Flexible life insurance products central to future of industry, says FMI
Company’s CEO says clients need assurance that money they have paid over the years is never lost, should they no longer require the policy cover
Insurance has always been a grudge purchase. But following the high-profile incidents where Momentum and Old Mutual clients resorted to social media to overturn the insurers’ decisions not to pay them, the industry is looking for new ways to rebuild trust and make itself relevant to cash-strapped consumers. On Wednesday, FMI, the life insurer specialising in income protection insurance, held a workshop on future insurability and demonstrated how the packaging of insurance products was changing to entice consumers to stay on insurers’ books for as long as possible. FMI CEO Brad Toerien said traditional insurance models whereby consumers totally lose out if they no longer require some of insurance products they bought was being challenged. Insurers were now introducing new levels of flexibility that allow people to convert their different insurance policies when they no longer need them. For instance, someone with an income protection policy is now able to convert it to a lump sum whe...
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