CIB’s Claims Experience Once Again Among Best in SA Market

Clients who insure through CIB are conducting business with one of the best performing brands in the South African short term insurance industry.

A recent analysis of the Ombudsman for Short Term Insurance (OSTI) 2016 Annual report confirms CIB would have featured in the top quartile of insurers – for the second year running. “CIB is an Underwriting Manager, which means we act as agents on behalf of our preferred insurance partner. Unfortunately, no mechanism currently exists to measure how UMAs are performing against conventional short term insurers. This makes direct comparisons difficult,” explains Wilhelm von La Chevallerie, Managing Director at CIB. “However, by extracting results from RMB Structured Insurance’s (now called Santam Structured Insurance) data we can compare specific performance criteria. This analysis helps us understand how we rank against our insurance competitors as well as help drive improvements. The 2016 results are quite spectacular.”

A critical success factor for CIB is its customer’s claims experience. An excellent indicator of this is the number of complaints lodged with the Ombudsman as a percentage of all insurance claims received by the OSTI. During the 12 months under review, CIB reported 23 724 short term insurance claims. Of these, only 31 resulted in complaints to the Ombudsman. “The most important feature of this comparative exercise is that CIB’s broker-advised policies resulted in only 1.3 per 1000 claims being disputed by the client at the OSTI. That’s less than half the industry average of 3 complaints per 1000,” says von La Chevallerie.

“This confirms both the value our clients receive when buying their insurance through an insurance broker, as well as the competitive edge CIB’s service-oriented insurance model delivers.”

*NOTE: CIB is an Underwriting Manager