By Kobus Wentzel
Diversifying your income stream is just as important as diversifying your investments. I think we all knew this, but 2020 has made it clearer than ever. Surviving and thriving is becoming more and more about finding new ideas, distribution channels and markets, and using them to grow your business. It is this kind of entrepreneurial spirit that makes some businesses more successful than others. That is why I am excited to tell you about an exceptional opportunity to add another income stream to your business – 1Life Prepaid Funeral Cover.
South Africa’s profitable prepaid market is an opportunity to grow your business
Prepaid data, airtime and electricity are bought by millions of South Africans every day. Vodacom alone has over 35 million South African prepaid users. Most households in low-income areas are buying entertainment on a prepaid basis.
Prepaid products are ideal for the unbanked market, which numbers around 11 million, and for low-income earners or piece workers.
The prepaid market is an opportunity for all financial advisors to grow their businesses through diversification. Expanding into this market not only gives you a new distribution channel, but it also gives you the chance to create jobs and income for the distributors servicing the market.
Enter the prepaid market with 1Life Prepaid Funeral Cover
1Life launched prepaid funeral cover in 2018 to fill a need in the low-income market. 1Life Prepaid funeral vouchers are currently sold by major retailers, including Flash shops in Shoprite Checkers, PEP, PEPhome, PEPcell, Usave, Dealz, Ackermans, OK and House & Home and by over 188 000 distributors nationwide primarily working in spaza shops. If you are interested in an entrepreneurial opportunity, you can become a distributor, selling either directly into this market or using distributors to distribute 1Life Prepaid Funeral Cover on your behalf.
Prepaid funeral cover is simple. A client buys a funeral cover voucher from a distributor or shop, activates the voucher on their mobile phone using a USSD string, and has cover for 30 days.
Vouchers are available for R35, R60 or R90, offering 30 days funeral cover for R5 000, R10 000 or R15 000 respectively. The process takes under 2 minutes to complete. Cover is for a single person; a repatriation benefit is included and everything is done on mobile devices – no forms or bank accounts necessary.
To top up cover or continue cover for the next month, a client buys an additional voucher from a distributor or shop and activates it on their phone.
Cover for accidental death is immediate and there is a 6 month waiting period for death by natural causes.
As a business owner you already know how important it is to expand and diversify your business. This is the ideal way to do it.
Clients can be covered for funeral costs in 2 minutes
How to get started
Contact us on [email protected] and request a distribution agreement. One of our agents will contact you to complete the onboarding process. The process is quick and easy, and we keep paperwork to a minimum.
1Life pays commission of between 17% and 20% on activated vouchers. It is up to you how you split this commission with any distributors you use to sell vouchers.
Support from 1Life
We keep in touch with clients on a regular basis and SMS all active policyholders twice a month. Once when a voucher is activated, to notify the client of their policy number and cover, and a second time during the month to let them know they need to buy and activate another voucher to maintain their cover in the next month. We will also assist with processing of claims.
Clients who want to update their beneficiary details can do so themselves on their phone using the USSD number.
Distributor support and marketing
We run various promotional activities in communities to build the brand in key areas, to let people know what we offer and how the product works.
Be an entrepreneur! Tap into one of SA’s biggest markets
1Life Prepaid Funeral Cover is a market disruptor. When we launched the product 2 years ago, we were first to market. Our product is patented and is the only prepaid funeral cover product in the market. If you are looking to diversify your business and add a new income stream, 1Life Prepaid Funeral Cover is an ideal option to grow your business and your revenue.
The information in this article does not constitute financial advice. Terms and conditions online.