Balesh Raniga, Product Portfolio Lead at FNB Insure
As the Product Portfolio Lead at FNB Insure, I have had the privilege of developing insurance solutions that align closely with the lives of South Africans.
Since FNB entered the insurance market with our long-term license in 2015 and our short-term license in 2018, we have been committed to crafting insurance products that reflect our customers’ specific needs—from health and life insurance to cover for homes and vehicles. For many, insurance can feel like a “grudge purchase.” But our goal is to reduce this factor by making our products not just accessible but genuinely valuable when it matters most.
Our primary focus is, of course, our FNB clients. This focus allows us to leverage the data to personalise insurance offerings, ensuring that they fit seamlessly into our customers’ lives. For instance, while many of our offerings are targeted at FNB account holders, we have also started expanding our reach beyond our client base, beginning with funeral cover for the broader customers without a banking relationship with us.
Addressing Health Risks in a New Way
In recent years, we have observed the importance of health funding as a core financial priority for many households. Health-related events are some of life’s most unpredictable challenges. For many South Africans, accessing health insurance is as essential as any other type of coverage, but historically, the market has underserved the lower-income segment. Our approach to health insurance at FNB focuses on affordability and relevance, with options like the FNB Health Cash Plan and Gap Cover.
Our Health Cash Plan is designed to be an affordable solution that protects a customer’s income in the event of hospitalisation. We’ve set it up so that customers can receive up to R3,000 per day if they or a loved one are in the hospital for over 48 hours, covering non-medical expenses that can easily add up during such times. With this in place, our customers can have peace of mind, knowing that their daily financial obligations remain covered.
Gap Cover is tailored to customers with medical schemes, providing them with essential protection against the shortfalls often encountered with medical aid limitations. With Gap Cover, our customers can avoid the stress of covering the difference when a healthcare provider charges above the medical scheme’s rate. Notably, our Gap Cover product can support up to five family members on a single policy, reinforcing our goal to offer holistic family protection. Furthermore, We offer you three options so that you can select the cover that complements your medical aid and needs and caters for immediate family members belonging to different medical aid schemes.
PREMIUM COLLECTIONS
MADE EASY
- User friendly collections System
- Dedicated service consultant
- Collect directly into Insurer Bank Accounts
- Wide variety of reporting services
An authorised Financial Services Provider – FSP 50552
Looking Back, Looking Forward
Our Health Cash Plan has been a cornerstone of our health insurance coverage since 2016, undergoing its latest significant product updates in 2020 which included embedding critical illness cover to keep it responsive to evolving needs. Gap Cover, launched in 2021, has seen steady demand as medical aid becomes less affordable for many South Africans, prompting some to downscale their plans and use gap cover to offset the reduced coverage. These products continue to grow in relevance, addressing a very real need in the South African insurance landscape.
The reality of healthcare costs today means that even those who may not have anticipated a health event are reassessing their readiness for one. While some customers initially sign up after experiencing a shortfall, we aim to educate our clients on the value of proactive health insurance before a financial crisis hits.
As we move forward, FNB Insure remains committed to adapting our offerings to align with the economic shifts and healthcare trends that shape the financial landscape. Insurance is about preparing for tomorrow—and we want our clients to be well-prepared, knowing that FNB Insure has their back.
Disclaimers:
- FNB Health Cash Plan and FNB Gap Cover are not medical schemes. Cover is not the same as that of a medical scheme nor is it a substitute for medical scheme membership.
- To take up FNB Gap Cover, you need to be a member of a medical scheme.
- FNB Gap Cover Insured by FirstRand Short Term Insurance Limited, Reg. No. 2018/234369/06, a licensed non-life insurer.
- FNB Health Cash Plan Insured by FirstRand Life Assurance Limited, a licensed insurer.
- First National Bank – a division of FirstRand Bank Limited. An authorised financial services and credit provider (NCRCP20). Terms and Conditions Apply.