SATIB is set to provide businesses and employees in the tourism and hospitality industry with a holistic, financial services offering ranging from short-term insurance for tourism operators to employee benefits, writes Neesa Moodley.
With a solid 25 years’ experience in the specialist field of short-term insurance broking for the tourism and hospitality industry in Africa , SATIB Insurance Brokers is now bringing its specialist industry knowledge into long-term insurance for these industries.
Madeleen van den Berg, the managing director of SATIB Health and Wealth division, recently re-launched from the previous name of SATIB Life & Investments, says the new division will enable SATIB to provide businesses and employees in the tourism and hospitality industry with a holistic, financial services offering ranging from short-term insurance for tourism operators to now also include employee benefits.
“This new offering allows us to meet a need within the tourism and hospitality industry for a wider range of tailored, financial services offerings. For example, providing healthcare benefits for employees has always been a challenge for tourism companies, particularly the smaller companies which have just two or five staff members,” she says.
Van den Berg notes that SATIB’s Health and Wealth products do not require any minimum number of employees at a participating company and benefits can be enjoyed by any tourism and hospitality company, from the individual operator to a listed tourism company.
Services offered by SATIB’s Health and Wealth division include:
Retirement Funds
SATIB has partnered with household names in the retirement field to offer those in the tourism and hospitality industry access to an Umbrella Tourism and Hospitality Pension & Benefits Fund. As the industry still has a lot to do in implementing these funds for employees before the mandatory National Social Security Fund regulations come into place, SATIB’s fund has the unique advantage of allowing employers and employees to build up their contributions to the mooted mandatory amount of 15% over a 3 year period. This is a significant reduction in terms of the initial cash flow burden.
Long-term Insurance
Employees will enjoy benefits including group life cover, capital disability, funeral cover and income protection. Group life cover ensures that your employee’s dependents will be provided for in the event of his or her death. Group life cover is also not underwritten, which means that employees enjoy life insurance cover without having to undergo a health screening process.
Funeral cover pays out to your employee’s dependents within 24 to 48 hours to cover immediate funeral expenses. Income protection is one of the most important life insurance covers that any employee needs as their biggest asset is their ability to earn an income.
Individual Financial Planning
A network of more than 160 independent financial advisers throughout the country will be available for individual financial planning consultations with employees in the tourism and hospitality industry. A holistic financial plan ensures that your employees’ manage their money responsibly and work towards meeting their financial needs and reaching financial goals. This would include preparing for major life events such as marriage, buying a home and having children.
Occupational Care
Starting from as little as R238 a month, employees can access unlimited private healthcare via the Ocsacare network, which works together with the national Carecross network of private GPs, radiologists, pathologists, dentists and optometrists.
Will Preparation
SATIB’s new Health and Wealth products are available immediately and several tourism lodges have already signed up for the service.
For more details or to sign up your tourism company, contact the Satib call centre on +27 (0)86 1728 4248, your SATIB Account Executive or email [email protected]
