LumpSum Award and the Investment Product: Savings Award. In the Product Supplier of the Year category, Momentum Corporate won the Employee Benefits Award while Discovery Healthcare won the Healthcare Award. The 2023 selection process rated more than 5,000 contracts across the employee benefits; healthcare; non-life insurance; and life insurance and investment disciplines.
The FIA reports that the overall service results achieved for 2023 were closely aligned with those recorded in the prior year, with an overall industry score of 77.87% compared to 77.93%. The best-performing brand across the eight award categories increased its score by just 1.81% over the prior year, demonstrating the competitive nature of the FIA Awards landscape, and confirming the already high service standards achieved in 2022.
There were some notable improvements in the intermediary experience ratings for brands in the investment lump-sum category this year, but overall service in respect of both personal lines and
Benchmarks measure success, identify areas for improvement
positive actions that benefit all stakeholders in the financial services industry, she says. By identifying areas for improvement and developing effective improvement strategies based on accurate and relevant data, product 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, resilient financial services sector, aligned with the regulator s agenda of the financial services industry, while providing the necessary support for government s broader focus on sustainable economic growth.
As Prinsloo points out, selfserving bias can be a challenge that leads to the selection and interpretation of data that supports preconceived notions or desired outcomes. Additionally, benchmark data stripped of short-term and long-term context only provides information on the accomplishments of internal teams without giving any information on the methods used to achieve those results or fundamental drivers of differentiated experiences. This can result in incomplete or inaccurate insights, which can hinder the development of effective improvement strategies. Objective and unbiased benchmark data, such as the FIAs independent intermediary benchmark, supports and informs constructive and
Benchmarks are crucial to measuring success in each category, explains Prinsloo, providing a reference point for identifying areas for improvement and determining what good looks like.
“The FIA Intermediary Awards are founded on credible standards that adapt to the changing operating landscape, intermediary expectations and client preferences, she says. The awards set the benchmark for intermediaries across seven industry categories to recognise insurers for their exceptional products, solutions and services offered through intermediated distribution channels. They follow an independent process that rates and rewards product providers based on what is important to the intermediary and that aligns with changes in the intermediated business landscape. The bespoke methodology developed for the FIA
guarantees that every vote counts in benchmarking, she says. Unlike other benchmarks that adopt a pay-for-play approach, every contract rated is considered in the overall weighting of the drivers, resulting in fair winners in each category based on an overall weighting voice of the intermediary. The streamlined and digitally enabled research platform simplifies participation while adhering to governance on identity and research standards. The research follows a three-pronged approach to ensure only eligible respondents rate a product provider. The survey tool features a unique identifier link that cannot be forwarded, preventing block booking. The device is platform-agnostic and asks a few qualifying questions. Finally, the results undergo a rigorous defence mechanism and two independent audits to ensure utmost accuracy.
EXPERIENCES CONSIDERED AND RANKED FIA members experiences are considered and ranked in importance across seven standards of excellence, including the intermediary s overall satisfaction with the product provider, the perception of service, product and relationship quality with the intermediary, aligning with regulations in treating customers fairly, the trust in the provider, effective complaint resolution and the degree to which the product supplier enables the intermediary to be successful through their value offering to the market and clients.
Sustainability and affordability: finding a balance
One of the biggest challenges facing medical schemes is balancing scheme sustainability while supporting affordability and value for members.
Dr Ryan Noach, CEO of Discovery Health, says the scheme is focusing its efforts on finding the right balance to support affordability given the greater financial pressure on consumers, while offering the best value for members.
The increase in health care costs, he adds, is being spurred by lifestyle-related diseases driving increased chronic disease burden and an ageing population – something that many health care economies around the world are grappling with.
Medical schemes have taken different approaches to finding the balance between affordability and sustainability. Discovery Health Medical Scheme has successfully achieved that balance by investing heavily in new benefits and innovative approaches to maintain value for members while simultaneously improving the future health of members through preventative screening benefits,
Lizelle van der Merwe trust
Moiketsi Sebotsa with Santams award for Non-Life Insurer of the Year: Personal Lines.
INSIGHTS: FIA INTERMEDIARY EXPERIENCE AWARDS 2023
Firm delivers on its brand promise
The large number of intermediaries vying for clients in a highly competitive market makes it challenging for intermediaries to differentiate themselves and attract new business, says Jurgen Hellweg, CEO of Western National.
conduct regular broker surveys and actively listen to intermediaries concerns so that we can better understand where trust may be wavering. Queries from intermediaries are responded to promptly. According to Hellweg, this means acknowledging the query as soon as possible and providing an estimated timeline for resolution.
Even if the query cannot be resolved immediately, acknowledging it promptly demonstrates a commitment to addressing concerns in a timely manner says Hellweg. We continuously evaluate and streamline our internal processes to eliminate bottlenecks, minimise delays and improve turnaround time. A self-service option on the Broker Portal empowers
intermediaries to find answers to common queries and have access to current policy schedules and endorsements, as well as claims updates. In a similar vein, complaints are acknowledged promptly and dealt with through open lines of communication to brokers consultants and management via a dedicated complaints e-mail address. We allow brokers and clients to express their concerns and ensure we understand the issue from their perspective. Each complaint is taken seriously, regular updates provided and resolutions communicated and explained,” he says, adding that each complaint is regarded as an opportunity to learn and improve processes, services and training
• Financial advisers have a front-row seat to witness winds of change fanning insurance landscape
Shave in common. SA will be leading efforts for insurance intermediaries to speak with one voice to international institutions and regulators throughout the world, said Tladi. South Africans are quick to gloss over the country s achievements and focus almost myopically on our shortcomings. It s worth taking a pause to acknowledge that just in the past month we navigated complex geopolitics and clawed back some of the ground lost in the position we assumed with regard to the Russia/Ukraine conflict; in a month dedicated to gender equality, we hosted a successful gathering of women business leaders in the Global South at Brics; SA hosted a successful netball world cup; our women’s football team achieved the highest level in the history of our participation and we progressed the issue of equal pay for equal work; and, finally, we are once again united in our support for our national rugby team.
She said leaders have a duty to continue to maintain a perspective that is balanced and recognises that our democracy is young and that even more established democracies around the world grapple with their own set of challenges. We should not forget that growth and progress often come with their own trials and, together, we will continue to navigate this journey toward a stronger, more resilient society. Pointing out that the insurance landscape is constantly evolving, Tladi said advisers have a front-row seat to witness these winds of change In this era of rapid globalisation and technological disruption, we find ourselves grappling with several issues that demand our attention and innovation. Advisers around the world share similar concerns about growing protection gaps, that insurer appetite is shifting and it is becoming increasingly hard to obtain cover for certain categories of risk.”
Chief among these concerns is the increasing frequency and
The
A third concern relates to the increasingly
INSIGHTS: FIA INTERMEDIARY EXPERIENCE AWARDS 2023
Organisation celebrates 15th anniversary
Brokers handle complexities
Nash Omar and Coenraad de Bruin received the award for Non-Life Insurer of the Year: Corporate on behalf of Hollard.
For the second year in a row, we’ve won FIA’s Product Supplier of the Year for Employee Benefits.
Improvement gaining momentum
Dumo Mbethe Gaileen Eaton and Timothy Wridgway collect the award on behalf of Momentum Corporate for Product Supplier of the Year: Employee Benefits.
must define, measure and compare standards of success as seen through the lens of their partners, the intermediaries. By collaborating, co-creating, enabling and delivering on the standards intermediaries deem important, insurers can achieve true success.
This prestigious award reaffirms our brand promise that people are not just part of business, they are the heart of it. Thank you to our Momentum Corporate employees and our clients. And especially to the financial advisers who voted for us again in 2023.
The success of your people is our business.
points, indicating the challenges posed by the
changes and
introduced by
of 3.4
wording changes. According to Prinsloo, the ambiguity and mid-term changes in contractual terms and conditions has created problems in relationships. This year s awards reflect the dissatisfaction of intermediaries and their clients with the handling of contractual conditions and exclusions, which are a risk every South African inadvertently faces. She says in the broader Life and Risk categories, the Investment product suppliers outperformed the Risk categories by a substantial margin. Only one insurer scored above the 80 mark in the general Risk category,
themselves by positively changing their performance and becoming market leaders in their respective categories. In recent months insurance companies have been informing clients that they can t protect them against the collapse of the national electricity grid. The announcement that policyholders can no longer claim damages from a grid failure has resulted in a decline in non-life
whereas the investment counterparts or divisions scored well above the 85 to 90 mark. In the highly competitive medical schemes category, the top three positions were closely contested, all scoring above 80 in satisfaction ratings. However, says Prinsloo, other brands in this category have experienced a decline in their level of satisfaction, which could be indicative of the disruptions and changes that may be brought about by the looming National Health Insurance (NHI).
“Scoring well on the eight standards of excellence is an imperative for medical schemes sustainability in future the reason why customers of intermediaries would consider paying an additional premium for health care convenience and higher quality of care in the private sector, she says. Prinsloo says that “instead of trying to meet a smorgasbord of strategic initiatives,insurers
Discovery Health is proud to have been awarded
We are thankful for the partnerships we have forged with you and are inspired to further our vision and commitment to innovation. The Future of Healthcare.
Driving optimal outcomes for clients
TSeven standards of excellence
Sanlam was named LongTerm Insurer of the Year: Risk. Jacques van den Heever and Ashona Singh received the award.
intelligence and technology are yet other challenges, he says. Technology is by far the biggest
and developed to ensure clients needs continue to be met,” he says. Another challenge is economic and regulatory constraints. Global economic uncertainty, along with changing regulations, brings unique challenges for those in the financial adviser space While SA has a robust regulatory framework within this space, the strained local economy can lead to continued margin pressures. Businesses must see their ability to innovate and plan ahead as a lever. We are entering the new era of digital by design that requires intermediaries to set milestone plans to solve constraints. Booming data, business
More than 30% of respondents said service quality was the most important factor. The FIA says regardless of the category, effectively dealing with queries and having well-
trained and responsive staff are key considerations for non-life insurance companies to ensure an excellent level of service. In the savings category, consistent communication throughout the query process is a key driver of service satisfaction, while in the lump-sum category, the need for knowledgeable staff is more important than consistent communication Industry indices indicate trust to be affected by changes and responses to market challenges. Trust, according to
the survey report, is the cornerstone of insurance. The survey results and the importance ratings given to trust unequivocally indicate that it is the most critical factor in the industry. To establish trust, insurers must stick to their brand promise and deliver consistently, regardless of the market conditions. Since trust is a culmination of several factors, it is imperative to engage with intermediaries to identify the elements of trust and why they may be wavering in their faith that insurers are consistently delivering on their brand promise.
Another key themeis the continued shift of competitive dominance. The report notes that analysing top-rated brand contracts and comparing them to smaller brands can help
insurers predict market share and identify areas for improvement. This allows insurers to make informed decisions about enhancing their performance and staying ahead of the competition. Top brands continue to relinquish their voice in intermediary market share, which is a proxy for market share, relationship and consideration. The survey says there are seven standards driving overall satisfaction. At the top of the list is service excellence which saw a 30% increase in importance. This includes effective query resolution and turnaround time to resolution. The second most important criteria is business enablement. This includes removing complexity and offering solutions that streamline the
YOU’RE ONLY AS SUCCESSFUL AS THE TEAM YOU HAVE SUPPORTING YOU.
For the second consecutive year, Sanlam proudly retains the Long-term Insurer
of the YearRisk title.
Sanlam is honoured to be recognised by the Financial Intermediaries Association of South Africa as winner of the 2023 Intermediary Experience Award in the category: Long-term Insurer of the Year - Risk.
We appreciate this acknowledgement and will continue to work alongside intermediaries to empower clients to live a life of confidence.
