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Trust… Make or break for brokers, insurer and UMAs

02 August 2021

Brokers, insurers and underwriting management agencies (UMAs) have their work cut out to rebuild trust relationships with their clients following the often disappointing insurance outcomes during the pandemic year. Doug Laburn, Executive Head of Lombard Partnerships, told the audience at the 2021 SAUMA Conference that the industry had suffered “extreme trust erosion” due to the handling of various obligations arising from Covid-19. “Trust underpins our industry; but we emerged from 2020 less trusted than we were before, which is a real pity,” he said. Lombard was commenting during a discussion about UMA relationships within the broader insurance market, held as part of the 2021 SAUMA Conference.

‘Brokers’ note: Your clients want to buy risk cover’

05 July 2021

The real-world experiences of clients and financial advisers are not always aligned to the advertising and promises made by the country’s leading financial services brands. This writer endured more than a few hiccups during the extended Covid-19 lockdown… Issues crept in despite countless reports (in fact I wrote a few articles myself) in which executives at asset managers, banks and insurers claimed: “everything was going swimmingly”. Banks are legend for underperforming in all matter’s customer service; but we were surprised at the shoddy service we received from a leading life insurer too. Both our direct approach via the brand’s website and subsequent digital interactions with a broker left us uninspired and uninsured.

Insurers manage to navigate through COVID-19

24 June 2021

For some insurers, the biggest changes brought by COVID-19 were that of servicing clients and meeting the changing and increasing customer expectations, while providing a satisfactory customer experience. The views expressed by customers in the latest Customer Satisfaction Index (SA-csi) for Short Term Insurance, conducted by Consulta, shows an industry where competition between players is fierce, with the difference between the top four scoring brands on customer satisfaction score barely more than a single index point.

An update on the regulatory front

17 June 2021

With evolving regulatory landscape, Danny Joffe, Head of Legal at Hollard Insure, provided thought leadership on some of the trends in the regulatory environment, with an update on the Protection of Personal Information (POPI) Act, the Policyholder Protection Rules (PPRs) and the Conduct of Financial Institutions Bill (COFI).

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

View the Results

D&O cover crucial during tough economic times

31 May 2021

The R3 billion tax question

13 May 2021

Brokers be warned… Group risk premiums set for take-off

06 April 2021

FIA weighs in on NHI, healthcare brokers and medical schemes

02 March 2021

Can brokers fault the regulator’s BI view?

16 February 2021

Will brokers survive NHI?

02 February 2021

2021… respond, recover and thrive

12 January 2021

Kidnapping and murder rife in insurance fraud

07 December 2020

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Talked About Features / Straight Talk