National Financial Ombud Scheme South Africa NPC (NFO)’s Post

Lately, I've been hearing and seeing a lot of frustrations about banks and insurance specifically when it comes to customer service. The unfortunate reality here in South Africa is that customer service from these large institutions often disappears once they have your money. It's easier at the start, but post-sale support is nearly non-existent, especially with insurance and investments. The root of this issue is complex, but let’s focus on the solution: don’t deal directly with these institutions. Instead, consider speaking to a financial advisor. Quality financial advisors offer a comprehensive range of services, from life cover to medical aid, short-term insurance, investments, tax planning, and estate planning. It's also important not to let past experiences with financial advisors deter you. Like any profession, there are varying levels of service and expertise, but there are many dedicated and trustworthy advisors committed to providing exceptional service. Remember this: to a bank, you are one client among millions. To a financial advisor, every client matters. Each one helps build our business and reputation. Without our clients, we wouldn’t exist. #FinancialAdvice #CustomerService #InvestSmart #LifeCover #SouthAfrica

Following a trending posts where frustrations with service delivery in the financial sector, raises several questions. Is the problem: - The Business Model - Infrastructure - Culture - Training - Business values - individuals The list of possibilities are endless. What is your take as an HR Professional?

Understanding the Role of NBFIRA in Botswana’s Financial Sector The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) plays a crucial role in maintaining the stability and integrity of Botswana's financial system. Established in 2008, NBFIRA is responsible for regulating and supervising all non-banking financial institutions (NBFIs), such as insurance companies, pension funds, asset managers, and micro-lenders. Why NBFIRA Matters: 1. Investor Protection: NBFIRA ensures that all financial institutions operate within legal and ethical boundaries, protecting investors from fraud and malpractice. 2. Market Stability: By overseeing financial services, NBFIRA promotes a healthy and stable financial environment, encouraging confidence among both local and international investors. 3. Compliance Oversight: NBFIRA requires all registered institutions to comply with set standards, ensuring transparency, accountability, and fairness. In short, NBFIRA is essential in keeping Botswana's non-bank financial sector secure, fair, and aligned with global standards.

Interesting results this week 😎 ***Old Mutual Limited specializes in financial services. The Group's activity is organised around 4 areas: life insurance and savings; asset management; lending and banking services, property and casualty insurance.  ***It delivered double-digit sales growth of 17% across its life segments, growing profitable market share. ***Funds under management grew 8% to R1.3-trillion, and results from operations increased by 16% due to strong sales growth and operational performance in Old Mutual Africa Regions, Mass and Foundation Cluster and Old Mutual Corporate. ***Among others, active digital users across its life and savings businesses reached 1.4-million, up by 17% from 2022. ***Life APE sales rose by 17% to R14.6 billion; excluding China, the increase was 25% ***Gross written premiums grew by 14% to R25.5 billion due to new sales and client retention. *** 81c total dividends per share #dividends #investing #oldmutual #africa #insurance #lifecover #profits #2023 #financialresults #growth

Each step, each day making microinsurance distribution more feasible through easing its acces thus profitability .We can do this !!

How are you helping your clients protect their futures?   Today’s lead is aimed at #FinancialAdvisers and #FinancialPlanners; but it should resonate with everyday #FinancialServices consumers too.   It introduces my latest FAnews Magazine-Online article, titled ‘The R298 billion proof of value for #LifeInsurance’.   The article delves into half-year industry stats to 30 June 2024, as shared by Association for Savings & Investment South Africa (ASISA).   The critical role life that insurance plays in South Africa’s financial landscape is illustrated by the R298 billion in benefits paid during the latest six-months. The industry has paid out well over R500 billion annually in 2021,2022 and 2023 - and is on track to repeat this feat over the current year. From a #FinancialAdvising perspective, the latest stats highlighted two potential interventions: First, communicating with clients re the need to keep their #LifeCover in force (addressing the alarming #Lapse and #Surrender numbers) Second, expanding #AdvicePractices into the low and mid-income segments to convert clients from #FuneralInsurance to #Death; #Disability; and #CriticalIllness cover – to get more ‘bang’ for their premium.   You can read the full piece here: https://lnkd.in/gsP8Ueza #LifeInsurance #FinancialAdvisers #InsuranceGap #FinancialSecurity #RiskCover #CFP The Financial Planning Institute SA Financial Intermediaries Association of Southern Africa (FIA)

Unveiling the Microinsurance Earnings Calculator for Banks, MFIs, SACCOs, and Cooperatives DDFinance is advancing microinsurance across Africa with its new Microinsurance Earnings Calculator, allowing banks, MFIs, and cooperatives to swiftly calculate earnings from insurance products. This tool enables potential partners in Kenya to quickly assess their revenues when integrating insurance into their offerings. Combined with our IPaaS technology, it ensures seamless integration and advanced functionalities to boost revenue and elevate brand presence. Explore more in the full article here: https://lnkd.in/dUKfDcgT #DDFinance #Microinsurance #InsuranceCalculator #IPaaS #FinancialInnovation #Africa #KenyaFinance #InsuranceIntegration #RevenueBoost

Session Three Innovation, Inclusion, and Access to Insurance, The session culminated in a dynamic panel discussion on "Innovation, Inclusion, and Access to Insurance," featuring industry experts such as Mr. Abel Taddele, Mr. Netsanet Lemessa, and Mr. Belay Tulu. The panelists explored innovative strategies to enhance inclusion and accessibility within the insurance sector, paving the way for transformative developments in East Africa's insurance landscape. Stay tuned for more highlights and transformative insights from the 7th EAFS! 💼💡 #EAFS2024 #Banking #Fintech #Innovation #Inclusion #Access #EastAfrica

DDFinance unveils a new microinsurance earnings calculator designed for prospective partners to swiftly estimate their revenue potential from integrating microinsurance into their offerings.

Zimbabwean financial firm Bard Santner Inc has launched TX Money Transfer, a new money remittance platform aimed at enhancing reliability and transparency in the sector. According to BARD executive director Lucia Chingwaru, the platform seeks to eliminate hidden costs and streamline processes that have historically inconvenienced clients. Chingwaru emphasized the platform's commitment to transparency, highlighting the importance of informing clients about remittance charges upfront. This approach aims to build trust and ensure clarity in financial transactions, addressing common concerns in the remittance industry. During the launch, Chingwaru underscored the need for collaboration across the sector to remove bottlenecks and optimize service delivery. By fostering integrated partnerships and leveraging technology such as automation and artificial intelligence, BARD aims to enhance operational efficiency and reduce processing times. The TX Money Transfer platform represents BARD Santner's strategic initiative to modernize remittance services in Zimbabwe, aligning with global standards of reliability and customer-centricity in financial transactions. #RemittanceServices #FinancialInnovation #TransparencyInFinance #CollaborativePartnerships #ZimbabweBusiness #TXMoneyTransfer #FinancialSectorDevelopment #ArtificialIntelligence To read more: https://zurl.co/ppZA