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FNB’s short-term insurance sets new standards in efficiency, transparency

Get up to 15% of premiums back in eBucks, and a 20% discount on car insurance premiums when working from home

22 February 2022 - 10:14
FNB's new short-term insurance premiums offer holistic money management support to customers across several areas of their lives.
FNB's new short-term insurance premiums offer holistic money management support to customers across several areas of their lives.
Image: Supplied/Getty Image via FNB

FNB has expanded its insurance business with the launch of its short-term insurance, which covers car, home and free cover for purchases made with FNB virtual cards.

The rollout of short-term insurance has allowed FNB to set new standards in efficiency and transparency through the easy adoption of its products, transparency on insurance policies, and an efficient claims process. 

FNB and RMB Private Bank customers who take up short-term insurance from FNB could get up to 15% of their premiums back in eBucks, while those that work from home could get an additional discount of up to 20% off their car insurance premiums. Customers who make purchases with their FNB virtual card get free Purchase Protect cover for the first 30 days after making their purchases.

“This is a giant stride in FNB’s journey to becoming an integrated financial services provider of choice to individuals and businesses. Insurance is a vital cog in meeting the needs of FNB retail and commercial customers in a relevant and contextual manner through a digital platform they already trust,” says FNB CEO Jacques Celliers.

“The rollout of short-term insurance solutions complements FNB’s strong transactional and lending businesses, as well as the bank’s maturing investment and life insurance businesses. This demonstrates FNB’s dedication to putting customers at the centre of FNB solutions. We believe that the short-term insurance sector is ripe for platform disruption and innovation.”

The sentiment is echoed by FNB retail CEO Raj Makanjee: “Insurance premiums, especially car and home insurance, account for a significant percentage of financial commitments among FNB’s individual customers. As a result, FNB’s new solutions will go a long way towards ensuring the bank offers holistic money management support to customers across several areas of their lives.

“The additional benefits we provide through eBucks and premium discounts ensure that customers get more value from managing and consolidating their financial affairs with FNB. FNB is excited to partner with its customers on their money management journey.”

According to FNB insurance CEO Lee Bromfield, “FNB has been rolling out its short-term insurance solutions in phases, with more than 250,000 customers in its books across retail and commercial products. The depth and breadth of FNB’s relationships with millions of customers provides a unique opportunity to make significant inroads in short-term insurance.

“This was also a key factor in the success of FNB’s life insurance business when it entered the market in 2015. That business quickly developed to become one of the leading disrupters in life insurance. In line with FNB’s focus on helping customers, those who buy homes and cars financed through FNB no longer need to go to a third-party provider for insurance cover, plus they get rewarded.”

Despite being a relatively new provider in insurance, FNB has already established key benchmarks for the insurance sector through FNB Life. It has pioneered the digitisation of insurance solutions, claims processes, and policy transparency.

FNB is the only life insurance provider in SA that leverages the department of home affairs’ resources to check for deaths and process a proactive payout, helping customers in times of need. 

Over the years, FNB has received top accolades for customer satisfaction and the delivery of insurance solutions through its digital platform. When it comes to claims, FNB pays out customers’ claims for funeral insurance within 24 hours, with one in five claims paid out in under 30 minutes, and 52% paid within two hours. 

To take up any insurance solutions, customers can:

  1. Go to the menu section of the FNB app;
  2. Scroll and click on insurance;
  3. Select the type of insurance they want; and
  4. Submit their application for further assessment. 

FNB and RMB Private Bank customers who have existing relationships with the bank do not have to populate their details, which means the process of initiating an application only takes a few seconds.

This article was paid for by FNB.