It follows the approval by the Namibia Financial Institutions Supervisory Authority (Namfisa) of the purchase of shares by OUTsurance’s holding company - FirstRand STI Holdings Limited - in Swabou Insurance Company Limited, which is currently wholly-owned by FNB Namibia Holdings Limited.
OUTsurance will thus enter the market in collaboration with Swabou, who will underwrite the OUTsurance products launched. “At first, we will commence trading by offering our homeowners cover for all domestic properties financed through FNB Namibia, which will be available as of 1 July 2007” said Willem Roos, MD of OUTsurance in South Africa. “We will follow that up, by no later than 1 January 2008, according to current plans, by offering the remainder of our personal lines products that typically cover your car and other belongings” Roos added.
OUTsurance commenced business in South Africa approximately 9 years ago and has developed into a highly competitive player in the South African market within a relatively short period of time. They were the pioneers of the OUTbonus, a product feature that returns cash to clients in the event that they had not claimed for a stipulated period.
“We would love to share with Namibian consumers, the great value-for-money products and awesome service that we have given our SA clients” Roos went on to say. “We have had quite a few requests from Namibian readers of SA magazines such as You and Huisgenoot, to bring our business to Namibia”, he added.
“Through this win-win arrangement, Swabou Insurance will continue to be managed and staffed locally from Namibia, and will leverage off the OUTsurance call centre operations in South Africa. Utilising the existing OUTsurance infrastructure will reduce the operating costs of Swabou Insurance, which will ultimately benefit consumers. OUTsurance Namibia will employ local assessors who will be using OUTsurance’s innovative mobile assessing technology, thereby enabling fast claim turn-around times” Advocate Vekuii Rukoro, FNB Group CEO remarked. Roos added “A thorough review of the list of Swabou approved service providers will be conducted so that we can be sure that contractors on the list are familiar with OUTsurance’s stringent quality and service standards.”
He also mentioned that there has been confusion about OUTsurance’s entry into Namibia with a company called “Cashout Surance” imitating the true OUTsurance brand and model. “After much confusion in Namibia regarding OUTsurance’s alleged presence in the country, we are pleased to announce that the real OUTsurance is finally here. Namibians can now look forward to obtaining an innovative insurance product, backed by a financially strong company, focused on providing excellent service to its clients” Roos noted in closing.