Have you ever felt uncomfortable talking about your relationship, partner or sexual or gender identity to a financial planner or insurance broker? In a dominantly heterosexual world that’s likely to be a common experience in our community.
Well that no longer needs to be the case. Triarc, an innovative new gay-owned and gay-run specialist insurance provider, has launched a range of insurance products designed specifically for LGBTI clients.
According to the Cape Town based company’s Roy Kendall, “LGBTI people have unique circumstances and requirements not always understood by the financial industry.”
And that’s where the Triarc team stands out from their competitors. They promise competitively priced products – including death benefits, disability cover, critical illness, and income protection – all with a dash of pink. On top of that, Triarc is also an authorised medical aid broker and offers a range of health insurance plans.
All these fabulous products need to be supported by some fabulous people, and so, Co-Founder André Dique has assembled a carefully selected team of LGBTI staff members.
“When our clients engage with Triarc they are talking to somebody who truly understands them and with whom they can be open about their personal lives and preferences,” he explains.
Triarc’s other Co-Founder, Jaco Nepgen, who’s been in the financial services industry for 27 years, says that he’s personally been the victim of homophobia within the industry. That’s what inspired him to create an insurance provider that allows both its staff and clients “to be comfortable to be themselves, where they don’t have to hide their real persona.”
He also notes that the “underwriting models of the insurance industry don’t cater for LGBTI people” and that while some companies’ present a gay-friendly front, “their back end processes haven’t changed”
Dique explains: “If you look at our suite of products then one of the most important things is that they are priced using LGBTI specific risk models. As a simple example, if the straight market has to price for the high cost of pregnancy related risks then as a Triarc client you don’t have to help fund that because although we have some of the same risks, statistically it is much lower in our market.”
He admits that while handling LGBTI clients with respect and understanding and offering great products are vital, the number one concern that any client, LGBTI or not, has is “to make sure their asses are covered” in a time of need. “At the end of the day the most important thing is that your insurer will pay out when you need it to.”
And that’s why, Dique says, “We have hand-picked partners who provide the financial stability while allowing us to service the community.” He notes that these partners (Guardrisk Life and SCOR SA) “are respectively the highest rated specialist insurer in South Africa and fifth largest re-insurer in the world.”
He goes on to add: “We know that we have to earn the trust and respect of the community, that’s why we’ve partnered with businesses that are reputable, who have been in the industry for a long time and have the financial backing necessary to provide stability.”
To find out more about Triarc’s products, get in touch with their call centre on 087 231 0222 or visit their website at www.triarc.co.za. Triarc is an authorised financial services provider FSP no 45009. Insurance products are underwritten by Guardrisk Life FSP no 76.