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BusinessDay www.businessday.co.za Friday 23 August 2024
INSIGHTS
FIA INTERMEDIARY EXPERIENCE AWARDS 2024 Sponsored content
Sector’s top brands recognised
FIA Awards •serve as a critical benchmark, writes Lynette Dicey
T
he winners of the 2024 Financial Intermediaries Association (FIA) Intermediary Experience Awards, recognising the brands that excel in supporting financial intermediaries to deliver exceptional services to consumers, were announced in mid-August. In the Long Term Insurer of the Year – Risk category, the winner was Sanlam. For the second consecutive year, Allan Gray won the Product Supplier of the Year: Investment Product Savings category. Allan Gray also again won the Product Supplier of the Year: Investment Product Lump Sum category. Discovery Health triumphed for a second consecutive year as the winner in the Product Supplier of the Year, Healthcare category. The Product Supplier of the Year: Non-Life Personal Lines Award is the most highly contested category each year. This year was no exception. For
Long Term Insurer of the Year: Risk — Sanlam. the second consecutive year, Santam won the award, scoring above the excellence mark of 80 in the category. In the Product Supplier of the Year: Non-Life Commercial category, Western National once again took top position. In the Product Supplier of the Year: Non-life Corporate category, Santam took top spot. The FIA included an Underwriting Management Agencies category this year, after excluding it last year. The association said the increased participation in this segment ensured that deserving brands receive the recognition they deserve. iTOO won the Product Supplier of the Year: Underwriting Management
Agencies category in 2024. The FIA is a nonprofit entity championing the interests of more than 1,700 brokers, from SMMEs to corporates. FIA members are independent and multidisciplined, working across healthcare, financial planning, short-term, investments and employee benefits. Insurance and investment intermediaries assist businesses and individuals to select the right financial products for their needs. The awards go beyond recognising merit in the financial services sector, highlighting the crucial role FIA members play in ensuring sustainable financial outcomes for businesses and households.
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“The brands that rise to the top at this annual event do so through a combination of hard work and innovation — and by consistently recognising the importance of human advice in delivering needs-appropriate financial and risk management solutions for consumers,” says Lizelle van der Merwe, FIA CEO. The survey results are significant because they identify the financial services brands that make it easiest for intermediaries to serve a broad spectrum of financial consumers. “These awards symbolise the relentless commitment by product providers to improving service delivery to intermediaries within the financial services sector. They are widely regarded as a touchstone of excellence and a testament to the dedication of our professional industry that continues to push the boundaries of what is possible,” says Van der Merwe. Award winners are selected through a rigorous process involving the comprehensive assessment of thousands of FIA member responses. To emerge victorious is indicative of the trust and respect of the broader FIA community. The awards serve as a critical benchmark for assessing the integrity, innovation and client-centricity of financial brands within the industry,
helping establish their credibility and trust within the broader financial advice community. The survey on which the awards are decided benefits the industry by measuring and tracking product provider standards over more than a decade, offering both intermediaries and providers valuable pointers on improving their products and services. From an association perspective, the survey generates insights that inform the FIA’s ongoing engagements with product providers. The intermediary experience survey evaluates financial product providers on various criteria, including overall satisfaction with brand, product and service; business enablement; regulatory compliance; and trust. High scores in each of these areas are crucial for maintaining the service standards expected by FIA members. A benchmarking survey is a powerful tool that can unlock a world of opportunities for financial product providers, helping identify areas of excellence but also those that need improvement, says Dáil Consulting’s Ineke Prinsloo, who acted as an independent consultant to the FIA’s benchmarking study. “By identifying areas for improvement and developing effective improvement
strategies based on accurate and relevant data, financial services providers can enhance their competitive position, improve their performance and benefit their clients, shareholders and the industry. “These actions can lead to a more robust and resilient financial services sector aligned with the regulators’ agenda of the financial services industry while providing the necessary support for the government's broader focus on sustainable economic growth, inspiring all involved,” she says. The overall service results for 2024 were consistent with the previous year, underscoring the competitive nature of the insurance and investment sectors. “The competitive nature of the industry — and the value financial services brands place on these awards — is evidenced by how closely run the various categories are,” says Van der Merwe. She highlighted encouraging signs of a reversal in the multiyear decline in service levels within the nonlife insurance cluster. Butsi Tladi, president of the FIA, said this year’s award winners demonstrated excellence in their products, processes and relationships, showing they are not only reliable and trustworthy, but also innovative and responsive to the changing needs and expectations of their customers.
SA assumes presidency of WFII Earlier this year, the World Federation of Insurance Intermediaries (WFII), which represents insurance agents and brokers from more than 100 national associations in more than 80 countries worldwide, voted for SA to assume the presidency of this global organisation. Butsi Tladi, as president of the Financial Intermediaries Association of Southern Africa (FIA), assumed the presidency of the WFII in March 2024. The WFII enables the exchange of information on global issues and goals common to all national associations of intermediaries. It provides global leadership, develops solutions and co-ordinates actions to promote the insurance intermediary industry at international level. The federation is leading efforts for insurance intermediaries to speak with one voice to international institutions and regulators worldwide. Tladi says the position is a significant appointment, recognising that Africa has a voice in important debates and discussions. During her term she intends to increase participation from underrepresented markets, starting with strengthening collaboration and coordination on the African continent. “The position will benefit the industry in SA by showcasing
our well-developed, sophisticated and advanced features, including our legislation and regulatory framework. In addition, it will further cement SA’s leading role, not just on the continent, but globally,” she says. Recognising that consumer education on the role of insurance is key, she says more work needs to be done to get more people, regardless of socioeconomic position, to appreciate the ability of insurance to protect livelihoods and assets. This year, the WFII celebrates 25 years since its establishment. The key issues the WFII World Council will be addressing, says Tladi, include growing protection gaps and concerns around the inability to source required insurance cover for some risks, including climate and cyber risk; the use of AI in insurance and the intermediary space; the growing cost of compliance and the effects of regulation; evolving business models around the world; and the increased need for consumer education and protection for vulnerable customers. Speaking at the recent FIA Awards, she said business has a vital role to play, not only as a provider of goods and services, but also as a driver of social and environmental change and as a force for good.
The best insurance isn’t just about protection. 'Ĵ,Į $ďķĴ Ĩ īĴĊ īĮ ĨȘ
Speak to your Relationship Manager or visit www.santam.co.za
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