Advisers expect competitive products that perform as promised
The stage has been set for tonight’s annual FIA Awards Dinner. Industry role players will be descending on the Sandton Convention Centre to attend the 17th edition of the awards in order to gain insight into what it takes to becomes one of the industry’s best role players.
There will be a significant focus on this year’s awards as building meaningful relationships with clients is becoming a major focal point in the industry. Because of this, the method that the FIA uses to determine the winner of each award is becoming ever more important.
Recognising industry excellence
Justus van Plezen, CEO of the FIA, points out that the awards survey process is an opportunity for intermediaries to rate the insurers, underwriters and investment companies that they interact with as they provide advice and ongoing service to their clients. It is also an opportunity for financial services firms that favour the intermediated distribution model to rate their performance against that of their peers.
“The FIA Awards survey is an opportunity for FIA member brokers to recognise those product suppliers that give them the best overall support in servicing the end consumer,” says van Pletzen.
“Our progressive financial regulatory environment has resulted in steep increases in compliance costs. The result of this is that finance and risk advisers welcome every bit of assistance that their product partners bring to the table.”
Pieter Aucamp, CEO of Bluestream Research, notes that the FIA Awards survey is one of the most comprehensive awards of its kind in South Africa. It is unique in that winners are chosen according to a consistent methodology that has been applied, improved upon and perfected over the past nine years.
“The main objective of the annual FIA benchmark survey is to determine and recognise South Africa’s top performing product suppliers, independently rated on intermediary satisfaction,” he says. What does it take to win recognition as the best product supplier in the country?
This year’s survey was conducted over a 10-week period during which time 6 417 product supplier contracts were evaluated by way of more than 24 000 telephone calls.
“The FIA Awards is about celebrating those product suppliers that go the extra mile to enable our members to do what they do best, namely to deliver exceptional advice and ongoing service to the consuming public,” says Van Pletzen. “We look forward to tonight when we announce the winners of the 2014 FIA Awards and congratulate those firms that measure up to the industry benchmark of excellence.”
Research that is beyond reproach
The FIA awards are held in very high regard and are seen as the industry’s benchmark of excellence. This cannot be done without comprehensive research into the winners. This process has once again underpinned the 2014 awards in an insurance environment where companies and advisers are under pressure because of many regulatory changes.
“The survey process begins with identifying and contacting FIA members from a full member list provided for this purpose by the FIA,” says Aucamp. “These participants are then asked to rate various product suppliers on the basis of their business interactions with them.”
The respondents are asked to provide feedback on the product quality, service quality, relationship quality and overall satisfaction levels with one or more product supplier. Typical measures in the assessment include innovation, competitiveness and the knowledge and experience of staff.
“The idea behind the awards has always been to recognise those financial services firms that go out of their way to empower our members, South Africa’s risk and financial advisers, to do what they do best,” says van Pletzen. He says that product suppliers who assist advisers in providing quality financial advice and ongoing services to their clients, the consuming public, quickly rise to the top.
He adds that the recent introduction of Treating Customers Fairly has raised awareness around product quality. Advisers expect competitive products that perform as promised. They also expect the marketing information and training that a product supplier offers to assist them in accurately explaining the solution to their clients. Concepts such as brand appeal and the flexibility of the product in terms of accommodating non-standard clients are also important selling tools.
Setting the tone for industry excellence
Awarding service excellence in the industry goes a long way in laying a solid foundation for a reputable industry. Advisers are motivated to work hard to establish good relationships with clients and insurers work hard to become trusted insurers.
By building high levels of trust in the industry, policyholders become indispensable assets to insurers as a full range of products can be offered to them so that they can get the best cover possible. This is also important as policyholders are becoming more educated on financial services products.
Editor’s Thoughts:
Do you agree with the process which the FIA follows when determining the winners of its awards? If you were part of the research process, or have any specific questions that you want to direct to the FIA regarding the process, please comment below, interact with us on Twitter at @fanews_online or email me your thoughts [email protected].
