SW
Soemaya W
1 reviews | Active since Jun 2015
25 Oct 2022, 15:24
Close SAU account on Experian and update my profile.
I have the worse experience with SA Underwriting Agencies. I dealt with a staff member Nolwazi Gumenke as I have cancelled my short-term insurance as I have found a better deal with another insurance company. In July I requested an ITC letter as confirmation I do not owe any money to SAU, as they have listed me on Experian when I wanted to apply for a home loan, this SAU popped up as Active on my profile, and it appears I'm still paying them a premium of R945.00pm. Close my account on Experian and update my profile. It's end October and still nothing has been done.
Helpful (0)
Replies (3)0
Replies (3)
SA Underwriting Agencies (Pty) Ltd's replyOfficial
26 Oct 2022, 11:31Good morning Soemaya M
We confirm that a short-term insurance policy is not a credit account and the Insurer is not a credit provider, therefore you cannot owe the Insurer money.
Short-term insurance is a contract between 2 parties that is renewed monthly with the payment of the premium in advance.
We participate in the SAIA insurance Information Data System together with many other FSPs, and as a result share data with TransUnion as it relates to claims and policy information.
The policy contract which you entered into clearly states the following:
“You agree to allow SAU to validate any insurance related information provided by you or on your behalf for any insurance policy or claim made or lodged by you and any person covered under your policy. This allows us to share this information with other insurance companies or their agents. You also agree to let SAU validate your details with a registered credit bureau of our choice for underwriting and claim purposes. Please be aware that this shared information may be used and validated against other legitimate sources or databases. Sharing claims and underwriting information helps the insurance industry to underwrite and assess risks fairly. This sharing helps stop ********** claims and by implication assists to keep insurance premiums affordable.”
As a result of the above, the information will be published on a client's credit record. This is a reflection of the client's payment behaviour.
We can confirm that that Your policy was cancelled and that the cancellation was triggered by a stop payment submitted Yourself to your bank.
As a result, we confirm that there is no outstanding debt but if the record reflects unpaid premiums (as a result of you stopping the payment) , it will have an impact on the client's credit score.
The fact that the client's policy was cancelled is not material and won't influence the entry on the TransUnion / Experian profile.
Kind Regards
The SAU Team
We Dare to Deliver!
SA Underwriting Agencies (Pty) Ltd's reply26 Oct 2022, 11:31
Official
Good morning Soemaya M
We confirm that a short-term insurance policy is not a credit account and the Insurer is not a credit provider, therefore you cannot owe the Insurer money.
Short-term insurance is a contract between 2 parties that is renewed monthly with the payment of the premium in advance.
We participate in the SAIA insurance Information Data System together with many other FSPs, and as a result share data with TransUnion as it relates to claims and policy information.
The policy contract which you entered into clearly states the following:
“You agree to allow SAU to validate any insurance related information provided by you or on your behalf for any insurance policy or claim made or lodged by you and any person covered under your policy. This allows us to share this information with other insurance companies or their agents. You also agree to let SAU validate your details with a registered credit bureau of our choice for underwriting and claim purposes. Please be aware that this shared information may be used and validated against other legitimate sources or databases. Sharing claims and underwriting information helps the insurance industry to underwrite and assess risks fairly. This sharing helps stop ********** claims and by implication assists to keep insurance premiums affordable.”
As a result of the above, the information will be published on a client's credit record. This is a reflection of the client's payment behaviour.
We can confirm that that Your policy was cancelled and that the cancellation was triggered by a stop payment submitted Yourself to your bank.
As a result, we confirm that there is no outstanding debt but if the record reflects unpaid premiums (as a result of you stopping the payment) , it will have an impact on the client's credit score.
The fact that the client's policy was cancelled is not material and won't influence the entry on the TransUnion / Experian profile.
Kind Regards
The SAU Team
We Dare to Deliver!
SW
Soemaya W's updateReviewer Update
26 Oct 2022, 16:57On the report it shows that there is a current balance of R945 as well as an instalment of R945. SA Underwriters has confirmed that I have no outstanding debt however the Experian report shows different. My question is do actually owe this money or has it not been updated by Experian? SA Underwriters please update this with Experian as I received a confirmation letter from yourselves that I do not owe anything!!!!!!
SW
Soemaya W's update26 Oct 2022, 16:57
Reviewer Update
On the report it shows that there is a current balance of R945 as well as an instalment of R945. SA Underwriters has confirmed that I have no outstanding debt however the Experian report shows different. My question is do actually owe this money or has it not been updated by Experian? SA Underwriters please update this with Experian as I received a confirmation letter from yourselves that I do not owe anything!!!!!!
SA Underwriting Agencies (Pty) Ltd's replyOfficial
27 Oct 2022, 17:16Good Afternoon Soemaya W
As per our previous response, a short term Insurance policy is not a credit account, nor is the Insurer a credit provider. We therefore confirm again that you do not owe the Insurer any funds.
Our policy services team has sent you a letter confirming the same.
Unfortunately we have no control over how Experian displays your payment history on their reports.
If the company in question displays the data as an outstanding debt , you must then raise the matter with Experian directly.
Kind Regards
The SAU Team
We Dare to Deliver!
As per our previous response, a short term Insurance policy is not a credit account, nor is the Insurer a credit provider. We therefore confirm again that you do not owe the Insurer any funds.
Our policy services team has sent you a letter confirming the same.
Unfortunately we have no control over how Experian displays your payment history on their reports.
If the company in question displays the data as an outstanding debt , you must then raise the matter with Experian directly.
Kind Regards
The SAU Team
We Dare to Deliver!
SA Underwriting Agencies (Pty) Ltd's reply27 Oct 2022, 17:16
Official
Good Afternoon Soemaya W
As per our previous response, a short term Insurance policy is not a credit account, nor is the Insurer a credit provider. We therefore confirm again that you do not owe the Insurer any funds.
Our policy services team has sent you a letter confirming the same.
Unfortunately we have no control over how Experian displays your payment history on their reports.
If the company in question displays the data as an outstanding debt , you must then raise the matter with Experian directly.
Kind Regards
The SAU Team
We Dare to Deliver!
As per our previous response, a short term Insurance policy is not a credit account, nor is the Insurer a credit provider. We therefore confirm again that you do not owe the Insurer any funds.
Our policy services team has sent you a letter confirming the same.
Unfortunately we have no control over how Experian displays your payment history on their reports.
If the company in question displays the data as an outstanding debt , you must then raise the matter with Experian directly.
Kind Regards
The SAU Team
We Dare to Deliver!