The insurance industry plays a pivotal role in protecting us against unforeseen events, and those that need it most are the lower-income earning individuals. While these individuals represent the large majority of the South African population, the affordability of relevant insurance products is a high barrier to entry for said individuals. At the turn of the century, most insurance cover, barring funeral cover, was held by policyholders representing the middle to the upper class.

It was clear that changes were needed to the highly regulated insurance sector, to better incorporate relevant and affordable products, that would protect the majority of South Africans while still proving to be commercially viable to insurers.