Where you always get something OUT
11 years of paying out claims fairly
When it comes to claiming, that’s what your insurer is there for. OUTsurance consistently pays out claims fairly according to the annual Ombudsman report.
OUTsurance has, for the 11th consecutive year, beaten the average of the 12 largest comparable short-term insurers by receiving the fewest number of complaints referred to the Ombudsman for Short-Term Insurance (OSTI) out of every thousand claims.
The role of the Insurance Ombudsman schemes
The OSTI and Ombudsman for Long-Term Insurance (OLTI) are independent bodies that clients can contact if they are dissatisfied with the outcome of their claims.
In addition to handling complaints relating to the outcome of claims, clients can also escalate matters relating to poor service, misleading communication, or dissatisfaction with their policy or product offering to the relevant Ombudsman.
The Ombudsman’s role is to facilitate dispute resolution between the insurer and the client by acting as a mediator. The office of the OSTI or OLTI will examine the information and evidence sent to them by both parties involved in the dispute and will make a recommendation based on their findings. In the event that the relevant Ombudsman finds in favour of the client the insurer is legally bound to abide by the ruling.
The service is free to consumers and provides a cost-effective alternative to those who may not have the financial means to take legal action.
National Financial Ombud Scheme
The Ombud Council announced the recognition of the National Financial Ombud Scheme of South Africa (NFO Scheme), as an industry ombud scheme effective 1 March 2024. This marks a significant shift in the financial ombud landscape to amalgamate four previous industry ombud schemes which includes the OLTI and the OSTI. This was the last annual Ombudsman report under the previous regime.
The value of the OSTI and OLTI Annual Report to the consumer
The OSTI and OLTI publish an annual report that summarises the number of complaints received within a calendar year. The report also includes a breakdown of the type of complaints received as well as the number of complaints received per insurer.
- Firstly, how often clients complain about a specific insurer
The referral rate shows the number of complaints submitted to the OSTI, per thousand claims received by the insurer. This is a good indicator of the frequency at which clients complain about a specific insurer.
- Secondly, whether the Ombudsman agrees or disagrees with the insurer’s decision
The resolved ratio indicates what the proportion of the complaints finalised were, with some benefit given to the complainant. This metric best indicates the accuracy of the insurer’s claims decisions and client service.
While OSTI and OLTI share the number of complaints that were resolved with some benefit to the complainant (i.e. resolved ratio), OSTI also details the number of short-term insurance claims received per insurer, as well as the complaints received by OSTI per thousand claims received per insurer (i.e. the referral rate).
2023 Ombudsman Short-Term Results
OUTsurance received 1.075 complaints per 1 000 claims
We have a referral rate of only 1.075 complaints referred to OSTI per 1 000 claims.
We consistently OUTperformed the 12 largest comparable insurers
This is less than the average referral rate for the 12 largest comparable insurers (by claims volumes), which sits at 2.274 complaints per 1 000 claims.
2023 Ombudsman Short-Term Results
OUTsurance received 1.075 complaints per 1 000 claims
We have a referral rate of only 1.075 complaints referred to OSTI per 1 000 claims.
We consistently OUTperformed the 12 largest comparable insurers
This is less than the average referral rate for the 12 largest comparable insurers (by claims volumes), which sits at 2.274 complaints per 1 000 claims.
Winner of various industry awards
We boast an impressive list of industry awards, from being named Short-Term Insurer of the Year in the 2024 News24 Business Awards for the second consecutive year to being voted ‘best home insurance company’ and ‘best business insurance company’ by readers of The Star Newspaper’, and ‘best insurance’ by readers of Beeld.
Click here for the latest OUTsurance awards and certifications.
An official Top Employer in South Africa
We have once again been certified by the Top Employers Institute for our excellence in people practices.
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