As the cost of living continues to rise, South African consumers are becoming more discerning about where and how they spend their money – particularly on ongoing expenses like insurance. Recognising this shift, Miway has launched Micashback, a cashback feature that returns 10% of premiums to customers after just two consecutive claim-free years.
This new offering comes at a time when consumers are increasingly seeking value beyond basic cover. For many, financial relief in the form of rewards or cashback is no longer a nice-to-have, but a key consideration when selecting an insurer. Micashback aims to meet this demand by offering a simple, transparent benefit that gives money back to clients who manage to avoid claims over a two-year period.
Unlike traditional reward programmes that can be complex or delayed, Micashback is designed to deliver tangible value in a shorter timeframe. It also applies across a wide range of Miway’s insurance products, not just car cover. These include:
- Vehicles such as cars, motorbikes, trailers, and bicycles
- Homes and household contents
- Mobile phones and other movable possessions
The initiative is not just about rewarding customers for not claiming, but also about encouraging risk-conscious behaviours like safe driving and regular home maintenance. This approach benefits both customers and the insurer by helping to reduce the frequency of avoidable incidents.
Micashback has been structured to allow customers to continue accessing essential services like Mihelp emergency support – for issues such as flat tyres or locked-in keys – and WeDrive, take-me-home assistance without affecting cashback eligibility. This ensures that clients still receive critical support without losing out on their rewards.
The introduction of Micashback reflects a broader industry trend where financial products are expected to deliver more than just basic coverage. For Miway, it marks a move towards offering insurance solutions that are not only affordable and accessible but also aligned with the everyday needs and financial goals of South Africans.
In a challenging economic environment, initiatives like Micashback provide consumers with added peace of mind, knowing that staying claim-free can translate into real, monetary value – reinforcing the idea that insurance can be both protective and rewarding.
