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What can SMEs do now to emerge stronger post COVID-19?

Article provided by Simply

It’s not you. 
It’s everyone. 
We are spent. 
Messages are brief, and replies take a while.
Zoom “parties” are a thing of the past, and group chats have taken a back seat. 
We are exhausted. 
We are tired of “I miss you” and “when this is all over”. 
We bake less, worry more. 
We simply put our heads down to power through each ordinary day. 

And as we slowly start to see the light at the end of the tunnel, it’s time to reflect. 

Looking back, there are things we wished we could have prepared for during these uncertain times. Although we can’t turn back the clock, we can use the bad times to prepare for the good ones. So what can small and medium-sized businesses (SMEs) do now to emerge stronger post-COVID-19? 

This is where Simply comes in. 

Businesses looking to provide quick and easy life insurance for their employees can now get it online with insurtech company Simply Financial Services.

SME owners don’t have the time or capacity to do admin and ensure that they are prepared for the bad times. As our relationship with the dreaded COVID seems to be stabilising, take the time to ensure, and insure, that your staff are covered. 

“Given our low vaccination rates, South Africans are still very much at risk of severe 4th and 5th COVID waves, we have not seen the end of this pandemic. SME owners can protect employees and their dependents at a cost that is much lower than they realise, and given the unique features of Simply Staff Cover, all staff can be protected immediately, regardless of their health,” says Simply deputy CEO Simon Nicholson. 

Simply Staff Cover

When a small business purchases a group life insurance policy through Simply, it can secure cover for each employee at a much lower price than if they were to buy an individual policy. 

Called Simply Staff Cover, the online combo of life, disability and family funeral benefits is a first for the local market. It provides up to R2-million life and disability cover and up to R50,000 family funeral cover (which also covers the employee’s spouse and children under the age of 21).

The product is specifically designed for small and medium-sized businesses (SMEs) in South Africa. Combos are entirely customisable, so employers can choose the cover they can afford and want to give to their employees.

“Historically, group life and disability cover has been limited to large corporates. This is largely because the selling process for most group insurers is very manual, and commission for brokers is low. But that’s all changed. Simply’s 100% online group life solution for SMEs puts group life, disability and funeral cover in reach for all businesses – even one-man bands.” says Simply Financial Services CEO, Anthony Miller. 

“Considering that group cover can be as much as 75% cheaper than retail, it’s a no-brainer for employers to get cover for their staff – even if they pass the costs on to staff” he adds. 

Best of all, you can get it all online or via your broker in less than 20 minutes. 

A complicated process, simply-fied. 

Today, business owners want to purchase all kinds of insurance in the same way they are buying their travel or auto insurance: online, in one fast and seamless transaction, at a competitive price. 

Simply uses technology to simplify the buying and administration hassle typically associated with group cover so that SMEs can easily purchase and administer policies themselves online – alleviating the back-and-forth that typically happens between brokers, insurers and companies. What’s more, Simply takes care of collecting employee information (beneficiaries, family members, etc.) at sign-up and down the line as new employees join.  

The net result is that in as little as 20 minutes SMEs can secure a financial and emotional safety net for their staff. They simply upload their employees’ details using a spreadsheet wizard; select any combination of benefits and cover amounts; get a real-time, itemised quote; adjust the cover as required; and “check out”. Their staff are covered immediately and Simply mops up all the outstanding details.

Free cover limit

What’s more, Simply Group Cover provides a guaranteed amount of cover (called “free cover”), to employees even if they have existing health issues. They just need to be actively at work and carrying out their duties. Companies with five to 49 employees get a R500,000 free cover limit (FCL) per employee; companies with 50 to 99 employees get R1-million FCL per employee, and companies with 100 or more employees get R1.5-million FCL. Employees can be given cover over and above the FCL – up to a maximum of R2-million for life and R2-million disability – they just need to answer a few simple medical questions to check they qualify. 

No waiting period 

Also, there’s no waiting period on the life and funeral benefits no matter the size of the group. Full cover starts immediately. On disability cover there is a 6 month waiting period unless the policy is replacing one that had an equivalent amount of disability cover, in which case the waiting period is waived or shortened for each employee depending on when the policy started or the employee joined the company.

An investment in your employee wellness

“Group cover holds numerous benefits for individuals,” says Miller. “First, since the employer pays the premium, persistency is typically better, and dependents are more consistently protected. Second, the cost of group cover is often far lower for equivalent cover than the individual could get directly. Third, better insurance cover may be provided for people with poor health. And, finally, waiting periods are often waived or shortened. There’s no doubt that group cover provides great value to employees and is a net positive investment for companies.”

The moral of the story 

“COVID has devastated many South African families and businesses and made people more aware of the value of life and funeral cover. By getting cover for your staff from Simply, you’ll save them money, show you care and take comfort knowing they’ll be covered if tragedy strikes,” says Miller.

It’s not you. 
It’s everyone. 

Simply is a proud Partner of the NSBC