Banking & Insurance

Claims rejected for death occurring during waiting periods is one of the leading causes of complaints to the office of the Ombudsman for long-term insurance. Generally, funeral policies have a 6-month waiting period before a customer can claim. If a customer chooses to change their insurer, they would be obligated to serve a waiting period with their new insurer even if they had completed waiting periods with their previous one.

The banking group expects earnings for the year ahead to be in line with subdued economic growth.

Research shows that insurance executives are recognising the opportunities associated with big data. Of course, they are no stranger to the importance of data analysis given how the industry is built around understanding market requirements and developing solutions accordingly.

Bank hackers, email phishing scams and identity theft are synonymous with fraud in the financial sector. According to a statement by the South African Banking Risk Information Centre (SABRIC), more than R 800 million were lost over the last couple of years in South Africa due to fraud.

Often ‘gross negligence’ is used as a carve-out from a no-liability clause. The Consumer Protection Act expressly provides that a supplier cannot exclude liability for gross negligence.

Unfortunately, vishing is not new, but customers may be new to the scam. That’s why we want to warn customers, particularly in these tough economic times, when consumers are more vulnerable. Vishing is a method used to trick banking customers into divulging their confidential banking details, to scam unsuspecting bank customers out of their hard-earned money.

Typically, an insurance policy stipulates that notice of a claim must be given as soon as possible or within the time limit stipulated by the policy. While this may seem simple enough with a straight-forward assets policy, liability insurance is markedly different.

Artificial intelligence (AI) provides banks with the means to make better use of the massive amount of data at their disposal. In doing so, they can identify opportunities for growth faster and gain significant competitive advantage at a time when more agile digital counterparts are emerging.

I am calling on the insurance and fiduciary services industry to stop the practice of generating inaccurate product comparisons. Unfortunately, negative and inaccurate product comparison has entrenched itself in our industry, causing damage to companies and leading to mistrust by consumers.

With thousands of cases reported, and the World Health Organisation declaring it a global health emergency, the coronavirus has been making headlines.