Against a backdrop of persistently high living costs, insurance is often perceived as a significant yet unavoidable expense, with little visible benefit during claim-free periods and limited recognition for responsible behaviour.
This client feedback is what led South Africa’s largest short-term insurer, Santam, to introduce a new cash back programme designed to extend the value of insurance beyond traditional indemnity cover, by also rewarding responsible risk management.
“We’ve heard our policyholders loud and clear. We recognise that times are tough and while insurance is essential, it can feel like a grudge purchase with no upside beyond claim payments,” says Atang Matebesi, CEO of Santam Client Solutions. “We want to be there for our clients when life happens and they need us most. However, we also want to give them something in return when nothing happens.”
Under the Santam CashBack Programme, policyholders who maintain their cover and remain claim-free[1] will receive 10% of their premiums back. The first cash back is received after three years of being claim-free. Following this initial period, policyholders will continue to receive an annual cash back reward based on 10% of premiums paid for that year for each additional claim-free year.
The programme is available to both existing and new Santam personal lines policyholders, with the cash back benefit cycle starting automatically on the policy start date or 1 July 2026, whichever is later, on a qualifying product.
“This programme has been designed to convert disciplined, low-risk behaviour into a tangible financial benefit by putting cash directly back into our policyholders’ pockets after each year they are claim-free, after an initial three-year claim-free period,” says Matebesi. “The longer you remain claim-free, the more value you unlock, with continued rewards each year.”
While cash back is the initial focus, Santam is continually exploring ways to enhance its customer value proposition and ensure policyholders derive greater value from their insurance, with plans to expand the programme over time to include a broader range of rewards and value-added benefits.
“The current benefit is focused on offering a cash back reward, but this is just the beginning,” says Matebesi. “We are proud to have a strong base of loyal, responsible policyholders, and want to continue recognising and rewarding this behaviour over time.”