By: Lee Bromfield, Chief Executive of FNB Life
FNB Life has become the largest provider of funeral insurance to FNB customers who earn up to R84 000 per year. 26% of all FNB Consumers have an FNB Life policy and 28% of all their Life Insurance spend goes to FNB Life, a splendid feat realised in less than four years since the business started operating in July 2015.
Growing our market share of life insurance products held by FNB customers remains our primary goal and we are delighted to have made significant inroads way ahead of our targeted period, says Lee Bromfield, Chief Executive of FNB Life.
“Our success is rooted on the fact that we went out to build the best product the bank’s customer can buy, distributed through channels that customers are accustomed to. In our assessment of the market, providers of life insurance are still too expensive with complex products that customer can’t understand. We have largely cut through this clutter and our solutions resonate with the FNB customer. We’ve made great progress on the funeral side and expect to scale-up the rest of the products into the Retail customer base,” he says.
FNB Life’s strategy is to continue doing what works by focusing on producing great value, simple products and to be a reliable provider who pays-out customers’ claims. Similarly, the provider continues to place greater emphasis on minimising barriers to taking up or switching life insurance by digitising the process end to end.
“We have picked up that customers are very cautious of moving their life insurance even when it’s better for them, meaning we need to continue breaking down the barriers to accessing or switching life insurance. We have successfully realised this objective in funeral insurance and are progressively enabling richer functionality for our life cover offering,” says Bromfield.
In 2018, FNB Life was selected from hundreds of submissions as a leading innovator in the BAI Global Innovation Awards and in 2016 took home the internationally acclaimed Global EFMA-Accenture Innovation awards in or digitising funeral cover.