This SA Business Integrator article delves into the problem of unclaimed life insurance benefits, with a spotlight on Hollard Life Solutions' efforts.
In 2022, of the R88.56 billion in unclaimed assets, life insurance made up 38%, with Hollard's share being R10million. The company highlights outdated policyholder information as the main hurdle in distributing funds and outlines its use of third-party verifications and tracing agents to tackle this challenge.
Notably, while the Association for Savings and Investment South Africa (ASISA) advocates redirecting funds to socially responsible initiatives after reasonable efforts to trace beneficiaries have failed, Hollard commits to holding these benefits indefinitely. This demonstrates Hollard's commitment to beneficiary rights.
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