Complaint / review text:
I received a premium increase notification letter but it did not state the increase %, when I did my calculation i realised that the increase was a whooping 18%. I objected to the increase and was transferred to client retention division and their supervisor told me that they could only reduce it to 15% despite explaining to her that I got better offers from their competitors and the fact that I had not claimed o the % increase made no sense. It then dawned on me when I discussed this with my friends who had a similar experience with Iwyze that the reason for the exorbitant increase was that we will qualify for 10% premium back bonus and they will use part of the increase as a "reward" while they make profit with the other 8%, shameful!
My colleague then informed me that she also recently left Iwyze because they gave her a 100% increase without notifying her and after 5 years of insuring with them without claiming either (from R1010 to R2020 premiums). This is very deplorable for a reputable company like Old Mutual to have such a deceitful division like Iwyze that we took insurance with because we had confidence in old mutual.