The impact of the treating customers fairly Legislation on the short-term insurance industry: Santam claims specific

Abstract

Business in general would agree that to treat customers fairly should be the cornerstone of the corporate strategy. According to Taylor (2012) "....customers are seen as the greatest asset after employees for an organozation". The implementation of new legislation forces companies to work according to the new legislation. The aim of this research is to investigate the extent to which staff in the company understand the "treating customers fairly legislation", determine if the legislation will be part of the culture of the company or will it purely be seen as legislation that the company needs to adhere to and identify possible gaps in the interpretation of the outcomes-based legislation. This legislation should be an integral part of the value, culture and strategy of the company in order to truly have an impact on the customer (Feasibility, 2010:8-10). If the company does not embrace this as part of its strategy and the treating customers fairly principles do not become part of the culture, the client will not experience the true benefit that was intended by the legislation.