The Ombudsman for Long-term Insurance and the Ombudsman for Short-term Insurance have published their last joint annual report for 2023, as they have now been incorporated into the National Financial Ombud Scheme South Africa .
Denise Gabriels, Deputy Ombudsman for OLTI, said in the annual report that preparing for the amalgamation was the dominant focus of 2023, alongside fulfilling the primary mission of resolving complaints. She said the amalgamation also marked the end of an era for OLTI which was established in 1985 and has had an illustrious history.
“This is my fourth and last report as the CEO of OSTI. This report marks for me the end of a chapter in OSTI’s history and the beginning of a new one filled with exciting opportunities and learnings. Of the 6 342 cases finalised, 3205 Transfers and 3 137 Full cases, 86% were finalised within 6 months of receipt. 26% of the Full cases finalised were resolved either wholly or partially in favour of the complainant. Whilst the number of cases finalised decreased, the number of cases categorised as Complicated increased. This is indicative of the increased level of complexity of the cases being dealt with and the persistence of complainants.
By the end of the year, the average turnaround time to resolve complaints was 142 days compared to 122 days in 2022. . Without weekends and public holidays, the average TAT for last year was around 97 days. OSTI recorded a resolved ratio, also known as an overturn ratio, of 16%, a decline of 2% compared to the 18% recorded in 2020, 2021 and 2022. The resolved/overturn ratio is an indicator of those complaints where the insurer’s decision or approach was changed by the office with some additional benefit to the insured.