Standard Bank Insurance Brokers, in partnership with MobiLife, has been recognized for its innovative contributions to the insurance industry by winning the Insuretech category at the prestigious Qorus Ninth Insurance Innovation Awards. The award was presented to MobiLife’s Chief Executive, Frank Schutte, during a live ceremony in Lisbon on June 6, 2024.
The Qorus Innovation Awards are renowned for honoring the most forward-thinking ideas and practices in the insurance sector. This year, the competition attracted nearly 290 entries from 44 countries, showcasing a range of participants from agile start-ups to some of the world’s largest financial institutions.
The partnership between Standard Bank Insurance Brokers and MobiLife was celebrated for developing a groundbreaking payment plan solution, available through Standard Bank’s Flexible Funeral Plan, which is underwritten by Liberty Group Limited. This innovative solution utilizes advanced technology to ensure that clients remain protected even when facing financial difficulties. It allows clients the flexibility to miss premium payments without losing their coverage.
Expressing her delight at the recognition, Linah Mabena, Chief Executive of Standard Bank Insurance Brokers, stated, “Winning the Insuretech award for MobiLife reaffirms our commitment to partnering with fintech players to help close the protection gap in South Africa. This accolade is a testament to our dedication to supporting our clients, particularly in challenging financial times.”
The Flexible Funeral Plan offers a unique benefit: it temporarily reduces policy benefits in proportion to any missed premium payments over the preceding six months, but fully restores these benefits once outstanding contributions are paid. This ensures that clients remain covered during tough times, helping them retain their policies without compromising their protection.
Winners at the Qorus Innovation Awards were selected across seven categories through a combination of peer-based voting and evaluation by a panel of judges from leading global financial firms.