What's Happening?

Facebook Twitter Youtube Linkedin

NEED HELP? QUESTIONS@FIA.ORG.ZA

become A FIA member TODAY
member login

FMI rebrands to Bidvest Life, eyes greater market share

ARTICLE BY

  • CEO

SHARE THIS POST

Life insurer FMI has officially rebranded itself to Bidvest Life as it looks to unlock growth opportunities, raise its profile in the local market and better connect the company with its customers, Independent Financial Advisers (IFAs), and other stakeholders.

 FMI, which was one of the first insurers in South Africa to specialise in income protection for business owners and the self-employed market in 1995, has been a division of Bidvest since 2016. CEO Lulu Rasebotsa says the rebrand is a key step in the company’s move away from being ‘the best-kept secret’ in the local market. 

“In partnership with Independent Financial Advisers, we’ve been helping South African’s achieve financial peace of mind for 27 years by insuring their most important asset: their monthly income. As Bidvest Life, with the backing of our shareholder, we are building a brand in the market that makes our life insurance solutions accessible to all South Africans; and we will continue to provide cover that is easy to understand and talks to the specific needs of our customers,” said Rasebotsa.

Bidvest Financial Services CEO, Hannah Sadiki, said the new brand would form part of a broader Bidvest offering that would offer consumers a wide range of financial services under one umbrella from banking, short-term insurance, life insurance and so much more.

“Bidvest is renowned for its model of acquiring businesses that will benefit from the synergies and strength of the Group to enable growth and ultimately deliver a greater return on investment. By investing in local businesses, such as Bidvest Life, we aim to turn ordinary companies into extraordinary performers, delivering strong and consistent shareholder returns in the process,” said Sadiki.

Speaking at the official rebranding today, Rasebotsa said Bidvest Life aimed to get South Africans to re-imagine life insurance with their Income First Approach.

“We’ve always believed that South Africans should always insure their income before anything else. We aim to change the way life insurance is sold in South Africa, from traditional life cover which pays out as a lump sum to insurance that pays out monthly. This solves for what really matters: protecting yourself, your business and your family against unexpected expenses incurred due to illness, injury, disability or death,” said Rasebotsa.

The Covid-19 pandemic highlighted the importance of income protection, especially for business owners and self-employed. FMI paid 92% of all claims in 2020. According to FMI’s 2020 Claims Report, 87% of all claims paid in 2020 were for Income Protection benefits.  She says the pandemic continues to show that income protection is still the most effective insurance against the risk of injury, illness or death.

Rasebotsa said the rebrand will open new opportunities for Independent Financial Advisers and demonstrates our commitment to supporting and growing their businesses. “Entrepreneurship is in our DNA and we look forward to this new era in our Bidvest Life journey and the endless possibilities.

Subscriber Terms and Conditions

  1. APPLICATION OF TERMS
    • These terms and conditions (“Subscriber Terms”) apply to the subscription by any qualifying member of the South African Underwriting Managers Association NPC (“SAUMA”) to the services and benefits offered by FIA Services (Pty) Ltd (“FIA Services”) under the SAUMA affiliation arrangement (“Subscription”).

  2. NATURE OF SUBSCRIPTION
    • A Subscription under this arrangement:
      • does not constitute membership of FIA NPC;
      • does not confer any voting rights or governance participation in FIA NPC; and
      • is governed solely by the contractual relationship between the Subscriber and FIA Services.

  1. ELIGIBILITY
    • To qualify for the Subscription, the applicant must, at the time of application, be a current paid-up member of SAUMA.
    • FIA Services will verify the applicant’s SAUMA membership status with SAUMA prior to activation, and may re-verify such status periodically.
    • If a Subscriber ceases to be a paid-up member of SAUMA, the Subscription will correspondingly be terminated.
    • Applicants are required to authorise FIA Services to confirm their SAUMA membership status with SAUMA as part of the application process.

  1. SERVICES
    • The Subscription entitles the Subscriber to the following benefits:
      • Complimentary access to the FIA CPD Platform;
      • Complimentary access to the FIA Insight Magazine (digital edition);
      • Advertising opportunities on FIA platforms at a discounted rate of 15% (fifteen percent) off the prevailing published rates; and
      • Invitations to attend FIA Technical Webinars annually.
    • FIA Services reserves the right to update, vary or substitute the Services from time to time, provided that the overall value and nature of the benefits remain materially the same.

  1. FEES AND PAYMENT
    • The monthly subscription fee is R260.00 (two hundred and sixty rand) for up to seven registered individuals (Key Individuals and Representatives), and R36.00 (thirty-six rand) per additional registered individual thereafter, excluding VAT.
    • The Subscriber shall provide FIA Services with the required details of each individual to be registered under the Subscription for the purposes of activation and billing.
    • All fees are exclusive of VAT, which shall be charged at the prevailing statutory rate.
    • Subscription fees are reviewed annually in March and may be adjusted with effect from 1 April.
    • Any changes to the Subscription, including but not limited to the number of Representatives and Key Individuals registered under the Subscription, may only be effected once annually during the annual review period in March of each year, with such changes taking effect from 1 April.
    • Subscription fees shall be billed monthly in arrears, unless the Subscriber elects an annual billing cycle at the time of application.
    • The Subscriber shall ensure that all billing information (including contact details, authorised signatories and bank account details) is kept accurate and up to date.
    • Non-payment of subscription fees may result in suspension of access to the Services until such fees are brought up to date.
    • The Subscriber acknowledges and agrees that all subscription fees payable under these Subscriber Terms may be collected by way of debit order, which shall be processed by the holding company, FIA NPC (The Financial Intermediary Association of South Africa), on behalf of FIA Services. Payment to FIA NPC shall be deemed to constitute valid and sufficient discharge of the Subscriber’s payment obligations to FIA Services under these Subscriber Terms.

  1. ONBOARDING
    • Onboarding will be conducted as a Subscription with FIA Services under the SAUMA affiliation arrangement.
    • Onboarding will not confer FIA NPC membership status or any associated rights.
    • Onboarding is conditional on confirmation of the Subscriber’s current SAUMA membership at the time of application

  1. DATA PROTECTION
    • FIA Services will process all personal information in accordance with the Protection of Personal Information Act 4 of 2013 (POPIA) as set out in our POPIA policies.
    • By subscribing, the Subscriber authorises FIA Services to confirm their SAUMA membership status with SAUMA and to process personal information for the purposes of fulfilling the Subscription.

  1. TERMINATION
    • The Subscriber may terminate the Subscription by giving FIA Services one calendar month’s written notice.
    • FIA Services may terminate the Subscription on one calendar month’s written notice, or immediately if the Subscriber breaches these Subscriber Terms and fails to remedy such breach within 14 (fourteen) days of receiving written notice.
    • Termination of the SAUMA–FIA Services affiliation agreement shall not automatically terminate these Subscriber Terms.
    • Termination by the Subscriber shall not relieve the Subscriber of liability for any subscription fees accrued up to the effective date of termination.
    • FIA Services may suspend or terminate the Subscription with immediate effect in the event of non-payment of fees by the Subscriber.

  1. GENERAL
    • These Subscriber Terms are governed by the laws of the Republic of South Africa.
    • Any disputes arising under these Subscriber Terms shall be dealt with in accordance with the dispute resolution provisions contained in the FIA NPC membership terms and conditions, as modified to reflect that the contractual relationship is with FIA Services.
    • Any notices required under these Subscriber Terms may be validly delivered by email to the addresses provided in the Subscriber’s application form, and such notices shall be deemed received on the day of transmission if sent during business hours.
    • The Subscriber may not assign, cede or transfer any of its rights or obligations under these Subscriber Terms without the prior written consent of FIA Services.
    • No variation of these Subscriber Terms shall be of any force or effect unless reduced to writing and signed by both FIA Services and the Subscriber.