INSURANCE: Miway Keeps Its Promises
Recent Gauteng Business News
South Africans who joined innovative short-term insurer MiWay during its first year of operations three years ago, will soon receive yet another of the benefits bundled into the company’s insurance offerings. MiWay’s loyalty programme, named MiRewards, starts delivering cash returns on the third anniversary of a customer’s relationship with the company. Following the initial three-year period, MiRewards are paid annually on the anniversary of a customer’s joining the MiWay family.
MiWay CEO René Otto says the company is eagerly anticipating its first MiRewards payout. “This will be yet another milestone since our launch; another acknowledgement from our long-standing clients that they continue to see the value in MiWay’s offerings. Right from the outset, we have kept our eye focused on delivering great customer service and innovative insurance products that are of value to our customers. This is how we have developed into a significant player in South Africa’s highly-competitive direct short-term insurance market in a relatively short time.”
Since its 2008 entry into the local market, MiWay has pioneered a short-term insurance relationship which embraces transparency and appreciates its full customer base, rather than just those who have not claimed.
“The MiRewards guarantee is intended to drive and support positive behaviour rather than encouraging clients not to claim,” says Otto.
MiRewards are essentially a premium refund in recognition of what MiWay terms ‘loyal clients’. To MiWay a loyal client is one who shows the type of behaviour it expects from good risk clients – such as paying all their premiums, building a long-term relationship rather than skipping between insurers and maintaining an acceptable claims history. “
“MiRewards is one of the ways we show appreciation for customer loyalty. We don’t want our customers agonising over whether to submit a claim or not – that is not peace of mind. Our customers should feel secure that they will not suffer even further losses in the case of an unforeseen incident,” says Otto.
MiRewards goes further than rewarding loyalty. It extends to the company’s administration costs. In this regard, MiWay customers are eligible for additional or transactional rewards for managing their policies or selecting additional products through MiWay’s online facility, or simply opting to receive communication via email.
Business News Sector Tags: Insurance|