Intermediaries celebrate South Africa’s top insurance and investment brands

Stakeholders from across South Africa’s financial services industry gathered at the Sandton Convention Centre on Thursday, 15 August, to celebrate the winners of the 2024 FIA Intermediary Experience Awards.

The annual FIA Awards recognise insurance and investment brands that excel in supporting financial intermediaries to deliver exceptional services to consumers.

“The FIA Awards go beyond recognising merit in the financial services sector; they highlight the crucial role our members play in ensuring sustainable financial outcomes for businesses and households,” said Lizelle van der Merwe, CEO of the Financial Intermediaries Association of Southern Africa (FIA).

“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.”

The FIA represents thousands of insurance and investment intermediaries who assist businesses and individuals in selecting the right financial products for their needs. The survey results are significant because they identify the financial services brands that make it easiest for intermediaries to serve the broad spectrum financial consumers.

“These awards represent more than mere accolades; they symbolise the relentless commitment by product providers to improving service delivery to intermediaries within the financial services sector,” Van der Merwe said. “They are widely regarded as a touchstone of excellence, a testament to the dedication of our professional industry that continues to push the boundaries of what is possible.”

Winners of the FIA Experience Awards are selected through a rigorous process involving the comprehensive and impartial assessment of thousands of FIA member responses. And to emerge victorious is indicative of the trust and respect of the broader FIA community.

The FIA Awards serve as a critical benchmark for assessing the integrity, innovation, and client-centricity of financial brands within the industry. According to Van der Merwe, the awards not only celebrate the recipients but also help establish their credibility and trust within the broader financial advice community. This recognition reflects the brands’ commitment to excellence and their role in enhancing the overall experience for both FIA members and financial consumers.

There are countless value-adds linked to this multi-year event. From an industry perspective, the survey measures and tracks product provider standards over more than a decade, offering both intermediaries and providers valuable pointers on improving their products and services. And from an association perspective, the survey generates insights that inform the FIA’s ongoing engagements with product providers, ensuring that discussions focus on aspects important to intermediaries.

The intermediary experience survey evaluates financial product providers on various criteria, including overall satisfaction with brand, product, and service; business enablement; regulatory compliance; and trust. High scores in each of these areas are crucial for maintaining the service standards expected by FIA members.

The overall service results for 2024 were consistent with the previous year, underscoring the competitive nature of the insurance and investment sectors. “The competitive nature of the industry – and the value that financial services brands place on these awards – is evidenced by how closely run the various categories are,” Van der Merwe said. She highlighted encouraging signs of a reversal in the multi-year decline in service levels within the non-life insurance cluster.

The FIA CEO underscored the importance of the FIA Experience Awards as more than just a celebration. “These awards are a catalyst for the ongoing transformation of financial intermediation,” Van der Merwe concluded. “The FIA encourages the industry to continue raising the bar – your participation in the awards process is not just about recognition, but about reaffirming your commitment to sustainable financial outcomes for all consumers.”