CIB’s Claims Experience Once Again Among Best in SA Market

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CIB’s Claims Experience Once Again Among Best in SA Market

Clients who insure through CIB are conducting business with one of the best performing brands in the South African short term insurance industry.

 

A recent analysis of the Ombudsman for Short Term Insurance (OSTI) 2016 Annual report confirms CIB would have featured in the top quartile of insurers – for the second year running.  “CIB is an Underwriting Manager, which means we act as agents on behalf of our preferred insurance partner. Unfortunately, no mechanism currently exists to measure how UMAs are performing against conventional short term insurers. This makes direct comparisons difficult,” explains Wilhelm von La Chevallerie, Managing Director at CIB. “However, by extracting results from RMB Structured Insurance’s (now called Santam Structured Insurance) data we can compare specific performance criteria. This analysis helps us understand how we rank against our insurance competitors as well as help drive improvements. The 2016 results are quite spectacular.”

A critical success factor for CIB is its customer’s claims experience. An excellent indicator of this is the number of complaints lodged with the Ombudsman as a percentage of all insurance claims received by the OSTI. During the 12 months under review, CIB reported 23 724 short term insurance claims. Of these, only 31 resulted in complaints to the Ombudsman. “The most important feature of this comparative exercise is that CIB’s broker-advised policies resulted in only 1.3 per 1000 claims being disputed by the client at the OSTI. That’s less than half the industry average of 3 complaints per 1000,” says von La Chevallerie.

“This confirms both the value our clients receive when buying their insurance through an insurance broker, as well as the competitive edge CIB’s service-oriented insurance model delivers.”

NAME
OF INSURER

CLAIMS
RECEIVED BY INSURER

SHARE
OF CLAIMS RECEIVED BY THE PARTICULAR INSURER

COMPLAINTS
RECEIVED BY OSTI

SHARE
OF THE TOTAL NUMBER OF COMPLAINTS RECEIVED BY OSTI

NUMBER
OF COMPLAINTS RECEIVED BY OSTI PER THOUSAND CLAIMS RECEIVED BY INSURER

COMPLAINTS
FINALISED BY OSTI

COMPLAINTS
FINALISED WITH SOME BENEFIT TO THE INSURED

CIB*

23 724

0.74%

31

0.33%

1.3/1000

23

12

Discovery Insurance

101 077

3.15%

233

2.47%

2.31/1000

189

53

Hollard Insurance Company

363 898

11.35%

695

7.38%

1.95/1000

596

202

King Price

54 836

1.71%

431

4.57%

7.86/1000

366

75

Mutual and Federal Insurance Company

168 793

5.26%

630

6.69%

3.73/1000

533

133

MiWay Insurance

111 553

3.48%

516

5.48%

4.63/1000

416

32

Santam

368 545

11.49%

617

6.55%

1.67/1000

553

146

*NOTE: CIB is an Underwriting Manager

By | 2017-08-25T11:31:49+00:00 August 10th, 2017|News|0 Comments

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