For over a decade, Stratum Benefits has been providing individuals, families and businesses with Gap Cover solutions, and more recently, added Health Insurance to their mix.
Underwritten by Constantia Insurance Company Limited, as a non-medical scheme product, Stratum provides benefits that cannot be compared to or substituted for medical scheme membership.
FAnews spoke to Marco Fonto, Managing Director of Stratum Benefits about the partnership with Constantia, what differentiates Stratum Benefits from other businesses and more.
A Q&A session
Q. When did you partner with Constantia Insurance?
A. Constantia was my go-to insurer from the very beginning, and I’m proud to say that they’ve been our prestigious insurance partner since our doors opened, 15 years ago.
Q. Why do you believe Constantia Insurance was the right partner for Stratum Benefits?
A. From the onset, Constantia shared our vision, understood the brief, and was prepared to back the little guy to fill a much-needed gap in the market. Luckily for me, they saw potential and were ready to be part of what has proven to be quite the journey!
Q. Why do you believe a partnership like this is beneficial for the industry?
A. Trusted partnerships are hard to come by, so when such partnerships exist, as is the case with Constantia and Stratum, it proves to the industry and all the relevant stakeholders that where mutual trust, respect and understanding come into play, those milestones can be reached, and mutual successes can be achieved. Our partnership with Constantia allows us to tap into their know-how, learn from their team of expert professionals and reap the benefits of their solution-driven attitude.
Q. You have a broad range of comprehensive, no-nonsense Gap Cover and Health Insurance options. Briefly, can you tell us more about Stratum Benefits and the range of products it offers?
A. Our Gap Cover product range consists of options that offer high, medium, and low cover for every pocket, healthcare need and lifestyle. It’s designed as comprehensive ready-to-go combos that cover medical scheme members for just about every medical eventuality, where shortfalls may be experienced.
For the Health Insurance enthusiasts, we offer primary healthcare solutions to individuals and families who are not yet or no longer able to afford the rising costs of private healthcare. This offering is also a great addition for those who belong to a medical scheme and simply want to top up their existing cover. Getting essential, affordable Health Insurance has never been easier.
Q. What is different about your products? In other words, what differentiates you from others in the industry?
A. We offer real, no-fluff cover that’s designed by ordinary people who experience the same shortfalls as any other medical scheme member, but who’s equipped with the know-how to create solutions that cater for everyday people with real needs.
Q. Why should the broker market partner and engage with Stratum Benefits?
A. We believe brokers play an integral part in taking solutions to the market. That’s why our business is built on a broker model. With their sound and expert advice, fewer medical scheme members will be left exposed to unforeseen and unwelcome medical expense shortfalls. We offer great products, personalised service and we go above and beyond for our partnered brokers.
Q. On another note, COVID-19 presented some challenges and opportunities. What challenges and opportunities has COVID-19 presented to this market?
A. As with most other companies – not only in our industry – one of the biggest challenges we faced straight off the bat was to implement remote work opportunities for our staff. This was successfully handled and, even to this day, many of my staff members work from home.
I wouldn’t say that the pandemic necessarily presented new opportunities for us, as a Gap Cover provider, to create new benefits or options, because COVID-19 related cases are covered by medical schemes as Prescribed Minimum Benefits, but it did present an opportunity for us to review our premium increases which have been some of the lowest, if not the lowest, in the industry.
Q. Lastly, any final word you wish to share with brokers? Maybe something doing business with you in 2022 and beyond?
A. To all our existing broker partners – thank you for believing in our brand and for helping us become one of the most recognised Gap Cover providers in the market.
If you’re not already a broker partner, you’ll never know what we can achieve together so, why wait? Get in touch and let’s chat about marketing opportunities.