3Sixty Financial Services Group (3Sixty FSG), recently launched 3Sixty Life, indicating a move to expand its customer base in South Africa. Formerly known as Union Life, 3Sixty Life is a 100 percent black-owned financial services company that offers a full range of financial services to all South Africans including life insurance, funeral insurance and investment management.
The company was founded in 1993 as an underwriter for Doves Group’s insurance policies, which made it underwriter to one of the largest funeral directing companies in Southern Africa at the time. Its evolutionary growth over the years, including a number of name changes, saw it include Dignity Group, Elegant Financial Services and Tlokotsi Financial Services among the many companies it serviced as an underwrite.
“The launch of 3Sixty Life and the accompanying expansion of our services beyond just funeral policies aimed exclusively at unionised workers in South Africa means that South Africans now have a choice of a wholly black-owned financial services provider that understands their needs and that they can rely on to help manage their finances to ensure they are well prepared to deal with any future eventuality that might befall them,” said 3Sixty Life Chief Executive Officer, Treasure Mabunda.
According to 3Sixty Financial Services Group Chief Executive Khandani Msibi, the expansion of 3Sixty Life’s mandate beyond the ambit of unionised workers and the broadening of its service mandate is a boon for the advancement of transformation in the financial services sector.
“Blacks South Africans remain the biggest customer group for financial services. However, black representation in the sector is still at a deplorable level. The launch of 3Sixty life is a major step towards redress in the sector,” said Msibi.
3Sixty Life currently has over 2 million members and, according to Mabunda, aims to grow into a billion-rand premium company by the end of 2018. We are envisioning an inclusive world where no one gets financially left behind.
“This will give us the financial muscle to negotiate even better rates for our clients with third party suppliers and put us in a position to further enhance our service offering beyond where we are currently,” said Mabunda.
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