Fair treatment of clients


Fair treatment of clients

We are committed to embedding the principles of Treating Customers Fairly (TCF) into our strategy and culture as the cornerstone of our brand promise, Insurance good and proper. These principles aim to achieve the following outcomes:

Outcome 1: Customers are confident that they are dealing with firms where the fair treatment of customers is central to the firm's culture. 

Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly. 

Outcome 3: Customers are given clear information and are kept appropriately informed before, during and after the time of contracting. 

Outcome 4: Where customers receive advice, the advice is suitable and takes account of their circumstances. 

Outcome 5: Customers are provided with products that perform as firms have led them to expect and the associated service is both of an acceptable standard and what they have been led to expect. 

Outcome 6: Customers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint. 

At Santam, we hold quarterly TCF forum meetings to monitor implementation and progress, with a TCF dashboard being part of scheduled input to the board. Recently, we focused on improving our complaints data reporting and developing product risk assessment matrices. The Financial Services Board (FSB) is of the view that the responsibility of fair treatment lies equally with us and our intermediaries, and the need for more product training for intermediaries has been identified as a focus area going forward.   

We also measure client satisfaction in the following ways:

  • South African Customer Satisfaction Index (SAcsi): According to the SAcsi results, Santam maintained its leadership position among the short-term insurers, increasing its client satisfaction score from 77.3 to 80.
  • The Ombudsman for Short-Term Insurance (OSTI) 2015 annual report statistics: According to OSTI’s 2015 annual report, we received the highest share of claims in the industry at 12.11% due to our leading market position, whereas our share of OSTI claims was only 7.29%. In 30% of the finalised OSTI cases against Santam, the policyholder received some benefit, just slightly above an industry average of 27%. This means that 70% of claims were awarded in our favour.

In 2016, we also celebrated 10 years of reporting via our internal fraud hotline. The initiative dealt with 4 000 reports, reported 1 150 criminal cases and secured 300 convictions since inception. Leads originated from employees, suppliers, intermediaries and policyholders.

During 2016, we hosted the Santam 24-hour Blockchain Hackathon initiative to identify solutions and innovative ways to address fraud in the insurance industry.

Important contact numbers

Contact our fraud helplines on:

Contact the South African Insurance Crime Bureau on 0860 00 25 26

Contact OSTI on: