Pine Tree Insurance Brokers
Maseru Book Centre, First Floor Room 19, Maseru, Lesotho 100
|Insurance Brokers and Financial Advisers|
|1. Asset Protection/Short term Insurance:
i. Reward system for car insurance (cash back for no claims; low premiums for cars fitted with satellite tracking devices, etc.). Many insurance houses elsewhere are going for reward system for low risk consumers. This initiative however has not been extended to consumers in Lesotho. It is high time that the consumers start benefiting from these initiatives.
The rewards programme will refund 20% of commission earned through premiums paid unless something is worked out with the insurance company. For instance, if annual premium is M6000.00 per year over 3 years, then the commission earned will be M720.00 per year, totalling M2160.00 over 3 years. Therefore 20% that is refundable as a reward will be M432.00 (20% of M2160). Please note that only money belonging to the business can be committed, especially in the beginning. May be a deal can be worked out with insurers later on that will result in substantial payback to the customer.
ii. Car & household goods insurance cover packages. Currently the tendency is to insure goods and assets that banks have interest in them. Encouraging insurance of goods and assets would greatly increase the consumers in the insurance market. Thus increasing and expanding the market in this sector.
iii. Monthly insurance premium payment system. The practice in Lesotho is to pay insurance premiums annually in advance. This creates a huge financial burden and alleviating it would be of great benefit to consumers. It is likely to see increase in people entering the insurance market.
iv. Debit/stop order payments for funeral plans. Current system excludes individuals from taking personalized funeral plans as it is seen as expensive to administer on individual basis. Also individuals are forced to conform to products that those companies are offering such as groups schemes which lack flexibility as they are tied to companies and do not allow individuals to package the product according to their needs. The current setup therefore leaves many people without funeral cover and thus creates a gap in the market which needs to be exploited.
v. Free service – renewal of licence certificates and plates. Our clients will not have to pay overdue fees due to late renewal of licence certificates or licence plates. They will also never have to leave their workstation to queue to renew such again. Above all, this is a free that we will rollout to our clients starting immediately with the Maseru district and extending it to other districts depending on the number of clients available. While the service is free, clients will pay or refund renewal fees.
2. Life insurances and life cover policies for young professionals graduates.
Life cover is essential when young adults later want to acquire assets as banks and other financing houses usually require life insurances to cover those assets and goods, not mentioning much needed financial prop to surviving members of the family to help them in time of need.
Therefore life insurance is a must for a young and aspiring professional. Also, life assurance is cheap when the person is young and healthier. Encouraging young people to get into life insurance at an early age provides a huge market for consumption of life assurance products. Such products should be adequately constituted with descent payout on life of the insured, disability, dread disease and funeral cover.
3. Employee benefits for small companies.
Employees of small companies are not able to enjoy the benefits similar to those that are enjoyed by bigger companies. But they collectively employ a great number of working people who need to be cared for. As such schemes are seen as expensive to administer, it is necessary to find ways to bundle a number of small companies together and design and offer products that will suit their circumstances
4. Medical insurance for individuals and small companies.
Medical aid is just one of the benefits as explained above.
5. Financial planning and advisory services.
This is an essential service will be geared towards young professionals / graduates to help them achieve their financial goals in life. Without proper financial skills, many young people will make the same mistakes that the previous generation made. If they avoid such mistakes, their efforts will greatly contribute to breaking the poverty cycle and lead to financial freedom and independence.
6. Asset Financing:
To provide finance for clients to acquire vehicles, plant equipment and property to meet their investments goals and lifestyle needs.
Current players in the market are all major banks: Standard Lesotho, Nedbank and FNB. There is market for financing second hand cars for entry level people. For example we can target the growing demand for imported Japanese cars in Lesotho and finance those over a 2 year period, as a start.
|Pine Tree Insurance Brokers (Pty) Ltd is a company registered in Lesotho. It is a Financial Services company with interest in insurance brokerage, asset financing, investments and asset management, financial advisory and planning services. The shareholders and directors of Pine Tree Insurance Brokers are young seasoned Basotho professionals with vast experience in a multitude of disciplines including IT, Marketing, Accountancy, Finance and Banking.|
|To become Lesotho’s leading edge multiple product financial services provider through the provision of affordable high quality products and service; by contributing to the socio-economic development of Lesotho, by providing a diverse range of products and services to micro, small, medium and large enterprises and the general public, by means of high quality services.|
|Risk Management Services (life & short term insurance, medical aid, funeral cover); Investment Planning; Retirement Planning; Financial Advice and Education; Trust, Wills & Estate Administration|