Awards build on financial services success stories
• Event is an opportunity to recognise top insurers, investment firms and medical schemes
The Financial Intermediaries Association of Southern Africa (FIA), which represents financial advisors and insurance brokers in multiple financial services disciplines, is proud to be part of a world class financial services sector.
The 2016-17 Global Competitiveness Report ranks SA 11th out of 138 countries for its financial market development. In a report card that even the toughest parent would be proud of the country scooped first place for financing through local equity markets; second place for financial services’ ability to meet business needs; second place for the soundness of banks; and third place for the regulation of securities exchanges.
“We value the contribution that insurers, investment firms and medical schemes companies make to our economy and we welcome the contribution that FIA members make in advising consumers on insurance and investment products,” says Lizelle van der Merwe, CEO of the FIA.
She says the association celebrates the contributions that the industry makes to society through the annual FIA Awards, now in its 19th year.
“The awards are an opportunity to recognise those product suppliers who make it easier for intermediaries to deliver positive outcomes for consumers of financial products. The FIA Awards has a rich history as SA’s most comprehensive ranking of insurers, investment firms and medical schemes that are active in the intermediated distribution environment.
“It is a survey of FIA member brokers to assess their experience of product suppliers under the headings product quality, service quality, relationship quality and overall satisfaction to ensure that consumers are getting the best outcomes from the industry.
“as they join forces to deliver the best possible financial outcome to consumers,” she says.
According to Gareth Stokes, communications manager at the FIA, the awards are important because they recognise those firms that go the extra mile to assist intermediaries in delivering top quality services and solutions to their clients, the end consumer.
ACCOLADES
“Although product suppliers walk away with the accolades on the night, the awards are also a celebration of the value that financial advisers, insurance brokers and other financial advice professionals bring to the industry.
“The awards also provide an opportunity to reflect on the importance of good financial advice in achieving the industry’s overarching goals of consumer protection, financial inclusion and transformation.”
An award is given to the supplier that ranks highest on a comprehensive “whole of FIA membership” broker satisfaction benchmark survey.
The FIA uses an independent firm to conduct the comprehensive survey of its members. For 2017 survey company Ask Afrika was appointed to run with the process. They were responsible for managing and collating results by way of an extensive two-stage survey, which included a digital survey of FIA members followed by a round of telephone interviews.
All research undertaken by Ask Afrika is underpinned by reputational validity and is audited externally and internally to ensure complete transparency and validity.
The awards results were externally and independently audited by BDO and Dr Ariane Neethling, an independent auditor and statistical expert.
“Our challenge to Ask Afrika was to reconceptualise and reinvigorate the awards process without straying too far from a selection process that has been fine-tuned over 19 years. Special care was taken to match the ‘old’ and ‘new’ methodologies to ensure the results accurately reflect FIA member brokers’ experience of product suppliers.
“The choice of Ask Afrika was intended to bring the association closer to the consumer, who is the most important component in any financial transaction.
“The FIA is expanded its strategy with regards to the FIA Awards this year recognising that consumers’ needs are becoming more complex, so advice is all the more relevant.
“If members do not build their value proposition around the consumer the credibility of financial services advice from intermediaries may not be appreciated,” says Van der Merwe.
Sarina de Beer, MD at Ask Afrika, reports that data collection for this year’s awards took place between March 14 and May 4 2017 with more than 8,000 contracts rated by FIA members in the process.
The 2017 survey process was further improved with the introduction of a more robust diagnostic questionnaire to gain insight into key issues facing FIA members.
IMPORTANCE
Stokes confirms the importance with which FIA sees the consumer as a stakeholder: “One of the reasons we contracted with Ask Afrika was their understanding of the consumer segment — we want to expand the survey from one that considers intermediaries’ views of product suppliers to one that reflects the experience of consumers as they ‘buy’ insurance or investment policies.
“We want to know what makes consumers tick to better illustrate the value of the financial advice that is offered to them by our members, SA’s financial advisors and insurance brokers.
“The 2017 FIA Awards have been another opportunity to acknowledge the product providers who go out of their way to empower our members to do what they do best, which is to provide excellent financial advice and structured solutions to meet the consuming publics exacting needs,” says Stokes.
THE AWARDS SERVE AS A REMINDER OF THE COMPLEX RELATIONSHIPS THAT EXIST BETWEEN ADVICE GIVERS AND PRODUCT SUPPLIERS