2013 Report of the Ombudsman for Short-Term Insurance provides insights on dispute resolution
Last week the Ombudsman for Short-Term Insurance (OSTI) released his report for the 2013 calendar year. The OSTI is an independent body that offers dispute resolution between insurers and their clients. This is the second year in which the OSTI has made public the number of complaints received per insurer together with the number of complaints overturned with some benefit to the complainant.
Ernst Gouws, CEO of OUTsurance commented, “At OUTsurance, we view our responsibility to pay claims promptly and fairly as the most important thing we do. We’re very pleased with the results that the OSTI published, which once again underlined our unwavering commitment to paying valid claims accurately, quickly and efficiently.”
When looking at the rate at which claims are referred to the OSTI for review, OUTsurance maintained a referral rate well below the industry average as it did in 2012. The company furthermore achieved a significant improvement (from 23.2% in 2012 to 14.0% in 2013) in its overturned rate.
The OSTI only overturned 3.6 claims per every 10,000 finalised by OUTsurance, which was the second lowest recorded amongst typical short-term insurers as displayed below:
*Source: Calculated as follows: overturned claims (2013 OSTI report) divided by total claims received (2013 OSTI report) times 10,000.
Gouws continued, “In all insurance, the rubber really hits the road when you claim. In this very competitive market, you can save money by shopping around, but you would be wise to also double check independent statistics like what the Ombudsman makes available. Your insurer needs to be there when you need them most. We at OUTsurance can once again confidently claim that we’re doing both. Saving consumers lots of money on their insurance cover, while ensuring that come claim time, they are in safe hands. At OUTsurance, you really do get something out.”
The full details of the OSTI results can be found on pages 16 and 17 of the 2013 OSTI Annual Report, and can be downloaded at www.osti.co.za under the ‘publications’ tab.
More about OUTsurance
OUTsurance is South Africa’s largest direct insurer and it offers value for money comprehensive car and home insurance products to individuals as well as a suite of tailor made commercial insurance products to small and medium sized commercial operations. It also offers underwritten life insurance products to individuals. It is famous for its cash OUTbonus which rewards clients who have remained claim free. To date, the company has paid out over R2 billion in cash OUTbonuses.
To request a quote visit www.outsurance.co.za or call 08 600 60 000
