Bank looking for beneficiaries of R160m unclaimed policies | Fin24
 
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Govt Pension Fund

    The fund says it would be wrong to dismiss R250bn Eskom bailout proposal without all the facts.

  • Sovereign Wealth Fund

    Questions around the fund's scope & mandate remain unanswered, writes Dr. Malan Rietveld.

Loading...

Bank looking for beneficiaries of R160m unclaimed policies

May 29 2018 10:44

FNB Life has identified over R160m worth of unclaimed policies on its books, it said in a statement on Tuesday.

The bank has, therefore, started an initiative to proactively identify customers who have not submitted claims in the past. It wants to track down nominated beneficiaries, family members or the next of kin.

The bank will do this by proactively accessing and analysing data from the Department of Home affairs to identify potential beneficiaries and pay out what is due to them.  

To date, over R5m has been paid across different products to nominated beneficiaries who had no idea that the policies existed before they were traced. The highest claim identified was R3.6m for life cover and R100 000 for funeral cover.

Lee Bromfield, CEO of FNB Life, says it is concerning and unfair that consumers who have spent their hard-earned cash paying insurance premiums have to lose out on claims due to insurers not being able to contact their loved ones or beneficiaries not being aware of the policies.

Many insurers place the onus on the insured to ascertain that beneficiary details are always up to date to pay out a claim, according to Bromfield.

One of the common reasons that often prevent insurers from being able to pay out claims is the failure to submit a valid claim and the inability to contact beneficiaries due to incomplete, missing, outdated or inaccurate information.

It is also essential that policy holders actively inform all their beneficiaries and family members whenever they take out cover, Bromfield added.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

fnb  |  money  |  insurance
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...