Life assurers’ understanding of treating customers fairly gains Momentum
There can no longer be any doubt that the practice accepted by life assurers is perceived by the public as one that is unfair to consumers and this needs to be addressed
Nothing Momentum did this week was good enough for its critics, even backtracking onits decision not to pay thewidow of hijacking victimNathan Ganas the R2.4m lifeclaim. No one wanted to hear informed legalopinions or expert commentary about howlife assurance works and the consequencesof not being completely honest when takingout a policy. Instead, the company was subjected to avariety of insults from ordinary and prominent South Africans. The financial services regulator, theFinancial Sector Conduct Authority, throughits divisional executive for regulatory policy,Caroline da Silva, admitted that though th eassurer did nothing wrong, it would neverwin public approval. Perhaps seeing Denise Ganas as a victimfor a second time when the claim was declined after she lost her husband to a violent crime hit a raw nerve in our country. Or perhaps it had something to do with life assurers not covering themselves in glory inthe past — charging high fees, offering opaque and unsuitable product...
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