In 1998, OUTsurance found themselves in unfamiliar territory as a new brand trying to break into the highly competitive world of short-term insurance.
Even though OUTsurance were only 12 staff members strong at the time, OUTsurance founders, René Otto, Howard Aron, and Willem Roos were adamant that their detailed underwriting systems, advanced technical backing, as well as their innovative approach to doing insurance, would see them through the tough times.
The introduction of the included cash OUTbonus was pivotal in OUTsurance’s success story. For the first time in South African history, short-term insurance clients received a cash payout as a reward for remaining claim free. That is, 10% of their paid premiums back in cash after three claim-free years.
From 1998 up to 31 January 2024, OUTsurance paid out more than R6 billion in OUTbonuses to around 900,000 clients. In 2023 alone, they’ve paid out around R569 million, which is an average payout of R1.78 million per day.
As predicted, the cash OUTbonus took the South African insurance market by storm and today, 27 years later, they’re seen as one of the major players in short-term insurance in South Africa.
An established player in the local insurance market
OUTsurance soon expanded their personal insurance (car insurance and home insurance) offering to include Business, Life, Funeral and Pet Insurance.
Business OUTsurance was launched in 2003 to cater for the specialised needs of individual businesses. They’ve also introduced a team of specialised Business OUTsurance brokers to their business product offering. In recent years, OUTsurance updated their Business OUTbonus structure by basing the payout amount on a claims ratio as opposed to clients only receiving a payout after three claim-free years.
OUTsurance Life Insurance was established in 2010, providing South Africans with basic and underwritten life insurance products.
OUTsurance introduced Pet Insurance in July 2020 and in April 2024, in yet another SA first, they celebrated R1 million in Pet OUTbonuses paid to pet clients across South Africa.
In December 2022, they listed on the Johannesburg Stock Exchange (JSE), giving shareholders access to an efficient corporate structure, almost solely representing OUTsurance Holding Limited.
Expanding their offering into Ireland and Australia
Fast forward to 2024, and the OUTsurance Group has expanded their operations to that of an international insurance provider with operations in South Africa, Australia, and Ireland.
OUTsurance’s sister company, Youi, has been operating in Australia since March 2008, selling vehicle, home, watercraft and small business insurance.
In May 2024, the OUTsurance Group announced the launch of its car insurance and home insurance offering in Ireland. Once again, and in typical OUTsurance fashion, OUTsurance Ireland challenges traditional market norms with the introduction of a cash OUTbonus to the Irish insurance industry. At the company launch, OUTsurance Ireland Chief Executive Officer, Peter Broome commented that, ‘Customers always pay in, so why shouldn’t they get something out of their insurance when they have not made a claim? We are passionate about delivering an awesome and trusted customer experience through our proven track record of servicing over 2 million customers in South Africa and Australia.’
Trust that you always get something OUT
Although there were many highs and lows over the last 27 years, OUTsurance never compromised on their brand promise; making sure that their clients always get the most out of their insurance.
In the words of OUTsurance founder, Willem Roos, OUTsurance’s success can be contributed to their ‘commitment to providing clients with awesome claims service. Our claims payment reputation is the most important thing we have and no insurance company will become one of size if you are going to take shortcuts there.’
In line with this, OUTsurance has – for the 10th consecutive year – received the fewest complaints (1.065 in every 1000 claims) referred to the Ombudsman for Short-Term Insurance, compared to the average number of complaints (2.374 complaints per 1000 claims) of the 12 largest comparable insurers. Click here to read their article on ‘10 years of paying out claims fairly.’
They also boast a long list of accolades, the most recent of which includes the title of ‘best home and business insurance company’ in The Star Readers’ Choice Best of the Best Awards and ‘short-term insurer of the year’ in the 2024 News24 Business Awards. Visit the OUTsurance awards page for a comprehensive list of industry awards.
OUTsurance is a licensed insurer and FSP. The OUTbonus is a standard product feature, premium dependant and is paid out after three claim years. Ts and Cs apply. Internal data based on 2023 calendar year. Ombudsman for Short Term Insurance Annual Reports (2013 – 2022). OUTsurance: 1.065 complaints per 1000 claims (2022). Average of 12 largest comparable insurers by claims volume: 2.374 complaints per 1 000 claims (2022).