The CPA requires that any contracts with consumers – policy documents in the insurance space – are presented in plain and understandable language. It demands that an ordinary consumer within the class of persons for whom the good or service is intended, with average literacy skills and minimal experience relating to the good or service in question, must be able to understand the content, significance and importance of the wording! This “ordinary consumer” is your client!

The bottom line is that policy writers are getting a taste of the “plain language test” prescribed to financial services providers by the Financial Advisory and Intermediary Services (FAIS) Act and Codes, though the requirements are more onerous. Policy documents must be written to accommodate ordinary consumers and average literacy levels, hopefully without diluting the legal import.

There are pros and cons to simple language. Product providers fear that on over simplification of policy wording will cloud complex issues and lead to costly court challenges. On the plus side simpler language should make your task easier. It places a stronger emphasis on two-way communication at advice stage… And it encourages you to consider both the message you deliver (your sales pitch) and what your client understands from this pitch.

At all times remember that the financial terms and phrases you use on a daily basis may be unfamiliar to your client. To find an example of simple language in action you need look no further than the FMI Income Protection Specialists website, www.fmi.co.za. The information is clear, concise and easy to understand.

Each stakeholder has a role to play in meeting the simple language requirement. FMI must ensure that their policy wordings are free of Latin jargon and lengthy definitions. They need to provide a legible and well-structured policy document. And you need to communicate the policy terms and conditions to your client using everyday language.

Another goal of the CPA is to eliminate unfair, unjust or unreasonable contract terms. Prior to CPA contracts could already be challenged in terms the Companies Act 2008 Business Rescue Provisions. And the CPA has upped these protections by allowing any unfair provisions to be set aside and the contract voided.

What makes a contract unfair, unjust or unreasonable? The basic test is whether the arrangement is excessively one-side, whether any of the contract terms are inequitable, and if the contract relies on misleading information or false representation to the party’s detriment. FMI – the product provider – should make sure their paperwork complies. Your job is to communicate any change in cover to your client as they occur.

21st Century insurance will place the client first. The unilateral variation of terms, obliging consumer to perform but not the supplier, excluding or hindering consumer rights to take legal action, side-stepping an obligation to pay consequential loss and deeming declarations could render a contract void in future. Exclusions must be fair, clearly communicated and easy to understand too.

The article suggests that FMI will terminate a permanent income claim once the claimant is able to return to their own or any suited alternative occupation, irrespective of whether the claimant is insured under the ‘Own Occupation’ or ‘Own or Suited Occupation’ definitions. The article refers to the wording policy of the Business Person Elect (BPE) and was not verified with FMI prior to circulation.

FMI wants to assure its stakeholders that such interpretation is categorically incorrect and misleading. In all cases, FMI will assess a claim relative to the Disability type selected by the client. So, where the claimant is insured under the Own Occupation definition, their claim will be assessed solely relative to their ability to return to work in their nominated or own occupation. This has always been, and continues to be FMI’s practice in assessing own occupation permanent disability claims.

However, we acknowledge that the current BPE policy wording is open to the interpretation suggested by Momentum. This is an unintentional by-product of FMI’s attempts to keep the contractual wording as simple as possible. In response, FMI will immediately update our BPE policy wording to remove the scope for this interpretation. In addition, we will be sending out letters to all our existing clients who are affected to ensure their future peace of mind.

At FMI, offering claim certainty to our clients is central to our operating philosophy. If your client has selected the ‘Own Occupation’ definition, they are insured against the risk of being unable to work in their own occupation as a result of disability. There’s no catch – it’s that simple!

We trust that this addresses any concerns or uncertainty that may have been created by this article.

This presents challenges but also opportunities for Financial Advisers:

• Business owners will have to update their income protection regularly to match the volatile markets.
• Temporary income protection could be offered as the ideal solution to protect business owners’ cash flow should they become temporarily disabled.

The importance of income protection is underscored by the Association for Savings and Investment (South Africa). After extensive research recently, they expressed their concern that when it comes to disability income insurance, the average South African is underinsured by R900 000. When it comes to temporary disability cover, there is an even bigger gap. This is proof yet again of what FMI has been saying for years, namely that income protection is greatly undersold in the industry!

As mentioned earlier the volatile global market has had a direct impact on South Africa and the local business owner. The European debt crisis compounded the global instability. Our contributing economist, Dr. Roelof Botha, in his following article explains the dynamics that gave rise to the Euro-debt problem. Most of you would have met Dr. Botha as the dynamic speaker from FMI’s road shows where he impressed with his unique ability to mix the serious business of the economy with humour.

The Euro-zone debt problem Dr Roelof Botha

Background

During the past month, domestic and global financial headlines have been dominated by fears over the size of sovereign debt in the US and a number of European countries.

Pessimistic commentators are even suggesting that the global economy may be forced back into a recession as a result of the inability of many governments to balance their books.

Viewed from the perspective of enormous amounts of taxation revenues that constantly flow to governments around the globe, coupled with sound economic growth rates in most countries, this prospect seems both cynical and highly unlikely.

It is also important to point out that, in principle, there should be no particular concern over a government that accrues debt, subject to the standard warning that such debt should be serviceable with some degree of comfort from taxation sources.

Positive economic growth foreseen

Figure 1 illustrates the estimated economic growth rates for 2011 and 2012 for the world’s six largest economies, namely the US, China, Japan, Germany, France and Britain.

All of them are expected to record positive growth next year, whilst all 20 of the world’s largest emerging markets are expected to record growth of between 3% and 9% in 2012.

In terms of these forecasts, positive economic growth, combined with increasing taxation revenues, will automatically (over a period of time) lead to a reduction in sovereign fiscal deficit/GDP ratios, as long as governments contain their expenditure levels.

The latter is obviously not politically popular and Europe’s need for a measure of fiscal restraint over at least the next two years has already led to a change of the political leadership in Italy, Spain and Greece.

Implications for South Africa

It is quite ironic that four of the Euro-Zone countries with fiscal debt problems, namely Portugal, Italy, Greece and Spain, present the acronym “PIGS”. The commentary on the inability of the governments of these countries to have responded earlier to the need to curtail their expenditures has been quite unflattering.

South Africa feels the heat of the fiscal debt problems of the US & Europe in two important ways. Firstly, equity markets have become exceptionally volatile in recent months, with repeated gains and losses of between 10% and 15% in the all share index (Alsi) of the Johannesburg Stock Exchange over a relatively short period of time becoming common practice.

This uncertainty obviously translates into new challenges for the income protection industry, especially for individuals that have in the past relied on capital gains from equity trading to supplement their incomes.

A second influence relates to the anticipated slower growth of economies that collectively constitute the largest part of South Africa’s export market for manufactured products. The knock-on effect has already been felt by the domestic economy, with National Treasury recently having revised its growth estimates for 2011 & 2012 downwards (to 3.1% and 3.4%, respectively).

Solutions at hand

Fortunately, all that seems to be required to solve the fiscal debt problems of some post-industrial countries is patience (whilst growth of the economy and taxation revenues takes place).

A short-term remedy is also at hand, namely the issuance by the European Central Bank of “Euro bonds”, which would immediately and dramatically lower the cost of servicing sovereign debt in several Euro-Zone countries.

All that is required is some boldness on the part of the European Central Bank. Unfortunately, the political heads of the Euro-Zone would need to ratify such a move first and it could take years before consensus is reached on this issue.

How do clients react when you bring up the topic of ‘income protection’ especially when it comes to disability?

Clients are mostly very open to discuss this issue and most of them are unaware of the products available when it comes to temporary disability cover. I think the reason for this is that Financial Advisers themselves do not realise the fact that, I would say, 80% of the population are not catered for when it comes to income protection and temporary disability cover. Having said that, I have seen a change in the mind set of Financial Advisers and there is a definite upswing in awareness about this type of cover for small business owners

Does FMI’s different approach to protection cover make it easier for you to sell income protection?

FMI’s individual approach to clients and their focus on a niche market helps me to do business.  Their products are excellent and their pay-out stats speak volumes.  Their flexibility allows one to offer a better product to clients.

What advice can you give other Financial Advisers on adding income protection to their clients’ portfolios?

Clients are actually more interested than one might think. I have approached my existing clients first and initiated the conversation around updating their portfolios. Once they hear of the amazing benefit of being able to have an immediate income in case of being temporary disabled, they engage in the conversation and ask a lot of questions.

But restrictive labour legislation was just one of the four most pressing obstacles business owners mentioned. Top of the list for entrepreneurs is bad economic conditions and a slowdown in the economy. Almost 40% of the panelists in the survey cited this as their main reason for a decline in business. Their other concerns were financial constraints, like cash flow and unskilled labour.

This survey has been done to address factors that could assist small businesses to grow. Smaller firms are the primary drivers of job growth and this fact is well supported by evidence from around the world. “However, South Africa is wasting a critical economic asset and source of job creation by failing to create an environment for the small and medium enterprise sector to flourish.” That’s according to Chris Darrol, CEO of SBP, the research company which compiled the survey.

The headline report – Priming the soil: Small Business in South Africa –will run initially for three years, tracking the performance and experiences of a panel of 500 SMEs. These are firms that can make a big dent in unemployment – they have survived the first two years of operation, they currently employ between 10 and 50 employees, and they operate in sectors that government has prioritised for growth – manufacturing, business services and tourism.

These firms represent a crucial subset of the business community. They contribute upwards of 50% to South Africa’s GDP and 77% of all private hiring.

The Index found some good news. Just over half the firms surveyed plan to grow in the short term. SMEs in the business services sector in particular are confident of growth, but manufacturers and tourism firms are less so. Just over half of business services firms envisage expanding staff numbers, as do 35% of manufacturers and a fifth of tourism firms.

The bad news however is that job creation in recent years has been slow. Less than half the firms on the panel have grown their staff numbers over the past five years. Less than a third created new positions in 2011. South Africa’s SMEs are simply not growing at the pace needed for large-scale wealth and job creation. Of the factors contributing to this, the economic climate, not unexpectedly, rates highest.

The Index asked the 500 small business owners to identify the critical actions that government needs to take in order to support small business growth and employment generation.  These were some of the actions they would like to see taken:

1. Reduce the cost and complexity of regulatory compliance.
2. Improve administrative efficiency within government in order to reduce red tape.
3. Create a level playing field, ensuring that regulations are fairly and consistently enforced.
4. Develop more efficient and accessible financial instruments for the SME Sector.
5. Create tax incentives for small businesses to grow employee numbers.
6. Work with industry to facilitate the development of practical skills across the labour force.
7. Introduce more flexibility in respect of labour laws.
8. Rethink BEE.
9. Make government procurement opportunities more accessible to small businesses, streamline tender processes, improve transparency, and pay on time.
10. Create political stability, reduce the crime rate and address corruption in government, as preconditions for attracting investment.

The full report available on www.smegrowthindex.co.za

FMI are committed to being socially responsible and aim to make a difference where we possibly can. Just as we believe that helping you to protect your income has a positive impact on the livelihood of many, so we believe that changing one person’s future can change the lives of many others.   As such, we are proud to give you an update on two of our bursary students.

CEO Brad Toerien (right back) with Nic Smit, Actuarial Analyst (left back) and FMI’s two bursary students, Asavela Rawe (front left) and Mondi Simbosini (front right).

Asavelo Rowe (18 years) and Monde Simbosini (20 years) have taken one step closer to reach their dream of making their mark in the business world one day by completing their first year’s work experience at FMI.  The two friends made headlines on the well-known website ‘SA Good News’ earlier this year when they told their unique story of overcoming what seemed insurmountable obstacles to excel at school. Despite their remarkable results, the lives of Asavelo and Monde would have looked differently was it not for the intervention of FMI. CEO of FMI, Brad Toerien, said he was inspired and touched when he first read how these two young men studied late into the late night at school, because they had no electricity at home where they also faced other challenges. When he learned that Asavelo and Monde were offered no financial backing except for a small bursary from the University of Cape Town, he felt compelled to help them out. FMI and its partner, Lombard, subsequently granted both gentlemen full scholarships to study actuarial science, an industry related profession. ‘Asavelo and Monde have worked extremely hard this year and we are proud to have them here to gain some work experience.  We believe that you can transform a community by changing one life. We look forward to the day when they join our company full time ’, says Brad Toerien.

For Asavelo and Monde the past year has been one of the best years in their lives. “We have come to realise that you have to work very hard to make a success of your studies”, says Asavelo.  Monde confirms this: “It is also important to surround yourself with people and friends who can support you and believe in what you do, like FMI and Lombard have done.”

Capturing the business and loyalty of a young consumer makes excellent business sense in the financial services industry, not only because of the immense value for a life-long client, but also because a financial adviser will be able to build a solid relationship over decades, and will have innumerable opportunities to upsell and cross-sell to such a client through the various life stages.

Getting to know the market
Generation X and Generation Y present a completely new type of consumer compared to the Baby Boomers, also known as the ‘silent generation’ for their unquestioning, trusting approach. Unlike their parents, however, Generation X and Y have access to far more information and are much less trusting.

Generation X

• Born between 1965 and 1979.
• Financially independent and family-oriented.
• Educated, discerning and insists on shopping around.
• Cynical, sceptical and keenly aware of their consumer rights.
• Value qualities such as speed, convenience and simplicity.

Generation Y

• Born after 1980.
• Technologically savvy, having grown up with Internet and cellphones.
• Image conscious, socially influenced, financially dependent and career driven.
• Generally single and seldom have dependants, so little need for risk cover.
• Savings and retirement planning seems less urgent.
• Feel invincible, so insurance is not top-of-mind.

Spotting the opportunities

These characteristics of the younger generations reveal some specific opportunities, most notably for products covering risks that may adversely impact their future ability to produce an income, such as accidents or disability.

It is an accepted fact that the majority of disability events for younger clients are caused by accidents. In addition, the fact that many younger people are forced to become entrepreneurs, due to BEE initiatives and a flat job market, highlights the need for disability cover, as business owners do not have sick leave or medical aid benefits paid for by an employer.

“For these reasons, income protection cover is essential for youngsters,” comments Brad Toerien, CEO of FMI. “They may not have debt or dependants, but their biggest asset is their future income stream. The risk to their future income stream is greatest at the beginning of their careers, yet paradoxically, this is also the time when this risk is the cheapest to insure.”

How to approach the younger generation

A few of the opinion leaders, mavens, trend predictors within the HDI Youth Marketeers’ Junior Board of Directors – a hand-picked group of young people chosen for their cultural diversity and astute opinion leadership in various spheres of influence – offer a keen insight into how the younger generation think about insurance – straight from the horse’s mouth!

We asked these youngsters whether they prefer buying directly from insurers or working through a Financial Adviser. We also asked them how they do their research, what they are concerned about and what they expect from the companies they deal with. We also asked them how they want to be approached by marketers and what the deal-clinchers are for them.

“I prefer using Financial Advisers, purely because they’re able to compare different insurance companies. Costs are very important, I don’t want to spend too much on insurance, so if there’s less cost implications and they’re able to deliver then that’s great. Also, I want someone who has the knowledge and expertise on insurance. Insurance companies should look at ways of appealing to the youth market, like advertising via text messages or sending video messages. Insurance companies need to offer cell phone insurance, because I’m young, and things happen.” - Ehua Adande, 21

“It’s better to deal directly with an insurance company. It’s very simple contacting the insurance company directly as opposed to approaching a Financial Adviser. And the problem with a Financial Adviser is that they tend to charge additional service fees, and I don’t want such implications. Insurance companies need to speak to the youth, and be able to speak their language, in that way, they’ll be able to appeal to us. Making use of circumstances that relate to the youth, formulate adverts which includes young people in it. If they offer a wide range of packages, a lot of young people will opt for that. They just need to be able to live up to their words. And make sure there aren’t any hidden stories.” - Linda Mbuso, 24

“My first point of contact would be an insurance company, because it’s only safe to assume that they’d know more information about their own products. To appeal to the youth market, insurance companies need to tailor-make products to suit young people. They can also establish a game that teaches young people about insurance. In that way one will be more familiar with insurance. I’ve been told that insurance people tend to mess around with people’s heads, I don’t want that, so one needs to be sure.” – Nazir Khan, 21

“Making use of a Financial Adviser seems like a complicated process. I’d rather deal with the insurance companies because I know they are equipped with all the information. The Internet is proving to be more effective in terms of advertising. If insurance companies can create their facebook pages and twitter pages to suit young people, they can be more appealing, and that will work. They should also include affordable packages. Insurance that speaks to me as a young adult will be worthy of my attention. They need to make sure that their packages are more exciting, with youth appeal.” - Dane Botha, 22

“I’ve had experiences with Financial Advisers, and in my opinion they’re expensive. Also, the way in which they’re portrayed, I’m not really impressed with them. I’m not easily swayed by advertising. I make decisions based on experiences. Hippo.co.za is doing a good job, I love what they’re doing. They have a fresh approach, and their quotes are reasonable. I need to be able to feel that I’m getting a great service. Therefore, insurance companies need to be very transparent in their dealings. They need to show me that they’re not messing me around. I want proper insurance. And because I’m young, and I need to pay as little as possible.” – Steven Meyers, 21

Key insights

• Affordability is key!
• Youngsters want very quick, simple and streamlined solutions.
• Youngsters want very specific product solutions – tailor-made to fit their needs.
• Financial advisers are expected to find the best deal, harnessing their expertise and experience.
• Financial advisers need to address misperceptions around fees and commissions.
• Urban young adults are very suspicious of the small print. Much work remains to be done to build trust.
• Youngsters expect communication through the mediums – and in the language – they are familiar and comfortable with.

If you are looking for a product that will meet this new generation’s stated demands – products that meet their actual needs, are affordable, and are simple to understand and quick to consume, with no delays due to underwriting and immediate acceptance, among many other benefits, the ideal place to start is FMI’s Accident Only Benefit, designed to cover those below the age of 32 and included under FMI’s BPE product. In addition, FMI’s range of income protection products offers many opportunities to provide young entrepreneurs and business owners with the protection they need at this important time of their lives.

When approaching this market, financial advisers need to adopt a new role: that of mentor, guidance counsellor and life coach, adding real value to the lives of these young people through regular contact, using their preferred mediums, to provide practical information and value-added advice that will build trust. Once you have gained their trust, it becomes a simple matter of keeping up with their lifestyle changes, so you can recommend products and benefits relevant to their particular life stage.

“The younger generation are the future masters of industry,” says Toerien. “Look after them now by highlighting and meeting their specific needs, even if it means spending more time on them than what the immediate outcome justifies. As their businesses and wealth expand, your efforts will be rewarded.”

With 11 years of experience in the Financial Services sector, Charn is a practising CFP® at Trustsure Financial Services.  Being a representative of this industry enables Charn to meet a variety of different people, particularly small business owners, who require extensive financial planning in life assurance and short term insurance.

 Question 1. How do you get your clients hooked on income protection?

For the right target market, Income Protection is an essential product. By motivating the benefits of having this kind of protection in place, it’s easy for the client to then realise the need. 

I focus on specific individuals, whose income will be impacted, bearing in mind it might not necessarily be immediately, when unable to work.  Specifically for small business owners, the impact of a disability is multi-fold. Not only do these individuals have to physically and mentally recover, often this type of event comes with unplanned additional expenses and they are not guaranteed of income during or after this event. Once this need for income replacement is understood then the only affordable solution is often income protection.

 When a claim is settled, clients forget about all premiums paid, especially when the value of the claim is far greater than the costs incurred.

Question 2. What unique selling point of FMI’s do you believe provides the best leverage when talking to clients?

The ability to structure a flexible and holistic disability solution using TIP, PIP and Capital Disability benefits provides the best leverage when presenting various product options to my clients. As FMI is able to provide a complete solution for individuals and their business, this further strengthens the offering.

The fact that FMI is a specialist insurer helps to give clients peace of mind that their financial matters are in safe hands and that the product will pay as promised. FMI’s backing by Lombard Life ultimately guarantees that legitimate claims will also be paid.

Question 3. What tips do you have to share with fellow Financial Advisers on conducting good business?

This is a very difficult question because of the many complexities involved in selling risk benefits. This includes properly working through the sales process, providing essential after sales service, conducting yearly reviews and importantly assisting clients with claims.

We have all heard the following quote, “A client convinced against his will is a client unconvinced still…”. Therefore it is important that a client buys a product, and is not sold it. Being realistic about affordability and premiums is imperative as in reality not everyone can afford the perfect solution. It is often easier to start with the essential benefits and to expand on these as agreed and necessary.

The fact that Financial Advisers provide an on-going solution and that there very seldom can be only one solution, is important for any client to understand.  Advisers in turn need to understand that the lives and businesses of clients change constantly and so do the products available in the market.

At FMI we are constantly looking at evolving the product solutions that we offer. We have enough experience to understand that a disability can have severe financial consequences – immediate and ongoing, both of which need to be catered for under a single yet flexible product. FMI have recently incorporated a Capital Disability benefit into the Business Person Elect (BPE) Product in response to this need.

• Capital Disability products provide a lump sum benefit in the event of permanent disability. This can be used to repay debt and provide for the immediate needs associated with such a disability.

• Income protection provides a monthly payout for future living expenses, should the client become incapacitated and unable to work

• Income Protection covers both Temporary and Permanent disability.

• Temporary disability events are far more common. In 2010, 81% of claims made against FMI’s Temporary Income Protector (TIP) product were temporary disability events, lasting an average of 79 days and therefore less than 3 months. These claims would typically not qualify for any Capital Disability payment where a waiting period of 3 to 6 months applies and permanence is a claim criterion.

• Multiple claims can be made on Temporary Income Protection.

The addition of the Capital Disability benefit to our product range will provide our customers and intermediaries with a single product solution that enables holistic income and lump sum disability planning and leverages off FMI’s long-term experience in disability underwriting and claim assessment.

The combination of Capital Disability benefits with FMI’s market leading income protection solutions will materially reduce the benefit interaction, aggregation and claim assessment risks which customers and intermediaries face when a disability insurance portfolio is constructed across multiple products.

Both the Capital Disability Benefit and Income Protector serve a valid purpose and cover different needs. A mix of both benefits is ideal as Capital Disability takes care of immediate needs, while Income Protection offers peace of mind into the future.

With the addition of Capital Disability Benefit to our product platform, your clients will be able to obtain 100% income cover under the PIP benefit, while also enjoying the option to take out two times annual salary on the Capital Disability benefit. In essence the same client can enjoy more cover under a single BPE policy.

It is important to note that your clients can take advantage of our generous aggregation rules and unique ancillary benefits to maximise the payout that they would receive when they need it most.

Practical Example:

Jack Aged 50

Earning R50 000 per month

Cessation Age of 70

Jack applies for the following cover:

• TIP R50 000 per month
• TIP Dread Disease Enhancer R10 000 per month (cover fixed at 20% of TIP cover)
• TIP Hospitalisation Enhancer R10 000 per month (cover fixed at 20% of TIP cover)
• PIP R50 000 per month
• Capital Disability R1.2 million

Let’s consider two possible claim cases:

EXAMPLE 1: Jack could be hospitalised for a period of 6 months as a result of organ failure.  Because this is a dread disease and Jack is in hospital for 6 months, he will be paid R70 000 under his TIP, TIP Dread Disease Enhancer and TIP Hospitalisation Enhancer benefits. This claim amount represents 140% of what Jack was actually earning.

EXAMPLE 2: Jack is permanently disabled. Over and above his TIP claim payout, he will receive R50 000 per month until age 70 or death, which represents 100% of his earnings. In addition to this he will receive a lump sum of R1.2 million under the Capital Disability benefit. At application stage there is also the option to attach a claim escalation percentage to his PIP benefit so that his PIP claim payout would increase every year on claim anniversary. Note that the Capital Disability cover does not taper as the Life Insured approaches cessation age.

For the above example, If Jack had elected to take no PIP cover he could have selected Capital Disability cover up to R7.5 million.

This re-rate has resulted in extremely competitive premiums being offered on this benefit, particularly to middle-aged clients and the older age groups.

Re-rate has resulted in:

• An overall 8.6% reduction in TIP premiums for R25 000 cover
• An average of 11.5% reduction in TIP premiums for R50 000 cover
• For higher cover amounts the rate reduction increases

The rate reduction is not fixed across all rating points and may be more or less than the average discounts quoted above. For example, the savings are much more significant for some common life insured profiles – as illustrated below comparing the old Business Person Elect (BPE) to the new BPE Product.

Example: Life Insured Profile

• Occupation class 1
• Male Non Smoker
• Temporary Income Protector benefit of R25000 per month
• Primary waiting period
• 24 month benefit term
• Retirement age 65
• No claim’s escalation
• 5% Increasing Premiums

As illustrated on the graph above:

On the Old BPE this client would have paid R648 at Age 50

Now at Age 50 on the New BPE this client will pay R431 (33.5% premium decrease)

 How has our rate decrease influenced our competitor positioning?

• As illustrated in the graph above the new rates on the new BPE product are far more competitive in the marketplace, than the previous rates were.

• Translating the difference between FMI and our competitors in numbers is where the real value lies for your clients.

The facts and figures speak for themselves. The new and improved BPE with reduced premiums and highly competitive rates ranks FMI favourably in the market.