JOHANNESBURG - Swiss Re’s Individual Risk Market New Business Volume Survey 2018 has identified FNB Life as the fastest growing life insurer in South Africa.
The survey showed that FNB Life achieved the highest growth in market share by sum insured for the 2017 calendar year.
In addition to leading overall growth, FNB Life achieved the highest growth for the three main mortality products: risk only, credit life and funeral insurance. FNB Life, which currently has more than 3 million policies on its book, also has the number one market share for new risk products in the banks and digital direct channels.
Lee Bromfield, chief executive of FNB Life, says the business’s consistent growth coupled with its recent contribution to FNB’s double-digit earnings for the 12 months to June 2018 is consistent with the survey findings. Insurance revenue increased by 6percent (10percent on a normalised basis - excluding once-off dividend income), benefiting from strong volume growth of 20percent, and 8percent in funeral and credit life policies respectively, which further resulted in annual premium incomes increasing by 35percent year-on-year.
“Our success is largely attributable to our ability to understand and innovate across the entire insurance value chain. We have followed this strategy from the onset and across all our products. Our approach is to leverage platforms and enablers across the bank to become the most innovative digital insurance provider in the market,” says Bromfield.
The primary focus has been on digitisation and taking a multi-channel approach to insurance. The insurance administrator was also selected as finalists for Robo-Advice Tool for Life Insurance.