Title page for ETD etd-04072011-153617


Document Type Doctoral Thesis
Author Van der Walt, Phillipus Jacobus
URN etd-04072011-153617
Document Title Die wanbetaling van lewensversekering : Ďn analise van die redes, die gevolge vir die versekeraar, kliŽnt, bemarker en remediŽrende optrede (Afrikaans)
Degree DCom
Department Insurance and Actuarial Science
Supervisor
Advisor Name Title
Prof J M de Wet Co-Supervisor
Prof G L Marx Supervisor
Keywords
  • life assurance industry in South Africa
  • lewensversekeringsbedryf in Suid-Afrika
Date 1996-04-12
Availability unrestricted
Abstract
AFRIKAANS: Die lewensversekeringsbedryf in Suid-Arrika is Ďn groot mobi1iseerder van langtermyn diskresionÍre kapitaal en verleen beskerming teen finansiŽle ver1iese wat weens die intrede van persoonlike risikoís voorkom. Die mate waarin fondse na die bedryf vloei toon dat die publiek lewensversekering wel belangrik ag en dat dit reeds Ďn algemene begrip en Ďn belangrike komponent van die uitgawes of kontantvloei van baie huishoudings vorm. Soos in die res van die wÍreld. gaan die plaaslike bedryf ook gebuk onder die probleem dat k1iŽnte hulle versekering tot nadeel van al die belanghebbers ontydig beŽindig. Daar bestaan nie Ďn bepaalde of dominante rede vir die wanbetaling van versekering nie, maar dit kan aan die sameloop van verskillende faktore toegeskryf word. Groot bedrae geld word op hierdie wyse oneffektief aangewend en nie benut waarvoor dit bedoel was nie.

Uit die studie het dit duidclik geword dat die kliŽnte baie onkundig met betrekking tot persoonlike finansiŽle beplanning is waar ín versekering Ďn besondere belangrike rol speel. Tydens die bemarkingsproses maak kliŽnte hoofsaaklik op die tussengangers se ervaring. kennis, betroubaarheid, integriteit ens., staat om van die ďbeste of toepas1ike advies" voorsien te word. Dit plaas lewensversekering in die kader van finansiŽle dienste en moet die kenmerke, te wete. nie-tasbaarheid. bederfbaarheid ens., deeglik in ag geneem word. K1iŽnte se reaktiewe optrede veroorsaak dat die meeste versekering aan hulle verkoop en nie gekoop word nie. Voorspruitend hieruit rus Ďn verpligting op versekeraars om toe te sien dat hulle tussengangers toegerus is om aan die kliŽnte se verwagtinge te voldoen. Indien nie, is die beskerming wat tans aan die kliŽnte via selfregulering, die Suid-Afrikaanse reg, ens., verleen word, so gebrekkig dat dit van nul en gener waarde is.

Die belanghebbers se interafhanklikheid vereis dat elkeen Ďn verpligting het om toe te sien dat die diskresionÍre kapitaal optimaal benut word. Die versekeraars se onherroeplike enIof onbeperkte afhanklikheid van kliŽnte en tussengangers noodsaak daadwerklike optrede deur hulle om die posisie te verbeter. Daar is egter geen beperking op versekeraars om aksie te neem nie, behalwe dit wat hulle self opgelÍ het. Die persepsie is dat die versekeraars poog om hulle verpligtinge teenoor die kliŽnte te systap. Die versekeraars kan die probleem op Ďn gefragmenteerde basis hanteer. Die gevaar is egter dat die simptome, in plaas van die probleem aangespreek word. Die ideaal is om die probleem holisties aan te spreek waarby die totale bemarkingsproses in heroorweging geneem behoort te word. Dit is egter twyfelagtig of statutÍre intervensie enige oplossing gaan bied.

ENGLISH: The life assurance industry is a huge mobiliser of long-term discretionary capital and provides a safeguard against financial losses caused by the occurrence of personal risks. The amounts of money flowing to the industry indicate that life assurance is of great importance to the public. That it is generally accepted and that it forms a big part of the cash flow in many households. The local industry, as in the rest of the world, suffers under the untimely cessation of assurance by clients, to the detriment of all stakeholders. The terminations cannot be ascribed to a specific or dominant reason but is caused by a number of contributory circumstances. Large sums of money are inefficiently spent and not used for the purpose for which the policies were taken out.

The study has shown that clients are ignorant about financial planning in which assurance plays a very important role. During the marketing process. clients rely to large extent on the experience, knowledge, trustworthiness and integrity of the intermediaries to provide them with the "best or suitable advice". This places assurance in the realm of financial services so that the resultant characteristics. e.g. intangibility and the perishable nature of assurance should be considered. The clients' reactive attitude is a also the reason why assurance is sold and not bought by them. This implies that assurance companies should ensure that their intermediaries are fully equipped to meet the needs of their clients. It is of the utmost importance since the protection afforded by means of self-regulation in the industry and the South African Law, are insufficient and of no real value.

The interdependence of the stakeholders means that everyone has the obligation to ensure that the clients' discretionary money is utilized optimally. The irrevocable and unlimited dependence of life assurance companies on their clients and intermediaries requires decisive action by insurers to improve the situation. Except for self-imposed limitations there are in actual fact no restrictions placed on assurance companies to address the problem. It is perceived that insurers try to evade their responsibilities towards their clients.

The insurers can handle the problem in a fragmented manner. The danger is that, if this is the case, the symptoms and not the problem will be addressed. The ideal is for a holistic approach involving the total marketing process. It is doubtful whether statutory intervention would provide any solution.

© 1996 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria.

Please cite as follows:

Van der Walt, PJ 1996, Die wanbetaling van lewensversekering : Ďn analise van die redes, die gevolge vir die versekeraar, kliŽnt, bemarker en remediŽrende optrede , DCom thesis, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-04072011-153617/ >

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