INSURANCE: Ombudsman Report Ranks MiWay Best-in-Class Insurer
Recent Gauteng Business News
INSURER MiWay ranked ‘best in class’ in this year’s Ombudsman for Short-Term Insurance (OSTI) report, receiving the lowest over-turn rate amongst insurers with claims exceeding 32 000.
With an exceptionally low over-turn rate of just 7.69%, MiWay ranked well below industry average scores across the board, further emphasizing the insurer’s ongoing commitment to exemplary customer service and treating customers fairly.
The OSTI is an independent body committed to resolving short-term insurance complaints fairly, efficiently and to offering customers objective dispute resolution mechanisms. The Ombudsman’s report, released annually, offers a summary of complaints received over the course of 12 months, as well as the number of disputes over-turned. The over-turn rate is the purest indicator of claims decisions. The lower the over-turn rate, the fairer the claims decision.
“We are encouraged by the growing impact of the Ombudsman report, as it helps to hold the industry to higher standards, ensuring that insurers take their customers seriously and ensure they’re adhering to best practices,” says René Otto, CEO of MiWay.
Increasingly seen as a trusted entity amongst consumers, the OSTI received 780 more complaints in 2016 than in the previous year – an encouraging sign that consumers are increasingly seeing it as an option in the event of a disputed insurance claim.
“We are proud of all our staff, especially the Claims and Dispute Resolutions teams. They are committed to service excellence and to making sure that even in cases where there are disagreements, clients are encouraged to exercise their freedom to approach the Ombudsman. That’s what #insurancefreedom is about,” concludes Otto.
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