FNB Insure’s Approach to Health and Financial Security

In this discussion, Balesh Raniga, Product Portfolio Lead at FNB Insure, dives into the philosophy and strategy behind FNB’s insurance products and how they’re tailored to meet the needs of South Africans. Since acquiring insurance licenses in 2015 (long-term) and 2018 (short-term), FNB has committed to creating innovative insurance solutions that fit seamlessly into the lives of its customers.

Balesh provides an in-depth look at two of FNB Insure’s standout products: the Health Cash Plan and Gap Cover. The Health Cash Plan is aimed at covering income losses during hospitalisation, offering customers a daily amount to help with non-medical expenses that can build up quickly. Gap Cover, on the other hand, helps customers with shortfalls in medical aid coverage, a common challenge in South Africa’s health landscape.

FNB Insure’s approach to health insurance reflects the high costs of healthcare in the country and the difficulty many customers face in affording comprehensive medical aid plans. For those who may not have anticipated the need for health funding, these products offer peace of mind and financial resilience. Balesh also touches on FNB’s goal to reduce the “grudge purchase” factor often associated with insurance by creating truly valuable, accessible products. By prioritising FNB’s existing customer base, they offer highly personalised, relevant options while beginning to expand their offerings to new customers as well. Listen in to discover how FNB Insure is redefining insurance as more than just a financial obligation but a critical part of South Africans’ health and financial well-being.

Key points

• FNB Insure's Licensing Journey: FNB acquired its long-term insurance license in 2015 and short-term license in 2018, allowing it to develop comprehensive insurance products.

• Bancassurance Model Focus: FNB Insure prioritises its banking clients, personalizing insurance offerings through data insights while also beginning to extend products to non-FNB customers.

• Health Cash Plan: Provides affordable daily coverage for income loss due to hospitalisation, addressing non-medical expenses.

• Gap Cover: Designed for medical scheme members to cover the shortfalls in medical aid, particularly for specialist treatments where the provider’s fees exceed medical aid rates.

• Product Adaptation: FNB Insure’s products evolve based on customer feedback and regulatory changes, maintaining relevance in the South African insurance market.

• Affordability and Accessibility: FNB Insure focuses on making health funding accessible for all income levels, addressing gaps in traditional health insurance for lower-income customers.