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A 2022 survey by the Financial Services Conduct Authority (FSCA) revealed that life insurance is one of the least understood financial products, with disclosure particularly lacking in the industry.
Misconceptions abound, exacerbating the challenge of effectively communicating the value and purpose of insurance cover to clients. Yet in 2023, statistics released by the Association for Savings and Investment South Africa (Asisa) in March of this year show that insurers paid out more than R599bn to policyholders and their families. Given the huge contribution the industry makes to consumers’ lives, the lack of trust of the industry is a paradox.
But it doesn’t have to be this way. The remedy begins with a return to the age-old adage: “Say what we do and do what we say”. As brokers and industry leaders, it’s imperative that we step into the shoes of those who don’t possess our specialised knowledge and ensure clear and consistent communication in a language that resonates with our clients. The remedy lies in simplifying insurance offerings and enhancing transparency.
Adapting to evolving client needs is also key. In the current dynamic economic landscape, clients seek value, efficiency, and flexibility from their insurance providers. By embracing technology and streamlining services, insurers can meet these evolving demands and deliver greater value to clients. Clear communication and prompt claims processing are essential for maintaining trust and loyalty.
By simplifying insurance offerings, enhancing transparency, and investing in professionalism and empathy, insurers can rebuild trust with clients and ensure their long-term satisfaction.
Ultimately, clear communication and compassionate service are essential for fostering lasting relationships and prosperity within the insurance industry. As we continue to evolve and adapt to meet the changing needs of clients, let us remain steadfast in our commitment to delivering value, efficiency, and peace of mind through our insurance solutions.