We are delighted to announce that we have successfully contracted with African Unity Life Ltd. (AUL), our new Underwriter, effective from 1 August 2020.
African Unity Life Ltd. is a registered insurer and an authorized financial services provider (FSP 8447). They are nationally represented with their head office in Bellville, Cape Town, Western Cape, and are specialists in funeral underwriting and administrative services.
The contract between the two businesses has the potential to make Mema a significant role-player in the insurance market.
In recent months our leadership teams have been extremely busy following ‘due process’, dotting the i’s and crossing the t’s. Considering the limited time that was available to us to conclude the contract, and the lock down period, I was personally very impressed with the professional manner in which AUL conducted the due diligence and verification processes for our company, which forms part of their take-on process. The rigorous process confirmed that Mema practices good governance.
Now for some it may come as a shock, but hang in there and read on to learn why we’ve moved away from an equally very well-known and historically reputable company as Old Mutual (OM).
Increased benefits for Members:
- With a simple phone call to AUL members will be able to verify that Mema is, in fact, underwritten by the underwriter.
- Mema will be registered as a Juristic Representative at the FSCA through AUL, which means that when anyone who searches for us under AUL’s FSP number (8447) will find the name: “MEMA Affiliate Marketing (PTY) LTD”.
- Mema’s contract agreement is directly with AUL and not via an independent broker, as is the case with OM. This reduces costs and opens up easy communication channels with AUL.
- AUL offers a wide range of financial products and services which could, in the future, potentially be added to our product offerings, bolstering our existing product range and making it even more attractive to potential customers.
As you can see, the move will be beneficial to all concerned – especially our members, as AUL understands the network marketing business model as well as our ability to move a product through the supply chain efficiently and effectively.
We have not taken the decision to move to AUL lightly, since we know people don’t like change. Let me reassure you that your premium is not affected by this transaction. In addition, no member will experience any loss in the turn-around times when valid claims are submitted which, at the end of the day, is really what matters most at the difficult time of the loss of a loved one.
Our priority remains to serve our clients excellently, and I foresee a long and happy relationship with African Unity Life Ltd.
Welcome, African Unity Life Ltd.!
Phillip Strydom (CEO – Mema Affiliate Marketing (PTY) LTD.)
African Unity Life Ltd. contact details:
Address: 109 Jip de Jager Drive, Springfield Office Park, Cape Town 7530, South Africa
Tel: 086 1234 555
Fax: 021 180 4725