South Africa: FNB Life on the lookout for beneficiaries of unclaimed R160m

South Africa: FNB Life on the lookout for beneficiaries of unclaimed R160m

- in World News
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Insurance administrator FNB life has embarked on an initiative to proactively identify customers who have not submitted claims‚ amounting to R160m‚ on its books.

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FNB Life said it had made a commitment 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 in order to identify potential beneficiaries and pay out what is due to them‚” FNB Life said in a statement.

It said that to date‚ more than R5-million has been paid across different products to nominated beneficiaries who had no idea that the policies existed before they were traced.

It said the highest claim identified was R3.6-million for life cover and R100 000 for funeral cover.

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

“Therefore‚ it was imperative that we not only place emphasis on educating consumers on measures to avoid dealing with unclaimed policies‚ but proactively exhausts all possible measures to assist consumers who find themselves in this unfortunate situation‚” Bromfield said.

FNB Life said one of the common reasons that often prevented insurers from being able to pay out claims was the failure to submit a valid claim and the inability to contact beneficiaries due to incomplete‚ missing‚ outdated or inaccurate information.

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