980 Guests and a few ‘red’ devils celebrate the FIA Awards
The financial services industry came alive last night as 980 representatives from financial brokerages, product providers, industry bodies and invited guests let their hair down at the ninth Financial Intermediaries Association (FIA) Gala Awards Dinner. The awards took place on 27 May 2008 at the Sandton Convention Centre in Johannesburg – and the winners celebrated into the early hours of Wednesday morning. A ‘hell’ of a time was had by all!
The FIA Awards acknowledge the contributions made by South Africa’s top financial services product providers to the industry – with a particular focus on the needs and requirements of financial services intermediaries. The awards reflect the perceptions, views, expectations, awareness levels and opinions of FIA members. To make sure the right companies are chosen as recipients an extensive survey was conducted by Bluestream Consulting. Pieter Aucamp, chief executive of Bluestream, gave FAnews Online the low down on the selection process... He said the competition is decided based on comprehensive telephonic interviews conducted among 1 250 FIA members. Initial results are subject to a peer review process conducted by a team of independent research and statistics doctorates before the FIA research committee casts a final eye over the results.
And the winners are...
After brief welcoming addresses from FIA President Arnold van der Linde and FIA chief executive Justus van Pletzen the prize giving ceremony got underway. The short-term insurance category was hotly contested with Hollard, Zurich and Santam making the short list for each of the three awards on offer. Santam picked up two of the awards, winning the best personal lines and best commercial product provider of the year. The best corporate insurance product provider of the year went to Zurich.
In the life & risk category the best life insurance and investment product providers are awarded. This section saw a repeat of the previous year with Discovery Life walking away with the life insurance award and Momentum scooping the investment product category. The medical aid provider of the year award went to Discovery Health. This was the first time a medical aid award was presented.
Apart from the obvious benefit to financial intermediaries of a more focussed product provider force, Van der Linde noted that the real winner was the consumer: “By working together and pushing the boundaries of service excellence and professionalism we will ensure that insurance consumers emerge the ultimate winners of this event!”
Some ‘hot news’ from the floor
Late last year the boards of the South African Financial Services Intermediaries Association (SAFSIA) and the Insurance Brokers Council (IBC) investigated the possibility of a merger of their respective organisations. The rest, as they say, is history. After obtaining member approval the merger took place remarkably quickly. The combined entity (the FIA) was ready to serve from 1 January 2008. This consolidation created a single representative body with a ‘critical mass’ of some 16 000 intermediary brokers.
And last night the FIA executive hinted at more industry consolidation to come. They revealed that the FIA and the Association of Professional Financial Planners (LUASA) have been in exploratory talks on the possibility of another intermediary representative body merger. Talks are in the initial stages and each board still has to obtain member approval.
But if it goes ahead individuals plying their trade at the coal face in South Africa’s financial services industry will certainly benefit from a stronger ‘voice’ in various regulatory and industry negotiations.
Editor’s thoughts:
FAnews Online would like to take this opportunity to congratulate all the 2008 FIA Award winners and thank the FIA for putting on a truly professional show. We also welcome the news that LUASA and the FIA have been in talks to create an even larger representative body by merging their respective entities. Would you welcome the decision should the FIA and LUASA merge? Add your comments below, or send them to gareth@fanews.co.za
Comments