Diaspora Insurance Unveils Innovative Group Funeral Cash Plan
By Staff Reporter
GLOBAL insurance and risk management company, Diaspora Insurance, has launched new products as the UK-based firm pursues relentless innovation to meet the evolving needs of its worldwide clientele.
The company’s ground-breaking and widely popular Diaspora Funeral Cash Plan changed the narrative of the traditional coffin-and-bus approach to funeral insurance to hard currency and cash-based financial intervention which is better suited to meet the needs of transnational diaspora communities.
And this Thursday, Diaspora Insurance CEO and Founder, Mr Jeff Madzingo announced the launch of new group funeral insurance products under the Group Funeral Cash Plan.
According to a company statement, the thrust of group covers is to help groups and employers mitigate or alleviate financial shocks and disrepute risks that ensue losing a member or employee when they are ill-prepared. When an employer or group fails to bury or give their own a dignified send-off it always results in serious brand reputation damage.
“Over and above giving covered individuals and families so many benefits the group cover enhances members’ or employees’ loyalty and paternalistic allegiance to their group or employer as they will invariably feel valued and protected,” the statement added.
Speaking during a live broadcast of the product launch, CEO Jeff Madzingo said, “At Diaspora Insurance we are always on the look-out to innovate and make sure that we create holistic solutions for the common good of the diaspora communities we serve. It is imperative that the solutions are not just correct but suitable and speak to the dynamic needs of the diasporas as transnational citizens be it in short or long term.”
The company’s new Group Funeral Cash Plan insurance policies feature two options, namely the Group Plans and the Group Schemes.
“Both are designed for and targeted at groups such as CoS (Certificate of Sponsorship) employers, burial societies, clubs, companies, business chambers, churches, associations as well as identifiable clusters such as NHS & healthcare workers, social workers, CoS visa holders alike,” the company said in a statement.
“The Group Funeral Cash Plan transfers to the insurer, the financial risk of cash lumpsum pay-outs that companies or groups face in unfortunate situations of an employee or member suffering premature death.
“Group Plans are structured for constituted and banked groups with management structure like companies covering employees, church covering members, or burial societies covering members.
“The group’s universal funeral policy is administered by the Group. Whereas Group Schemes are as hybrid between Group Plans and individual funeral plans wherein policyholders enjoy group benefits whilst individually managing their own policies.”
Madzingo added, “A typical Group Scheme is the recently launched CoS Funeral Scheme launched by Diaspora Insurance designed to say “Welcome!” to CoS visa holders and all those who recently relocated abroad. We want to welcome you and give you a soft-landing to enjoy peace of mind knowing that you and your loved ones are all correctly protected.
“Responsible and caring CoS employers may want to cover their employees as they settle in or encourage their employees to take cover to protect themselves and enjoy peace of mind. The financial risk of losing a member or employee when they are not yet financially settled could be far reaching as the group or employer may end up losing a lot of money picking up the cost of the funeral or suffer serious brand reputation damage if they fail to intervene.
“However, if the members or employees are covered on the Group Funeral Cash Plan for nominal and affordable monthly premium, the financial exposure is not only managed, its actually transferred to Diaspora Insurance.”
Group Funeral Cash Plan policyholders enjoy all other benefits accruing to individual policyholders under Diaspora Funeral Cash Plan, that is, guaranteed acceptance, no medicals at on application nor on claim, worldwide protection without borders, immediately hard currency US$/£/€ cash pay-out on proof of death and they can cover themselves in the diaspora and can add family back home or wherever they maybe in the world.
As part of the treating customers only and giving best value for money Diaspora Insurance funeral policies are designed with diasporans’ needs in mind hence the are crafted to give a transnational cover for transnational citizens. Overtime location and preferences tend to be fluid so the same cash-based funeral policy comes very flexible and versatile that it can be used for burial abroad, repatriation, reverse repatriation or cremation. This guarantees that any life celebration and send-off wish, even if it changes over time, can be honoured as demonstrated by these testimonial cases:
- Reverse Repatriation – Harare, Zimbabwe to Leicester, UK
- Burial Abroad – London, UK
- Body Repatriation – Vienna, Austria to Nairobi, Kenya
- Cremation – Birmingham, UK
Headquartered in Birmingham, UK Diaspora Insurance has been delivering peace of mind to diasporans for well over a decade having started operating in April 2012 and has, over the years, grown into a multi-million-dollar company and extended its services beyond the UK to cover some 19 African diaspora nationalities worldwide mainly across Europe, the Americas as well as Australia and New Zealand.
The company is authorised and regulated by the Financial Conduct Authority (FCA) and FSCS Protected, UK in addition to being underwritten and re-insured by leading global insurers and re-insurers.
