FedGroup receives industry accolade

FedGroup, South Africa's leading independent financial services group, received a Bronze Arrow award at the Professional Management Review (PMR).africa awards ceremony today. The awards are based on an annual random national survey conducted on local intermediaries that rates companies offering group life/risk products.

In the category Employee Benefit Administrators and Consultants offering Group Life/Risk Products, FedGroup registered a mean score of 3.70 out of a possible 5, placing the 20-year-old, family-owned business third ahead of many of the industry's largest players.

“It is phenomenal to be recognised by the industry at large, particularly the intermediary market,” comments Walter van der Merwe, CEO of FedGroup Life, who received the award on behalf of the company. “The awards are well established and highly respected, particularly for their independence and objectivity. As such, we highly value this award and feel that it sets us apart in a highly competitive market.”

The allocation of awards is based on a national research process where a company is rated across a range of 14 criteria that includes products, underwriting, claim settlement and communication. Companies cannot enter the process and the respondents, in this instance financial intermediaries that deal directly with employee benefit schemes, are not prompted to rate or evaluate any specific company.

Van der Merwe believes that the award is particularly significant as FedGroup rated higher than a number of established players, some that have been around for 160 years. “The accolade confirms that we've arrived, and that a small, relatively new financial services provider can make a big impact in a short period of time with the right approach and ethos,” he says.

“We feel that this award is an endorsement of our approach to employee benefits, where we place the needs of policyholders ahead of shareholders, which obviously resonates with the market. It affirms that we're doing things right and that we're heading in the right direction. We'll therefore continue to build on this approach to further entrench our business in the life insurance industry,” concludes van der Merwe.