Virgin founder Branson launches new business in South Africa
Virgin Founder, Sir Richard Branson has launched a new business in South Africa, Virgin Money Insurance (VMI), through subsidiary Virgin Money South Africa.
VMI is a partnership offering short term insurance products with global insurer American International Group, Inc. (AIG) in South Africa.
Virgin Money South Africa first entered the domestic insurance market in 2010 in partnership with the Telesure Group.
“When the agreement came to an end we had an opportunity to totally reengineer the business,” said Virgin Money’s Rob Campbell. “We have now concluded a strategic partnership with AIG South Africa which gives us the capacity needed to develop customer-centric insurance products and services.”
The company claims to be different from its previous operation in the following ways:
- Virgin Money Insurance will meet the first requirement through the digital environment they have developed for customers. Customers will be able to apply for and receive a binding quote within under 5 minutes.
- An accident that is not your fault will not affect your pay out after three years – if you did not cause the accident you should not be punished
- The insurance will give you a replacement car that is the same as the one you own if you need to replace it
“We’re here to shake up the industry and create an outstanding customer experience,” said Branson who was in Cape Town for the launch.
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