Digitalising Funeral Insurance Qorus Innovation in Insurance Awards 2016 - Winner

1. Channel Enablement: The introduction of FNB Funeral Plan sales through digital channels was motivated by the need to contribute to broadening financial inclusion in South Africa by allowing consumers to take up funeral insurance in a cost-effective and efficient manner without the restrictions of geography or business hours limiting access to cover. Digital channels have helped to improve convenient access whilst simplifying the take-up process. The following channels have been enabled: - FNB Cellphone Banking The high mobile penetration in South Africa means that consumers in outlying areas are able to access financial products in matter of minutes. - FNB ATM FNB ATMs have become one of the most used channels in townships in South Africa. - FNB Online Banking Online funeral plan sales can now cater to the 1.4million FNB customers who transact on this platform. Since FNB Funeral Plan sales went live on FNB Cellphone Banking and FNB ATM’s in November, more than 15,000 polices have been provided on these channels. 2. Funeral Claim Automation Proactive claims checking was introduced to pick up unreported claims. Implementation of Astute VOPD was also done, which enables the verification of a death without a death Certificate. Previously 40% of cases had an unclear or missing death certificate. A death certificate is no longer required resulting in faster claims processing and a better customer experience. Now 50% of claims are paid within 24 hours from the point customers notify us of a death.