Qorus Innovation in Insurance Awards 2024

FNB Funeral Insurance Refresh - Towards Greater Financial Inclusion

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Insurance Innovation

About

The enhanced funeral product seeks to drive further financial inclusion by providing premium back benefits and repatriation coverage, amongst other relevant benefits. Providing peace of mind and added value in times of loss.

Innovation presentation

Funeral insurance continues to be a crucial aspect of coverage for South Africans. The Funeral Refresh initiative enhances the product's attractiveness by introducing new features, fostering stronger appeal, and promoting superior, sustainable growth in a competitive and saturated market.

The main features appended to the product include:

• Premium back benefit to entrench customers

• Individualised risk-based pricing attracting better risk clients

• Lower cover amounts - driving financial inclusion further

• More flexibility in premium terms to suit the planholder's budget

• Improved platform buying and servicing experience with Quick Quotes & Recommended Cover Amounts.

• Introduced the burial repatriation service assisting customers transport their loved ones at no additional cost.

• Ability to have multiple plans, and for any insured life to continue the plan within 3 months of the plan holder's passing.

Uniqueness of the project

FNB Insure has crafted a funeral solution with the customer at the forefront, offering benefits that align with their needs at a price point that encourages long-term commitment and delivers value. Additionally, it has streamlined the claims process and other service components for added simplicity and resonance.

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