Life insurer FMI, a division of Bidvest Life, has been named as the Top Business in the Financial Services sector for the second successive year at the 2019 KZN Top Business Awards ceremony. The awards celebrate local brands that have grown within the KZN community and contribute to the province’s continued success.
“The award was based on a combination of the company’s purpose, unrivalled culture and focus on its people and customers, and strong growth over the past two years,” says Chief Executive, Brad Toerien.
“Winning this accolade is an immense honour and is testament to the support we receive from our policyholders, our people and independent advisers every day,” says Toerien. “We want to make an impact by doing life insurance differently, and supporting brave people in pursuit of their passions, dreams and ambitions.”
FMI, whose head office is proudly situated in Sibaya, Umhlanga, is rapidly emerging as one of the major growth stories of the South African insurance sector. The company pioneered income protection for the self-employed in South Africa and has seen rapid growth over the past two years on the back of what Toerien coins “a better way” of doing life insurance.
“We’ve always had a strong view around the way life insurance products should be designed, and our single-minded focus remains to protect people’s income,” says Toerien. “We talk about being a purpose-driven company. As we’ve grown, we’ve offered more benefits, but there’s no doubt that our clear purpose – to protect people’s lives – has been a powerful driver of our growth.”
According to the company’s 2018 #RealityCheck Consumer Survey, without a monthly income, 62% of South Africans would run out money within 3 months. FMI believes it’s important that South Africans understand the risks they face and make sure that they have the right insurance to take care of them, when they need it most. Which is why, through its unique product offering, FMI contributes not only to the KZN community but to the broader SA economy.
“Any disruption to an individual’s monthly income can have dire consequences, particularly in our economic climate and social structure. From supporting salary and wage earners, to professionals and the self-employed (and in turn, those who depend on them), FMI is able to help South Africans continue to make an impact, uplift those around them and ultimately, aid economic progress,” said Toerien.
FMI’s focus on ‘purpose before profit’ has seen the company support a range of organisations and bodies, including The Learn Project (developing libraries and book corners in underprivileged schools), the Bloom Colour Run event (raising awareness for a special needs school and its learners) and the Vukukhanye Children’s Foster Home (which received a complete makeover in Nov 2018 at the hands and hard work of FMI staff).
FMI also proudly supports The Pink Drive with its annual Breakfast for Boobies event, which raises awareness around early breast cancer detection and educates women around the importance of having the right insurance should they be diagnosed with breast cancer.
Ultimately, people are at the heart of everything FMI does. It is a business driven by the purpose of protecting all South Africans from the effects of an injury or illness – striving to ensure every income earner can go on to make an impact and continue to take care of those who depend on them.