months for doctors and nurses, who are selflessly serving in the frontline to fight the COVID-19 pandemic.
Old Mutual’s Magical Moments team will also focus on supporting its pensioner customer segment while providing additional assistance on a case by case basis where required.
In the longer term, COVID-19 is likely to result in a weak and most-likely recessionary post-lockdown economy and a weak exchange rate as a result. Therefore, premiums are likely to increase in the coming months. Old Mutual commits to keep premium increases low over the next twelve months. There is an option for customers in good standing to freeze renewals or exchange it for more flexible excesses, if required.
We set aside R40 million to assist qualifying SME customers that were operational before the lockdown and are likely to continue successfully thereafter, to remain solvent in these difficult times. These interest-free loans will be granted to qualifying businesses and will be administered by the Old Mutual Masisizane Fund, in partnership with Old Mutual Insure. Please click here to see the qualifying criteria.
Recovery in the upcoming weeks
Our customer relief options explained above are also applicable to our binder/outsourced portfolio and are expected to equate to approximately R300 million over the next 12 months. Hereby, we aim to support our customers and partners to recover from COVID-19 in an extremely challenging economy over the weeks to come and to prosper beyond the pandemic.
Dedicated email boxes for support during COVID-19
Below are the dedicated email boxes to apply for assistance on your customer support requests, or speak to your Senior Portfolio Manager if you have any questions or need further assistance.
- Commercial Lines and Agriculture support addresses:
- Western Cape region: Covid19CLRetentionsWesterncape@ominsure.co.za
- East Coast region: Covid19CLRetentionsEastcoast@ominsure.co.za
- Central region: Covid19CLRetentionsCentral@ominsure.co.za
- Gauteng Independent region: Covid19CLRetentionsGautengIndependent@ominsure.co.za
- Gauteng National region: Covid19CLRetentionsGautengNational@ominsure.co.za
- Northern region: Covid19CLRetentionsNorthern@ominsure.co.za
- Personal Lines support address: firstname.lastname@example.org
- Elite Risk Management Services support address: email@example.com
Together, we will ride this storm, with the aim to come out stronger on the other side.