Swiss Re’s Individual Risk Market New Business Volume Survey 2018 shows that FNB Life has achieved the highest growth in market share by sum insured for 2017. It also achieved the highest growth for the three main mortality products: risk only, credit life and funeral insurance. With over three million policies in its book, it has also captured market share for new risk products in the banks and digital direct channels.
Lee Bromfield, CEO of FNB Life, says the findings of the survey confirm the growth story of the business, which achieved double-digit earnings for the 12 months to June 2018. Insurance revenue increased by 6% – and 8% in funeral and credit life policies respectively.
“Our success is largely attributable to our ability to understand and innovate across the entire insurance value chain,” says Bromfield. “We have followed this strategy from onset and across all our products. Our approach is to leverage platforms and enablers across the bank to become the most innovative and digital insurance provider in the market.”
FNB Life’s emphasis on digitisation and a multi-channel approach saw it winning a Global EFMA-Accenture Innovation award in 2016 for digitising funeral cover. This year, it was selected from hundreds of submissions as a leading innovator in the BAI Global Innovation Awards.