South Africa's leading independent financial services group’s focus on streamlined systems and customer-centricity has been rewarded with a Silver Arrow award by the Professional Management Review (PMR).africa. FedGroup won the award in the Employee Benefit Administrators and Consultants offering Group Life/Risk Products category, following a voting procedure based on a random national survey conducted on local intermediaries, including independent brokers and financial advisors.
In 2014, FedGroup walked away with the Bronze Arrow award. 2015 sees the independently-minded financial services group beating much larger and older competitors to the coveted award.
“Being recognised with an award of this stature two years in a row is an incredible honour,” says FedGroup Life’s CEO, Walter van der Merwe.
“Last year, we examined all the feedback provided through the voting procedure, and used it to improve systems and processes. In a perpetually changing industry, FedGroup takes seriously the necessity of reinventing our approach in order to provide the best possible products and services to clients and the intermediary market. It was the feedback provided last year that in a large part contributed to our overall improvement in the eyes of the industry. The recognition provided by this award proves that our efforts have paid off, and we are grateful to the market for this favourable outcome, and once again, the invaluable input,” says Van der Merwe.
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.
Despite the 25 year old organisation having established its Life company a mere five years ago, FedGroup has made a significant impact on the industry. “Winning a Silver Arrow award confirms this,” says Van der Merwe. “We’ve accomplished more in five years than many competitors have in 160 years. We believe our ethos has a lot to do with this – an ethos that puts the well-being of members ahead of the financial gain of shareholders.”