Virgin Money continues to drive new digital-first innovations.

Virgin Money continues to drive new digital-first innovations, this time transforming the way customers buy car insurance 

Virgin Money South Africa, a registered financial services provider, has launched its Online Buying platform, giving consumers more innovative options when sourcing and securing car insurance. Customers now, not only have the option of using a call centre but can also go online and become fully insured in just 10 minutes.

“While many South Africans are used to direct engagement with a call centre agent, an increasing number of consumers prefer using online application tools. Virgin Money Insurance believes that customers should have the ability to choose the sales channel most convenient to them,” says Andre Hugo, CEO of Virgin Money South Africa.

This latest innovation addresses Virgin Money’s recent findings, which highlights that one of the biggest frustrations people face when buying car insurance is the feeling of being tossed back and forth within the context of a call centre. Some customers want to both source their quote and sign up online, then and there.

“Many customers find the standard call centre process involved in purchasing car insurance quite onerous. Even when they have the option of going online for a quote, they still have to wait for someone to call them back. We want to take the pain of waiting away from the customer, not only saving them time, but also putting them in control,” says Hugo.

With this in mind, Virgin Money Insurance now enables customers to go online and become fully insured – right from the request for a customised quote through to the actual purchase.

Virgin Money Insurance has set out to champion innovation within the insurance industry. Its car insurance is an innovative product in and of itself. It’s a value-for-money offering which not only provides customers with three simple price plans which are customisable to suit the customer’s needs, but also has a no-penalty clause. This means that if you are involved in an accident that is not your fault, you will not be penalised on your premium or forfeit your 10% cash-back bonus for your claim-free period, as Virgin Money Insurance believes it is not fair to be held responsible for someone else’s mistake.

The Virgin Money Insurance online offering is the latest innovation in Virgin Money’s  digital-first drive. Just last month it launched Virgin Money Spot, a ground-breaking bank agnostic, peer-to-peer payment application, which simplifies the way people exchange money by removing the hassle of having to exchange banking details to make EFT payments.

“Our digital-first strategy is all about making financial services products less complicated, more intuitive, ultimately adding greater value to the way people manage their money,” says Hugo.

Virgin Money makes EFT a thing of the past

Virgin Money Spot makes sending money between friends as easy as sending a text message, instantly and securely, no matter which bank they’re with.

Virgin Money, wants to change the way friends exchange money, with its innovative, peer-to-peer payment application, Virgin Money Spot.

Virgin Money Spot makes sending and requesting money from friends as easy as sending a text message. Users simply download the app, link their Internet-enabled card from any South African bank, enter a security PIN and exchange money with friends – instantly, securely and for free.

“We want to make sending and receiving cash simple. Now you can spot your friend for the meal you shared, or the bet you lost, or your contribution to the grocery bill. You simply spot them the money through the app and we transfer it directly from your bank account to theirs, no fees. It’s that simple,” says Zeyad Davids, CMO of Virgin Money.

“Virgin Money Spot removes the hassle of exchanging banking details for EFT payments and lets users send money safely by simply entering a phone number or tapping a name on their contact list.”

If a user’s card is linked to a bank’s rewards programme, they will earn points for payments made via Virgin Money Spot, as if they were using their card.

Every Virgin Money Spot user is issued with a unique code that they can use to refer friends. Each time someone registers using their code, they’ll both be rewarded with R20 from Virgin Money.

Virgin Money Spot is a 3D Secure payment solution that uses data encryption and PIN-protected payments to provide the simplest, safest and most secure experience possible. Users will only need to load their card details once and will then approve transactions with their unique PIN. They’ll receive notifications each time they make a transaction or are sent money.

Spot was developed in partnership with mobile software company, wiGroup, the largest mobile transactional platform in Africa that wants to simplify and improve the way the world transacts. Last week, it was announced that the Virgin Group had invested in the Cape Town-based firm, which will use the funds to fast-track its expansion into emerging and developed markets.

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