Online insurance uptake on the rise, says FNB
In the wake of the COVID-19 pandemic, First National Bank (FNB) customers are turning to digital channels to meet their insurance needs.
The bank reveals its insurance arm, FNB Life, has reported a 22% year-on-year increase in customers taking up or maintaining their life insurance via its digital platforms.
FNB Life chief executive Lee Bromfield says: “COVID-19 has triggered questions about health and financial security among many families. As a result, since the beginning of this year, the number of customers showing interest in life insurance has been on the rise.
“We are particularly encouraged by our customers’ use of digital channels because this is core to our strategy as we aim to provide platform-based, cost-effective and convenient solutions for our customers. Similarly, we have also made good progress in becoming the life insurance provider of choice for FNB customers.”
Since receiving its life insurance licence in 2015, FNB has introduced a range of life insurance products, including an underwritten product range, funeral cover, credit insurance and business insurance products.
Bromfield previously told ITWeb the bank has built a digital claims process on the FNB app and on FNB.mobi, to allow customers to submit and track their claims.
Furthermore, it has built streamlined and automated decisioning in the backend to filter and pay valid claims as quickly as possible to assist customers during the COVID-19 lockdown, he stated.
According to the bank, advances made in digital channels have resulted in the total number of policies now reaching over four million with 6.3 million lives covered.
Bromfield concludes: “The impact of COVID-19 has been devastating to many households, and we have remained firmly committed to supporting our customers over this difficult time. Our commitment to providing innovative solutions, supported by our platform-led ecosystem, has allowed us to continue providing real value and meaningful support to our customers’ insurance journey, while ensuring the business continues to uphold growth.”