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Insurance Innovation

About

Retrenchment cover that seeks to provide a best-in-market solution for customers seeking to protect themselves in uncertain economic times.

Innovation presentation

The FNB Insure Retrenchment Cover is the market-leading benefit of its kind. It offers customers cover that pays a monthly benefit if they are retrenched or become unable to earn an income - providing much needed protection and peace of mind in uncertain economic times. Where many of our competitors ask difficult underwriting questions, we streamline the sales process by using our banking data to ensure the correct cover is provided with minimal questions.

Uniqueness of the project

• FNB Insure is able to offer the largest quantum of retrenchment cover in the South African market due to leveraging its credit modelling experience to pre-score the FNB customer base retrenchment risk

• Shortest deferred period in the market (usually requires 1 month of lost income), allowing customers to have uninterrupted income

• FNB Insure additionally does not require past employment history due to pre-scoring

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