“Where Uncompetitive and Expensive Products, Reneging on Agreed Undertakings and Poor Client Service are Standard.”

<p> As a Standard Bank client for closing in on 50 years, I have recently been shocked at the level to which Standard Bank’s insurance arm (SBIB), has sunk in both market competitiveness, the manner in which it operates and the way it treats its clients.<br /> <br />Having been a Standard Bank Insurance Broker client for some 16 years, I had recently noticed an alarming increase in my insurance premiums and, having last claimed some 10-odd-years ago, enquired the reason(s). I was told on several occasions that premiums were ‘only increased annually by the rate of inflation’, but I was always presented by an additional discount, presumably to keep me, as an existing client, sweet.<br /> <br />Tiring of this yearly exercise, in 2015, I presented my case to the Insurance Ombudsman with a straight-forward complaint – a conclusive comparison of how the company’s increases easily exceeded their stated patter. I then demanded that they adhere to the spirit and the letter of their statement and to refund to me the excesses I had paid over the years. My complaint was, of course, rejected!<br /> <br />When 2016 came around and the expected increases was communicated to me, I called for competitor quotes and easily found a company that provided a far better product with better benefits, lower premiums, better, more friendly client service – and without even an excess!<br /> <br />I then contacted Standard Bank Insurance Brokers to tell them that I had jumped ship and that their (inflated), services were no longer required. I then received several calls from the bank to reconsider, but informed them of my dissatisfaction and that I had had enough of their (in my opinion), poor business practices.<br /> <br />Lo and behold, I received a further call from a Ronel Hayman, ‘Manager Operations Claims’, whom I patiently retold of my dissatisfaction. She seemed uncomfortable when I mentioned that I would pen an appropriate review on ‘HelloPeter’ and other forums and begged for an opportunity to ‘make it up to me’.<br /> <br />Eager to witness whether SBIB could provide something other than increased premiums, I mentioned that my garden had recently been damaged by a runaway vehicle and could she arrange for a recovery claim on the party’s insurance for me as my policy (which was with SBIB at the time), did not cover that eventuality. She said she would and I sent her all the detail.<br /> <br />With the experience of how tardy their service was, I made a point of communicating once a week to get confirmation when that Letter of Demand’ was sent out. I was kept on a string with excuses of being busy ‘attending disciplinary hearings’ and ‘heavy workloads’ for a month along with renewed promises of an imminent dispatch.<br /> <br />Then on 20 December I received an email from Ronel that stated that she could no longer carry out her undertaking, as there was a ‘cost’ of R4,000 fee to ‘process’ the enquiry which she (SBIB), was unwilling to bear.<br /> <br />Now… is this the conduct and attitude one expects from a company that asked (nay, begged), to be given a chance to ‘make it up to you’? A company that verbally and in writing promised to convey my claim? A company that took my instruction and was already being paid to act as my agent?<br /> <br />In closing, I was invited to refer any further complaint I might have to the ‘Insurance Ombudsman’ (again), but given my unsatisfactory experience with them a year ago, I think I’ll decline!<br /> <br />In closing, I would advise that; Based upon my experience, anyone seriously considering doing business with Standard Bank Insurance Brokers make their decision with due care and deliberation.<br /> <br />One star is too high a rating for this company! </p>