Nedbank Insurance Namibia has launched a funeral insurance product that allows a single policyholder to cover up to 30 people, including immediate and extended family members as well as domestic workers.
The new MyCover Funeral product extends cover beyond the traditional nuclear family to relatives such as cousins, aunts and uncles, as the insurer targets broader family structures common in Namibia.
Nedbank Insurance Executive Biniam Ghirmatsion said the product was developed specifically for the Namibian market following input from clients, advisers and business partners.
“MyCover Funeral provides greater flexibility and broader family coverage than many traditional funeral products. The objective is to provide comprehensive, relevant and affordable funeral cover that meets the realities of modern Namibian families,” Ghirmatsion said.
Policyholders can select different benefit structures and payment options based on their circumstances, while the product also provides for potential premium-free months and an optional cashback benefit.
It also offers flexibility around missed premium payments, subject to applicable policy terms.
Nedbank Insurance Namibia Head of Client Solutions Allan Johnson said the product responds to demand for insurance solutions that better reflect the composition of Namibian households.
“MyCover Funeral reflects our desire to make insurance simpler, more accessible and more responsive to the needs of the families and communities we serve,” Johnson said.
The product is the first to be rolled out through Nedbank Insurance Namibia’s new policy administration platform, developed as part of a business transformation programme that started in 2024.
Nedbank Insurance Chairperson Koos du Toit said the company invested in the new policy administration system and digital capabilities to improve operations and support the development of new insurance products.
“We recognised that to compete effectively in a rapidly changing environment, we needed modern infrastructure that supports innovation, scalability and efficiency,” Du Toit said.
The launch also coincides with the insurance business adopting Nedbank Insurance Namibia as its new trading name.
Ghirmatsion said the new platform will allow the insurer to improve policy servicing and communication with clients and advisers while providing greater flexibility to develop new products.
“The system gives us capabilities we have not had before. It enables faster service experiences and gives us greater flexibility in product development,” he said.
Nedbank Insurance Namibia plans to use the platform to expand its insurance offering in response to changing customer needs and market conditions.
