Latest news with #BurtonNaicker
IOL News
06-08-2025
- Business
- IOL News
Miway achieves one of the industry-leading overturn ratios of 6%, in latest ombud report
Miway has recorded one of the lowest overturn ratios (also referred to as resolved ratio) across the short-term insurance industry at just 6% – according to the recently released National Financial Ombud Scheme South Africa (NFO) 2024 Annual Report. The overturn ratio reflects the percentage of complaints escalated to the ombud where the insurer's initial decision is deemed to have been incorrect. In other words, a low overturn ratio indicates that the insurer is making sound decisions upfront, a strong indicator of fairness and reliability. Burton Naicker, CEO of Miway, says the result reflects the company's consistent and sound claims approach. 'An overturn ratio of 6% - well below non-life industry overturn ratio of 16.5%, as per the NFO 2024 report - affirms the quality and fairness of our claims decisions, something we pride ourselves on. It also means that our clients are getting the right responses and feedback the first time around, reducing the need for external intervention.' The NFO, a newly unified body that amalgamates the former ombud schemes for short-term insurance, long-term insurance, banking and credit, published its inaugural annual report covering over 20 000 resolved cases across the financial services industry. Of these, more than R328 million was awarded to consumers who had been treated unfairly, with over R94 million linked to the non-life (short-term) division alone. Miway has recorded a consistent decline in the number of complaints referred to the ombud over the past several years. From 2017 to 2024, complaints have dropped by more than 50% - a clear sign that ongoing efforts to improve claims management, internal resolution processes and client communications are yielding results. 'Our focus is on continuously improving the customer experience,' says Naicker. 'Whether it's through refining our claims management process, training our staff more rigorously, or making it easier for customers to engage with us, we're committed to making sure our clients feel heard and respected.' For Miway clients, this is all positive news. A low overturn ratio, declining complaints received, and a proactive approach to customer service all point to a business that is delivering on its promise to protect clients' assets, without the added frustration of administrative run-arounds. 'We know that when people claim, they're often under stress,' notes Naicker. 'It's our duty to make the process as fair and efficient as possible. These results show that we're doing just that, and we will continue to build on this foundation, offering great service and products that meet our clients' needs,' he concludes.
TimesLIVE
07-07-2025
- Automotive
- TimesLIVE
Your shield against the unexpected: why insurance still matters
About 70% of South African motorists are either not insured or underinsured, leaving them financially exposed in the event of an accident, theft, or natural disaster. Affordability is a big hurdle — but just as concerning is how many people still don't realise how important insurance is for staying financially secure when life takes an unexpected turn. Burton Naicker, CEO of Miway Insurance, believes that addressing this protection gap begins with greater awareness. 'South Africans face increasing financial vulnerability, compounded by high unemployment and low insurance penetration. It's up to the industry to shift perceptions and show the real value of insurance in people's everyday lives.' The real protection gap SA's short-term insurance gap refers to the difference between what individuals or businesses could lose during an insurable event, such as a flood, car accident or burglary, and the portion of those losses that are insured. Small businesses and low-income households are especially affected, often operating with minimal to no protection. According to Naicker, the issue is twofold. 'There's one group of people who could technically afford insurance but choose not to, often because they think it costs too much. Then there's a much larger group who simply can't afford full coverage at all. In both cases, there's often little understanding of how customisable insurance can be made affordable. 'People view insurance as a luxury, something that can be cancelled when there is financial pressure. The reality is that most accidents and losses are caused by things out of your control, like someone else's poor driving, infrastructure failures or extreme weather conditions,' he says. 'That's why cover still matters.' Tailored cover is better than none Without a savings buffer, South Africans risk long-term setbacks if their vehicles or homes are damaged or destroyed. For small business owners, it could mean the collapse of a livelihood built over years. The economic knock-on effects are also significant. 'If a small business has no cover and suffers a major loss, it can't serve its customers, pay staff or contribute to the economy. The ripple effect is serious,' says Naicker. 'That's why I believe insurance should be treated as a basic cost of doing business — something that gets built into your pricing from the start.' Miway encourages people to explore flexible insurance options that suit their budget and needs. 'Especially during revolving life changes, we encourage you to keep your assets covered,' says Naicker. 'Your monthly premium can be reduced by increasing your excess or choosing a lower level of cover. It's always better to have some cover than to have nothing at all.' Insurance: smart protection for a changing world The nature of risk is also evolving, with extreme weather events becoming more frequent and severe. The record-breaking April 2022 floods in KwaZulu-Natal, for example, caused billions in damages. Add to that the ongoing threat of load-shedding, which can lead to power surges damaging appliances and compromised security systems. At a time when every rand counts, Miway's new Micashback is a meaningful reward that puts real cash back in people's pockets '[While cover from the government-owned] South African Special Risks Insurance Association plays a critical role in protecting against damage caused by risks such as civil unrest, looting, and strikes, it is vital for consumers to understand that this cover is only accessible through their existing personal or business insurance policies,' says Naicker. At Miway, adapting to this changing risk landscape means offering insurance that is not only relevant but also rewarding. The company recently launched Micashback — a smart new feature that gives customers 10% of their premiums back after two straight years without a claim. At a time when every rand counts, it's a meaningful reward that puts real cash back in people's pockets. 'Insurance shouldn't feel like a grudge purchase,' Naicker adds. 'It should be a tool for rebuilding and recovery, and where possible, and it should reward positive behaviour as well.' Time to reassess The recent National Insurance Awareness Day (June 28) serves as a reminder for South Africans to take a moment to reflect and review their policies, says Naicker. Whether you've bought a new car, renovated your home or started a side hustle, your policy should keep up with your lifestyle. Rather than cancelling insurance altogether when times are tough, it is best to speak to your insurer about how to make it more affordable Burton Naicker, CEO of Miway Insurance 'People's lives change all the time — you move into new jobs, start side hustles, or take on new financial responsibilities,' he says. 'Your cover should change with you. Rather than cancelling it altogether when times are tough, it is best to speak to your insurer about how to make it more affordable.' He adds that Miway continues to revise and expand its product range to meet different customer needs. 'Our policy structure is designed to offer real flexibility — drop cover, add cover, adjust your excess — all to help customers stay insured through different life stages.'
