Latest News

    According to the FSB, not many Insurance companies are ready for TCF

    The recent “TCF Complaints Management Discussion Document” highlights short-falls in how companies are required to log, track, resolve and analyse all customer complaints in a consistent manner. This not only applies to directly supplied products but to those which are sold via Brokers or Binder Holders, and many Insurance companies are not aware that they are responsible for managing complaints made against these 3rd parties.

    It is impossible to do Root Cause Analysis on complaints levied at you unless you have a consistent method to capture them. Also, unless they are centralised, you will not have an overview of why your customers are complaining.

    It became clear from the responses the FSB received, that few companies have a dedicated or purpose-made system to properly manage customer complaints. This makes consistency in capture, escalation and resolution impossible which leads to distrust by your customers.

    Categorising complaints is defined in TCF and few companies were able to demonstrate how they are applying this requirement. As TCF develops, these categories will be changed or expanded and making changes in a non-specific application could be difficult.

    When the Ombudsman gets involved with a complaint, the managing of them becomes more complex and without a purpose-built complaint management system, this could be impossible. Some complaints are directly taken to the Ombudsman and not to the Insurance company, and this is because there is no easy avenue to approach the Insurer directly which frustrates customers.

    A lack in consistency in time-frames was also a concern of the FSB and although there are no specific SLAs in TCF, not having limits and enforcing, could fly in the face of outcome 6.

    Managing complaints captured in branches is also difficult unless a single centralised system is available country-wide. This could also be applied to intermediaries, representatives and tied agents for better compliance.

    The bottom-line is that complaints management is better handled with a purpose-built system for consistency in escalation, timeframes, resolution and communication with your customers, plus accurate Root Cause Analysis.

    Whilst CRM systems are almost pervasive they are people-centric and not well suited to manage customer feedback. A case-centric system like Respond, is designed to consistently capture, track, resolve and analyse your customer feedback. Apart from complying with the FSB regulations, it will improve your customers’ view of your company, products, services and attitude

    About Us

    Cirrus TechVue has been in business since the early nineteen eighties. We are an SME with an exemplary track record in introducing new technology to South Africa and implementing enterprise scale solutions in some of South Africa’s largest organisations and regulator bodies, such as Telkom, ABSA and SASOL, Old Mutual Insure, Pension Funds Adjudicator, to name a few.