What's Happening?

Facebook Twitter Youtube Linkedin

NEED HELP? QUESTIONS@FIA.ORG.ZA

become A FIA member TODAY
member login

Simply the best

ARTICLE BY

  • Lizelle van der Merwe
  • CEO
  • FIA

SHARE THIS POST

The FIA Intermediary Experience Awards – commonly referred to as the FIA Awards – were announced last week at a gala dinner in Sandton. The awards recognise a select group of product provider brands for their role in empowering financial advisory businesses, and through these businesses making positive contributions to improving outcomes for clients. The annual event is a calendar highlight for insurance and investment stakeholders.

Lizelle van der Merwe, CEO of the Financial Intermediaries Association of Southern Africa (FIA), says the awards represent more than just accolades; they symbolise the culmination of hard work, innovation, and a relentless commitment by financial product suppliers to improving the service delivery to intermediaries within the financial services sector.

“These awards have emerged as a touchstone of excellence and a testament to the dedication of our industry as we continue to push the boundaries of what is possible,” she says.

And the winners are…

Winners are chosen through a rigorous selection process informed by a comprehensive and impartial assessment of thousands of FIA member responses. “The rigorous process that underpins the selection of winners guarantees that recipients truly embody the values of integrity, innovation and client-centricity that, as an industry, we hold dear,” says Van der Merwe. Brands that receive an award are not only being celebrated by their peers, but also earn the trust and respect of the broader advice community,” she reveals, adding that the FIA Awards serve a deeper purpose of enhancing the lives of both FIA members and financial consumers.

This year’s winners include the following: in the Non-Life: Personal Lines category the winner was Santam. Western National won the Commercial category, while Hollard won the Corporate category.

In the Life and Investment category, Sanlam won the Risk Award and Allan Gray won both the Investment Product: Lump Sum Award and the Investment Product: Savings Award.

In the Product Supplier of the Year category, Momentum Corporate won the Employee Benefits Award, while Discovery Healthcare won the Healthcare Award.

 

Service ratings

The 2023 selection process rated more than 5 000 contracts across the employee benefits, healthcare, non-life insurance, and life insurance and investment disciplines.

The FIA reports that the overall service results achieved for 2023 were closely aligned with those recorded in the prior year, with an overall industry score of 77.87% compared to 77.93%. The best-performing brand across the eight award categories increased its score by just 1.81% over the prior year, demonstrating the competitive nature of the FIA Awards landscape, and confirming the already high service standards achieved in 2022.

There were some notable improvements in the intermediary experience ratings for brands in the investment lump-sum category this year, but overall service in respect of both personal lines and commercial non-life insurance has been on a gradual year-on-year decline. “The overall service indicator serves as an excellent predictor for non-life insurers on where they need to improve service standards,” she says.

Overall, the awards shed light on the practices, strategies and solutions that have not only achieved success, but have also created positive and lasting impacts on the clients. “By showcasing these exemplary initiatives, we not only inspire others to emulate their success, but also contribute to a collective elevation of industry standards,” she says.

Pointing out that improving outcomes for clients is a paramount goal for the entire industry, she says the awards play a pivotal role in this regard.

“By recognising and disseminating best practices, we facilitate knowledge exchange, encourage healthy competition, and foster an environment of continuous improvement. This, in turn, translates into enhanced products, services and strategies that ultimately benefit our clients, creating a financial services landscape that is safer, more efficient, and more attuned to their needs.”

She said the awards need to be viewed as a catalyst for ongoing transformation. “These Awards celebrate the achievements that push our industry forward, all the while propelling us to raise the bar even higher.”

 

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.