Diversity celebrated at the 2013 FIA awards

Jonathan Faurie, FAnews Journalist

The South African insurance industry is epitomised by its diversity and the range of products that it offers to a multicultural and highly segmented population. This is celebrated by the Financial Intermediaries Association annual awards which celebrated

Almost a thousand industry representatives gathered to congratulate the winners of the 2013 FIA Awards at a glittering event that coincided with the association’s fifth anniversary celebrations.

Brian van Flymen, President of the FIA says that the Awards represent the benchmark for excellence in the offerings of product providers as rated by finance and risk advisors.

Liberty shows that the employee is king winning product supplier award

One of South Africa’s major insurance industry players Liberty performed well throughout the year and was awarded the Product Supplier of the Year award in the Employee Benefits segment.

Liberty Corporate CEO Seelan Gobalsamy reports that the company’s vision is to create financial freedom for its customers.

“I believe our success is due to our focus on continually adding value to our customers. We deliver this value by going back to basics to create solutions that are affordable, offer the best investment returns and risk cover all while meeting our customers’ needs. This means our customers will have more money to save which is especially important in South Africa where most people do not save enough for retirement.”

Product development pays off for Aquarius Underwriting Managers

Aquarius Underwriting Managers won the underwriting manager of the year award and it was product development that proved the difference in this category.

CEO Drew Schnehage says that during the last two years the company has completed the development of its 'Goldbox' rating engine and data-warehouse.

“We have partnered with strategic third party administration systems and have placed our product front-end on these systems to make it easier for our brokers to issue policies in their own office. The three aspects that has carried us through difficult times have been relationships and trust built with brokers as well as service delivery.”

Hollard impresses with two wins in Short Term Insurance

After winning the Short Term Insurer of the Year category, for Personal Lines and Commercial, Pierre Geyer, head of the Holllard Select Brokers and Underwriting Managers business unit, said that brokers hold the key to engineering growth in the increasingly-saturated South African insurance landscape.

“We believe that working closely with the broker community will allow us to make inroads into the uninsured market. Brokers play an important role in assisting prospective clients with risk assessment and then in developing risk management strategies relevant to their risk profiles. Brokers are also best placed to educate prospective policyholders about the various policies that are available to mitigate each type of risk.”

Etana wins Corporate Short Term Insurer of the Year

For the second year running, Etana won the Corporate Short Term Insurer of the Year. This shows the company’s unique product offering and distribution channel.

Etana chairman Paolo Cavalieri says that in addition to building our market share in South Africa, Etana is supporting big business clients that are exporting goods and services northwards into the rest of Africa.

“We are happy to accompany them in their expansion throughout the continent and provide expertise in areas unfamiliar to them. This includes multinational corporations and businesses involving foreign territories who have the expanding possibilities in Africa – and other areas – in their sights,” he says.

Discovery wins big scooping three awards

Discovery was awarded Long Term Insurer of the Year in the Risk division, Product Supplier of the Year for their Investment Products Recurring Premium and Product Supplier of the Year for their range of Health Care products.

Hylton Kallner, Chief Marketing Officer at Discovery said that there are three trends currently reshaping the South African financial intermediary: a return to growth following a prolonged tough market, an increasing number of regulatory and compliance requirements for financial advisers, and the impending review of intermediary remuneration structures by the Financial Services Board. And the company’s ability to adapt itself to overcome these challenges has been key to winning the awards.

“In response to these trends, there is now an accelerating shift towards tied distribution channels to cater for independent financial advisers who want to take advantage of corporate support in terms of compliance, IT, marketing and related services.”

Faurie’s Final Thoughts:
The FIA Awards are a great way to celebrate the diversity of the industry and the numerous categories give each company a chance to showcase a different aspect of their offering. However, the awards can only award excellence which is measured by customer service. Do you agree with the winners? And do you feel that the FIA brokers and advisers represent the broader broker and advisory market? Comment below or e-mail jonathan@fanews.co.za