FIA INTERMEDIARY EXPERIENCE AWARDS 2024
planning, short-term, investments and employee benefits. Insurance and investment intermediaries assist businesses and individuals to select the right financial products for their needs. The awards go beyond recognising merit in the financial services sector, highlighting the crucial role FIA members play in ensuring sustainable financial outcomes for businesses and households.
The brands that rise to the top at this annual event do so through a combination of hard work and innovation and by consistently recognising the importance of human advice in delivering needs-appropriate financial and risk management solutions for consumers, says Lizelle van der Merwe, FIA CEO. The survey results are significant because they identify the financial services brands that make it easiest for intermediaries to serve a broad spectrum of financial consumers These awards symbolise the relentless commitment by product providers to improving service delivery to intermediaries within the financial services sector. They are widely regarded as a touchstone of excellence and a testament to the dedication of our professional industry that continues to push the boundaries of what is possible, says Van der Merwe. Award winners are selected through a rigorous process involving the comprehensive assessment of thousands of FIA member responses. To emerge victorious is indicative of the trust and respect of the broader FIA community. The awards serve as a critical benchmark for assessing the integrity, innovation and client-centricity of financial brands within the industry,
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SA assumes presidency of WFII
of these areas are crucial for maintaining the service standards expected by FIA members.
A benchmarking survey is a powerful tool that can unlock a world of opportunities for financial product providers, helping identify areas of excellence but also those that need improvement, says Dáil Consulting’s Ineke Prinsloo, who acted as an independent consultant to the FIAs benchmarking study. By identifying areas for improvement and developing effective improvement
Long Term Insurer of the Year: Risk Sanlam.
Working towards a common goal
Bof intermediaries. We are differentiating
diversifying product offerings, expanding distribution channels, improving risk management practices and proactively adapting to climaterelated risks. The secret to a successful client-intermediary relationship, says Botha, is clear communication, strong accountability and aligning the business efforts with the needs
Climate change, tech innovation among key topics from conference
Economic Forum Global Risks Report. They include extreme weather events; critical change to earth systems; biodiversity loss and ecosystem collapse; natural resource shortages; and pollution. The World Economic Forum says more than half the global economy, valued at $44-trillion, is dependent on nature. Van der Merwe expects that there will
be a significant increase in company investments contributing to combating biodiversity loss this year. She says regulators will be focusing on conduct risks, including greenwashing.
FINANCIAL INCLUSION
The third topic is focused on financial inclusion. Insurance is key to financial health and resilience with the IAIS recognising the important role
of brokers with respect to increasing access and reaching consumers. There is also a growing focus on increasing distribution channels as well as finding more cost-effective distribution channels, she says. The fourth topic is diversity, equity and inclusion (DEI). The IAIS published a statement confirming that advancing DEI in insurance supports consumer outcomes and sustainability objectives.
IAIS are talking about how DEI can influence governance, management and corporate culture and mechanisms that supervisors should look at, as well as actions that supervisors can take. A further paper on DEI will be issued covering how fair treatment by insurers and intermediaries can be implemented to ensure fairer outcomes (such as representation, cultural competence, elimination of bias, and building trust and confidence), she says. The fifth topic is focused on technological innovation. Artificial intelligence (AI) is top of mind, and work is under way to develop an understanding of AI use cases as foreseen by insurers and intermediaries. Consideration is being given to both the opportunities and the prudential and market conduct risks that could arise says Van der Merwe.
Non-Life Insurer of the Year: Commercial Western National
Non-Life Insurer of the Year: Corporate Santam.
Non-Life Insurer of the Year: Personal Lines Santam.
Three years strong, thanks to you.
Sanlam celebrates three consecutive years as the Long-Term Insurer of the Year - Risk.
For the third year running, Sanlam has once again been recognised by the Financial Intermediaries Association of South Africa, as the 2024 Intermediary Experience Award winner in the category: Long-Term Insurer of the Year - Risk.
of the unwavering trust our intermediaries place in us. We extend our heartfelt thanks to you for your ongoing support. Together, we will continue to build on this legacy of excellence.
