Miway achieves one of the industry-leading overturn ratios of 6%, in latest ombud report

Miway has recorded one of the lowest overturn ratios (also referred to as resolved ratio) across the short-term insurance industry at just 6% – according to the recently released National Financial Ombud Scheme South Africa (NFO) 2024 Annual Report. 

The overturn ratio reflects the percentage of complaints escalated to the ombud where the insurer’s initial decision is deemed to have been incorrect. In other words, a low overturn ratio indicates that the insurer is making sound decisions upfront, a strong indicator of fairness and reliability.

Burton Naicker, CEO of Miway, says the result reflects the company’s consistent and sound claims approach. “An overturn ratio of 6% - well below non-life industry overturn ratio of 16.5%, as per the NFO 2024 report - affirms the quality and fairness of our claims decisions, something we pride ourselves on. It also means that our clients are getting the right responses and feedback the first time around, reducing the need for external intervention.”

The NFO, a newly unified body that amalgamates the former ombud schemes for short-term insurance, long-term insurance, banking and credit, published its inaugural annual report covering over 20 000 resolved cases across the financial services industry. Of these, more than R328 million was awarded to consumers who had been treated unfairly, with over R94 million linked to the non-life (short-term) division alone.

Miway has recorded a consistent decline in the number of complaints referred to the ombud over the past several years. From 2017 to 2024, complaints have dropped by more than 50% - a clear sign that ongoing efforts to improve claims management, internal resolution processes and client communications are yielding results.

“Our focus is on continuously improving the customer experience,” says Naicker. “Whether it’s through refining our claims management process, training our staff more rigorously, or making it easier for customers to engage with us, we’re committed to making sure our clients feel heard and respected.”

For Miway clients, this is all positive news. A low overturn ratio, declining complaints received, and a proactive approach to customer service all point to a business that is delivering on its promise to protect clients’ assets, without the added frustration of administrative run-arounds.

“We know that when people claim, they’re often under stress,” notes Naicker. “It’s our duty to make the process as fair and efficient as possible. These results show that we’re doing just that, and we will continue to build on this foundation, offering great service and products that meet our clients’ needs,” he concludes.