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Tag Archives | Best Practice

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Validity of lapsing of a policy – When does repudiation apply?

An insurer’s obligations concerning the lapsing of a policy was recently the subject of an investigation by the Long-term Ombud, following the repudiation of a claim. “Repudiation involves disputing the validity of a contract and refusing to honour its terms. Repudiation is therefore conduct which shows the clear and explicit intention of the party concerned […]

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TCF in Practice

Treating customers fairly may be the new buzzword, but it has been applied in the industry for quite some time now. A perfect example of this comes from a formal ruling made by the Short-term Ombudsman four years ago when it found against an insurer for adopting a practice which the Ombudsman felt “…was out […]

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How Productive are you?

The results of two surveys in the financial services industry were recently published by CoreData, a firm who conducts research in banking, mortgages, retail saving, pensions, asset management and the financial advisory sector. In January 2014, a report titled Adviser Efficiency – Business Processes in South Africa, provided data on the way we do things […]

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Consumer Expectations from TCF

There was a time when actuaries at product houses spent endless hours developing a product, packaging it, and then sending it to the marketing division with the message: “Go out there and find customers for it”. Hopefully, they have since learnt that you have more success if you determine a need first, and then create […]

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