B-Connect Volume 1
THE NEW NORMAL: 3 POSITIVES WE CAN TAKE FROM COVID-19
With that said, the Financial Industry was ordered back in lockdown level 4 for essential services and will return in full swing in level 3. Various legislation with all its do’s and don’ts affect how we will be doing business, and as a result, we have amended our services offering slightly to get in line with the authorities. As of 1 June 2020, BSQD Financial Services will operate as a virtual business. We have asked all our agents to set up an office at home, and, with utilising the latest technology, we believe that you will enjoy our new virtual service that is of the same top quality.
Legislation determines that we are not allowed to visit a client’s place of residence during lockdown level 3. We are, however, allowed to visit the client’s place of work or use our own office as long as the necessary safety measures are taken and that both the client and the agent is protected and safe at all times. We believe that technology will ultimately be the way to go and would prefer, for the safety of all involved in these trying times, to meet via Zoom and Microsoft Teams, as well as Skype or Facetime on Whatsapp. We personally prefer Zoom and Microsoft Teams purely because meetings can be recorded. Recordings give you that peace of mind that you have a record of advice after each virtual meeting – much like minutes of a meeting. These meetings are still face-to-face but can be done from the comfort of your home, at a time of your preference – even after normal working hours. We have tested these platforms in the last few months and have found that they will add tremendous value in the advice and servicing models of the business. This is certainly one of the positive changes that have come from lockdown 2020.
Moving on to what is the most relevant topic in the industry now, let’s answer a question we keep hearing: “In your opinion, what insurance product is the most valuable in this coronavirus time?”
Surprisingly, Medical Aid is the only insurance product that will supply cover to its members. The Council for Medical Schemes has added the COVID-19 condition to the list of Prescribed Minimum Benefits (PMB) that must be covered by all medical aid plans and schemes. The Council will, in due course, publish the PMB Treatment Protocols for schemes that will show all the relevant treatments and how it will be funded. This gives all of us the peace of mind that we expect from our medical aid, won’t you agree?
Most members are looking at costs and tightening their belts. Another positive is that most schemes have introduced alternative payment methods so that you can remain on medical aid – and not cancel it – during these trying times. The options are dependent on your scheme, but includes payment from positive savings, payment holidays, downgrades, and options changes. Please get in touch with us should you need to talk about your scheme and hear what they offer now.
There you have it, some great positive changes in the medical aid space!
In our next edition, we will be looking at some legislative changes with regards to Health Insurance, how it compares to Medical Aid, and which one is ultimately the better solution. We will also be touching on Wills and Estate Preservation and why it is important to update your will. And lastly, we’ll remind you why it is important for you to have a credible financial advisor.
Stay Safe