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Category Life Insurance

FNB Life pays out over R500 million in pre-emptive life insurance claims

15 June 2022 FNB

FNB Life has paid out over R500 million in pre-emptive life insurance claims since 2018. To date, the highest identified individual pre-emptive claim was R6 million.

The life insurance provider initiates this process on behalf of customers by proactively accessing and analysing data from the Department of Home Affairs' Population Registry to proactively pay beneficiaries when a policy holder or an insured life passes on.

Raj Makanjee, CEO of FNB Retail and Private Banking, says, "Our industry-leading proactive pay-out demonstrates our commitment to always putting our customers' needs first. We are also pleased that an increasing number of our Retail customers are choosing FNB Life as their preferred life insurance provider. In keeping with our focus on being an integrated financial services provider, we are committed to providing our customers with integrated advice across their transactional, credit, savings, investments, and insurance needs. This is essential in enabling more of our customers to better manage their money and protect themselves and their families."

Lee Bromfield, CEO of FNB Life says, "Our proactive approach to claims differs markedly from that of traditional insurance providers. Our commitment to providing innovative solutions, supported by our platform-led ecosystem, has been a game changer for the insurance industry and will continue to generate market-leading benefits for customers. We remain the only life insurer in the country that initiates claim payments on behalf of beneficiaries when the policyholder dies. This not only demonstrates our commitment to paying out valid claims, but also our unwavering focus on being a trusted life insurance company."

FNB Life has been recognised for customer satisfaction in the annual SACsi survey on multiple occasions due to its customer-centric approach to life insurance. Earlier this year, FNB also announced that it had expanded its insurance offering to assist customers with their home and car insurance needs. In addition, FNB customers receive free Purchase Protect insurance cover for qualifying purchases made with their FNB Virtual Cards. The Purchase Protect cover is limited to tangible items such as furniture and personal items like clothing, jewellery, handbags, cellphones and laptops up to R15 000.

Quick Polls

QUESTION

We have watched with interest as each of the country’s large life insurers report their 2021 life claims statistics, with soaring claims and claims values. That got us thinking: how do the big life insurers compare against one another, from an IFA perspective?

ANSWER

An insurer is an insurer is an insurer
All are excellent: would not deal with them otherwise
There is one insurance brand that stands out for me
Tied agent: but my brand is the best out there
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