Recognition of high impact innovation during a pandemic
FNB Life was awarded the Consumer Products or Services Innovation award at the 10th annual BAI Global Innovation Awards for its Dynamic Life – Home offering for customers. BAI also recognised FNB with a special honourable mention for its high-impact innovation during the pandemic to meet the changing needs of customers quickly and effectively.
The BAI Global Innovation Awards recognise leading financial services organisations on a global scale. Each winner is selected by the innovation circle, which consists of a panel of international financial services innovation leaders that evaluate each submission for originality and impact to determine the most innovative companies across eight awards categories.
Lee Bromfield, Chief Executive of FNB Life says, “This global recognition affirms our commitment to provide real help through innovative and customer centric solutions via a contextual digital platform. The Covid-19 global pandemic has demonstrated the value of life insurance in protecting livelihoods and helping customers manage their money. After evaluating the impact of Covid-19, we significantly increased our capacity to process and pay-out valid claims for policyholders.”
“As at June 2020, we approved in excess of R300 million in valid claims to customers who had unfortunately suffered full loss of income or those who were retrenched. We extended credit insurance at no additional charge to cover FNB Retail customers’ Cashflow Relief installments where a customer had credit life on the original loan with FNB. We also added ‘Inability to Earn’ to all credit life products and included customers who were self-employed or had products before the new regulations to expand the number of qualifying customers,” he says.
In just five years since launching, FNB Life has grown considerably into the FNB Retail base and currently, close to 50% of debit orders from FNB accounts to a life insurer go to FNB Life. FNB Life is also the only life insurance provider in South Africa that makes use of Home Affairs Data in order to proactive pay-out claims. To date, this digitally enabled solution has paid out over R150 million proactive claims in two years. FNB Life has also been successfully integrated into FNB’s eBucks Rewards Programme, as a result FNB Retail customers could earn as much as 40% of their premiums in eBucks on FNB Life Simplified and Life Customised insurance.
“We believe that the integration of our insurance offering into FNB’s industry leading platform has allowed us to better help and service our customers. Our commitment to providing innovative solutions, supported by our platform-led ecosystem has been a game-changer for the insurance industry and will continue to generate market-leading benefits for customers,” concludes Bromfield.