Benchmarking / Current Benchmarking
The annual FIA awards celebrates those insurers with an exceptional
mix of products, service and relationship quality. BY SANDRA JORDAAN
Credible Benchmark Delivers Quality
Over 4 000 contracts were rated according to product quality, service quality, relationship quality and overall satisfaction. The importance of this award is not just the recognition that the winners receive, but the statistical signify cance of the survey.
Pieter Aucamp, MD of Bluestream Consulting, who conducted the survey, says: “One of the criteria was to keep the survey consistent from year to year. An FIA research committee was established to give input with regards to the practical issues affecting the survey.
Inorder to establish the only insurance industry benchmark of its kind and of this magnitude, we formulated the unique execution model together with the FIA in order to safeguard the research by bringing in a triple-layer audit and verifi cation process. The fi rst layer is the exploratory research that was completed four years ago in the design phase and revisited from year to year. The methodology, structure and implementation of the survey, which is done independently by Bluestream, is the second layer. Thirdly, the whole process undergoes an external peer review by doctors of statistics and management. This research process supports the awards so that it can be rolled out as a benchmark and is acknowledged by the industry.”
And acknowledged it is. David Price, MD of Liberty Corporate, winner of the recently introduced employee benefi ts category states: “To me this is a credible, independent survey of our performance. It is a comprehensive study with statistical signifi cance that we should benchmark and rate ourselves against going forward. One of our internal goals would be to improve our score on the survey.” Kirk also points out that the more credible the test is the more important it is for Santam. Aucamp says that the benefit of this process is to enhance the overall competitiveness of the industry and to create a spirit of healthy rivalry. Van der Linde agrees: “The FIA awards afford intermediaries the opportunity to rank their interactions with insurance providers and in so doing, encourage healthy competition among providers. Just as intermediaries expect insurers to deliver excellent products and service, so the FIA encourages its members to aspire to high standards of professionalism, integrity and reliability in their dealings with clients.”
Discovery Health won the Health Care Provider of the Year Award for the second time in a row. The other contenders were Fedsure and Medihelp. Neville Cooperwitz, CEO of Discovery Health, said that it was an honour considering the fact that there are 40 open medical schemes in the country and it is a highly competitive market. Liberty Life, Momentum and Old Mutual were the front runners for Investment Product of the Year Award with Momentum taking the top spot. Discovery Life was the best provider in the long-term insurance (risk/life) for the second year in a row over Momentum and Liberty Life.