FIA
CASE STUDY
Financial Intermediaries Association of Southern Africa
The FIA – a trade association for intermediaries – strives to protect and develop the professional service of our members and their employees so consumers can benefit from the value of advice, risk management and product fulfilment in today’s DIY world.
The FIA represents approximately 2,000 financial services providers, including multinational, large, medium and small businesses. Their members operate in healthcare, long-term insurance, short-term insurance, employee benefits and investments.
Project:
Market intelligence dashboard. Manual, paper-based dashboard with data on insurers. Required new digital dashboard.
Project:
Market intelligence dashboard. Manual, paper-based dashboard with data on insurers. Required new digital dashboard.
The Challenge
- Financial advisors cannot easily access digital and comparable data about insurers.
- Financial advisors need up-to-date with accurate data to better inform their due diligence and recommendations for the placement of business.
The Solution
- Digital dashboards are available to FIA members with South African insurer data.
- Incorporation of various data sources that have recently been published:
- KPMG South African Insurance Data
- Ombudsman Data
- GCR Global Credit Ratings
Key Benefits
- Digital market intelligence dashboards that are
- Easy to use
- Easy to Access
- Centralised
- Digital
- A tool that can benefit all industry players and stakeholders.
- Dashboards have been customised accordingly to detailed input provided by industry SMEs and in-depth workshops.
- Financial advisor benefits:
- Digitally have easy access to up-to-date data about insurers.
- Market information that is up-to-date and accessible across the industry.
- Tool to support financial advisors in due diligence and market research processes.
- Insurer benefits:
- Strong performers get good exposure for due diligence.
- Get general market awareness & exposure.
- Generates market transparency.
- Creates a trust relationship between advisors and insurers
- Accelerates the sales process by assisting advisors in making informed choices.
- FSP analysis for insurers.
- Enabler for sales and increasing market share.
- Created an additional revenue stream for the FIA.