FNB adds insurance products to digital platforms

Read time 1min 40sec
FNB Life CEO Lee Bromfield.
FNB Life CEO Lee Bromfield.

First National Bank (FNB) has moved to introduce life insurance cover on its digital banking platforms.

This week, FNB announced it will give customers the option to take up and manage life insurance through its banking app and online banking.

According to the big four bank, by logging into their profiles, choosing the insurance option, answering medical questions and accepting the quote, customers will be able to take up cover within a few minutes.

Life policy-holders will also be able to review and update their cover digitally without the intervention of service consultants, it adds.

FNB says it is important it continues to meet the ever-changing needs of its customers and allow them to access life insurance through the most convenient means.

This is aligned to the bank's ongoing strategy to migrate customers to digital platforms, says Lee Bromfield, CEO of FNB Life.

"By distributing on digital platforms, we can also significantly reduce the acquisition costs of life insurance, delivering a much better value product to our customers."

FNB first introduced its insurance products in July 2015, starting with funeral and credit cover. The bank now offers life insurance products that provide cover of up to R100 million on disability, critical illness and death.

FNB is not the only bank taking on the life insurance industry. Absa and Nedbank have also rolled out insurance products for customers, although on varying digital platforms.

Wilmot Magopeni, GM for specialised solutions at Absa Life, says the bank offers only life cover, funeral cover and some credit protection products on its online banking platform.

Meanwhile, Nedbank says its funeral and personal accident cover are available to clients through the bank's digital channels, including Web and app-based services.

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