JOHANNESBURG - A survey has identified FNB Life as the fastest growing life insurer in South Africa, achieving the highest growth in market share by sum insured for the 2017 calendar year, the banking group said on Monday.
In addition to leading overall growth, Swiss Re’s Individual Risk Market New Business Volume Survey 2018 found that FNB Life achieved the highest growth for the three main mortality products: risk only, credit life and funeral insurance.
FNB Life, which currently has over 3 million policies in its book, also had the number one market share for new risk products in the banks and digital direct channels.
The business’ 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, FNB Life CEO Lee Bromfield said.
Insurance revenue increased by six percent, benefiting from strong volume growth of 20 percent, and eight percent in funeral and credit life policies respectively, which further resulted in annual premium incomes increasing by 35 percent year-on-year.
"Our success is largely attributable to our ability to understand and innovate across the entire insurance value chain," Bromfield said.
"We have followed this strategy from onset and across all our products. Our approach is to leverage platforms and enablers across the bank to become the most innovative and digital insurance provider in the market."
FNB Life has also been selected from hundreds of submissions as a leading innovator in the BAI Global Innovation Awards.
In addition, the insurance administrator was selected as a finalist for Robo-Advice Tool for Life Insurance in the category of best application of data analytics, AI and machine learning in a product or service.
- African News Agency (ANA)