Yanga Duma, who owns an insurance company, is passionate about helping people, solving their problems and adding value to their lives. He is a veteran in the finance and insurance sectors, and his business, IF Insurance, consistently aims to make its mark by providing affordable insurance. “People have to pay an arm and a leg for insurance,” Duma told Vutivi News. “Even though I was in that space, I found myself not being able to cover the whole family. At that point, I resolved to make it a mission to look for more affordable insurance options not only for myself but for others.”
Duma, who is a native of Mdantsane in East London, studied Internal Auditing at the Cape Peninsula University of Technology (CPUT) and Financial Planning at the University of the Free State. He joined Standard Bank’s Business Banking Division and served as a Business Banker Manager until he joined Liberty Life, where he also worked in the insurance space and learned it was not cheap. Duma started IF Insurance at the end of 2015 in Somerset West, Cape Town.
It is a financial advisory practice that provides services that include financial planning, funeral coverage, life insurance, investment planning, and retirement and estate planning. The company has agreements with the major insurance companies and is licensed by the Financial Sector Conduct Authority. Duma told Vutivi News that he was passionate about assisting clients who were going through a difficult period and his work experience had equipped him with the necessary tools to make the process seamless.
He believes what makes small businesses specialising in the sector is that they can offer clients tailor-made solutions. “The insurance financial planning sector is highly regulated. What sets us apart is the understanding that we don’t just sell products, but we advise our clients based on our wealth of knowledge,” he pointed out. “With our business being run by someone with a postgraduate qualification in financial planning, our advice is holistic and extensive, and we are equipped to talk our clients through the challenges they face.”
And like other insurers, the business has developed an app that allows the public to access its services. “We also pay people R300 for referring clients to us, and while it is not much, it has helped many in these times of need,” Duma added. The company is also doing its bit to fight the 65.5% youth unemployment rate. “Our company offers internships, and we have two internships thanks to our partnership with the Insurance SETA (Sector Education and Training Authority),” he said.“We train them for a year and employ them afterward. We also pay a monthly salary.” Duma said his next plan was to open an office in Johannesburg.