Kudos for players putting customer needs first
The FIA Awards are recognition of the quality of intermediated insurers’ service, product range and offerings to consumers and businesses via an intermediated distribution channel.
“The awards represent the intermediary’s view of an insurer who offers the best combination of product range, product quality, service and ease of doing business, competitiveness and general treatment of claims that makes life easier for the customer whom the intermediary is representing,” says Peter Olyott, president at the FIA.
“The differentiation from other awards in the industry is that the FIA Awards put the consumer first, through the intermediary who is there to ensure the consumer benefits from the best possible product and that the offering is optimised.
FULL BENEFIT
“The intermediary does not only look at cost and monthly premium, but ensures risks are appropriately identified and placed on cover; that claims are properly indemnified; and that the consumer receives the full benefit for which they are insured in the event of a claim,” adds Olyott.
He says the awards represent an all-round experience to the benefit of the consumer, but viewed through the eyes of the intermediary, who is a specialist in the field and has excellent knowledge of what the market is offering.
“The intermediary is uniquely placed in that regard with an overview of the market, which individual insurers don’t have other than their market intelligence,” says Olyott.
“The intermediary has real, day-to-day knowledge of the offering to customers and why a particular insurer offers a better customer experience, because if a customer’s queries and claims are sorted out quickly, efficiently and fairly it reflects on the intermediary positively for having chosen the right partner.”
He says the awards acknowledge the consumer as an important stakeholder within the FIA.
“The reality of insurance is that it is not a commodity but bought by consumers in the event that a claim materialises, so it is important that consumers experience the outcomes they were expecting.
“The work of an intermediary is one of informing, not decision making. The intermediary is there to inform the consumers and advise against pitfalls, enabling them to make an informed choice, which is not only about the lowest premium.
“The FIA realises that it is important for industry growth that the consumer is informed about what to look for when buying insurance and what it means to use an adviser.”
NETWORKING
He says another important aspect of the awards is the opportunity to network.
“This year, we did away with the formal black-tie aspect in favour of a business environment that isn’t overly formal, which makes for improved communication, networking and flow of the programme. The FIA Awards are an excellent opportunity for networking as the leading insurers, financial intermediaries and government regulatory bodies are all represented,” says Olyott.
Another change, brought about to heighten the excitement this year, was that the names of the awards winners were kept under lock and key until they were announced on the night.