THE INSURANCE APPRENTICE
2019
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Taking the industry by storm‌ Rianet Whitehead - Editor: FAnews ade for some by storm and m ry st du in e th do not know w, taken dustry and you fifth year in a ro in a e r nc fo ra s, su ha in e prentic ort term y part of the sh he Insurance Ap you work in an If . ns issing out! m tio e sa ar er u great conv l about, yo al is e tic en pr rance Ap what The Insu ed to excite g people. We ne in az am d an th opporrtunities how many grow with great oppo e, d ar le s fil fit ry ne st be du e about. This, I r, what th enomenal in to get excited stry has to offe pe du ty We work in a ph in r ity al ou t on ha rs ch pe ople about w mething for ea more young pe ere is literally so th hy w d an e ar e. tunities there e rance Apprentic also gives thos aim of The Insu e th is , ve nce Apprentice lie ra be su In e se Th ca d d show t us an essional level an people amongs rsonal and prof d very talented pe an a us on tio bi ow gr am es, to We have very lenge themselv n companies. rtunity to chal po op e within their ow th ow le gr op n pe ca ey th at th all about so what they are r of applicathe huge numbe om Fr g. e tin ci ex has been nt of growth w entice journey eek. The amou w pr g Ap in e m e nc fil th ra e w th su e ho d lastly, rt of The In lightening to se ion process an Every single pa t on and it is en to the eliminat en h m es who have m ug tic ro co en th le pr e, op iv ap ople. The ng many pe hi pe tions we rece et e m es so th is er w ar to attract more and empo ants every ye that, we hope really embrace ith r, see in particip w fo d k an or w e, iv es at e initi e apprentic bassadors for th companies thes been great am so al ve ha r fa taken part so . 0%. I have ople every year mmit to this 10 co of the right pe d an lmay w e th go all still is overwhe st sponsors who pport was and be su e e th th d ve an ha e. e six ries n with m say that w series one to se ares this passio I am grateful to portunities from mpany who sh op co p ch hi rs ea so to d on on an increased sp r, to each pers to each sponso ing. Thank you en to d if you are ke ady started an re al s ha six s of serie masterminding , planning and te no act with me. g nt tin co ci e ex ak On another le, please m ib ss ort po ay w r orked in the sh whateve ger than 35, w get involved, in un yo be caifi to al ve qu form of at you ha ably hold some irements are th er qu ef re pr e d t th an no y, s, pl hy ar en w four ye want to ap e Apprentice, th for more than For those who e next Insuranc (any part of it) th ry be st bmitting your su to du s in re e ke fo ta nc term insura gust 2019. Be have what it u Au yo 30 k e in os th cl u ications u and yo 2U9ngk7. Appl tion. If this is yo - https://bit.ly/ y pl ap s. d on an iti ce nd and co take a chan read the terms to r be em m re application, ve not g on. If you ha he will be goin ip tr e th u are d yo an If . r d it easy the winne that you can fin e participants, so th t de look ou iso ab to ep u ad yo ch re nvince de for ea you can ying, this will co In this edition n you the QR co ud ve st gi or ve ol ha ho e sc w still in des yet, you. If you are seen the episo is will convince th g, rin te en g . considerin rance industry oud wonderful insu is especially pr for a job in our Apprentice team e you nc ra at su th In pe e s and Th en. We ho one that FAnew tice 2020 is op d en an pr y Ap ne e ur nc jo ra e Insu exciting news is that Th It has been an of. The exciting rs to ea cr en to have be is round. will enter for th
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Content 6 #TIA2019… Taking the reigns 7 TIA2019… an exceptional experience 10 #TIA2019 judges share their thoughts 14 Listen up future contestants! 15 Talent in the industry’s next era 20 Nailing that first interview 22 Why I work in insurance: A Millennial perspective 24 “Insurance is boring”… says who? 26 Strong personal branding… stand out from the crowd 28 Insurance a good job? No… it’s an awesome career 30 Tips for the young or inexperienced 32 Developing our next generation of leaders 34 How do I find a mentor? Give me some tips 36 ‘Comfort zone’, a beautiful place but nothing grows there 38 Millennials… the influencers of tomorrow 40 Just do it right 42 Productivity in the age of smart phones 44 Risk managers: sought-after talent in the world
46 From one graduate to another… my first year in insurance 48 The importance of getting the know-how 50 Surviving and thriving in an entry level claims role 52 Get connected: the art of networking 53 Retaining top talent remains a constant challenge 54 Climbing the career ladder - in the CEO’s shoes 55 What it takes to become a CEO 56 My career in a call centre - five lessons learned 57 Success is not final; failure is not fatal 58 Rock at time management like a champion 59 Living the Millennial dream 60 A career in insurance - is AI going to take my job? 61 Guerrilla guide to getting leadership experience 62 Quick catch-up 63 The Insurance Apprentice 2020 64 A guide to insurance studies
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. . . 9 1 0 2 A I T # s n g i e r e h taking t ive of Series f urance The Ins n e ended o c i t n e r App in e as Col t o n h g ce a hi Insuran I T (H y Lunsk nounced n a s a w ) Brokers inner. as the w
Make your mark with this platform Lunsky mentions that individuals need to be open when entering this competition and understand that each action has a bearing on the outcome of the competition. FAnews spoke to Lunsky about the competition, how he feels about winning the title of The Insurance Apprentice 2019 and all the amazing prizes, plus what the future holds.
An unusual scenario “The Insurance Apprentice is a unique and challenging experience. Each day presents new tasks which force you out of your comfort zone. It forces you to work with your fellow contestants, whilst still competing with them head to head - an unusual scenario to be thrown into,” said Lunsky. “Throw in a camera crew, sound technicians and technical staff and it makes for an interesting ride. I found the competition to be a great builder of character and confidence, and I have seen my fellow contestants grow and blossom before my eyes. I have met incredible people on this journey that I will continue to be friends with in my career,” added Lunsky.
Refreshed and invigorated “My strategy was to be open and honest throughout the competition, to be a completely committed team player and to make sure I considered every member in my team – for them to feel like valued contributors,” he said. “The tasks were extremely challenging. I enjoyed most of the judges, especially the permanent fixtures like ‘judge Dread’ and judge Kedi. The contestants were amazing and exceptionally talented in their own way. In my opinion they are great ambassadors to the insurance industry,” continued Lunsky. “I learned a great deal about myself, how to deal with the camera and how I come across on screen. I have a better understanding of the industry as a whole. The interactions with various sectors of the industry and the way other people think was refreshing and invigorating.”
“If you are going to enter this competition, it is important to be yourself and not someone you think people want you to be. It is a long journey and if you are not genuine, it will come across to your peers and the viewers. “That being said, it is an amazing experience and you will grow through the course of the competition. The exposure is priceless and if you are looking to make a mark in the industry, then this may be your platform,” he emphasises. Lunsky wants to encourage people to take up the challenge. “It will further your career, give you untold amounts of exposure and allow senior people in the industry to take note and see you as an asset to the industry. The prizes are not half bad either,” he said.
Left humbled and speechless “If I were to compete again, I would not change my strategy, especially considering I won in the end. I was absolutely shocked at the time that I was announced as the winner, it left me speechless for a few minutes. I have been so surprised by how many people were happy that I won and have been humbled by all the messages of congratulations. The prizes are incredible, I did not allow myself to think about them during the competition, but now that I have won, they are unbelievable. I have to thank all the sponsors again for such generous prizes, which will have a massive impact on my life and career,” said Lunsky. “I have changed through the experience. I feel like I have found a more definitive direction and ambition for my career. The exposure that it has given me in the industry is invaluable and priceless,” added Lunsky. “I cannot wait to go to Lloyds of London, it has been a dream of mine for the last eight years and now that dream has come true, it is surreal.”
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TIA2019… an exceptional experience Being yourself is that you can be the best My experience of the com petition has been a wonderful on e, because I became aware of the fac t that can do whatever I put my focus on and that I am an ever lea rning and ever-changing being. Thi s is why my thoughts on the compet ition are that it is great platform to challenge oneself in a lea rning environment and one that is encourag ing as well.
I
For those entering the com petition, this is a great pla tform to grow not only in knowle dge, but in character. I would encourage others to enter because as hum ans our entire design is built on the fac t that we are meant to evo lve; learn and grow and for those und er 35 this is a platform to do just that. I have seen tremendous growth in my character to be resilient and to continue chasing after my dreams.
Ditebogo Mokgalabone
Corporate Underwriting and Operations Chubb Insurance South Africa
An expebreiemncisesed not to
a brilliant prentice is p A ce n ra ung talent The Insu case the yo w o sh s to ry and I wa platform nce indust ra su in e e h experiipate. T within th t gratifying h to partic g ye u o se n n e te te in fortuna of the most n was one competitio y life. , however, ences of m experience e th m o fr ons that away portant less n be taken im ca s st n o o m ss e y as an e of th Many le ur compan say that on yo t to n . ve se a h re p you re as a whole I would e industry t, although a th t th n is se rn re a p ons you le ive, you re isconcepti as a collect ange any m ch h ow to n individual, o ty ti u d a genera , you have to the next te ablish st ra e In doing so st lu to il r ry and in orde , st u is d ry in st e u th d about nging the in d ever cha exciting an r a career. le choice fo d it as a viab vement an r self-impro fo voice y it a n n u o rt ti o xt genera enal opp e m n o e n e th h g p in It is a allow e missed. whilst also ce not to b t, n n e e ri e m p xp lo e you deve ry. It is an y, because the indust pass you b to y ld u it in shaping o n u w rt It o nced. w this opp o inexperie to r is Do not allo o th g n t a u ce th u are too yo d confiden believe yo wledge an o n k in order to e le th ib in ss ga arly as po e s be best to a r role in u yo within you instils in w n ro o g ti ti to e p lf com ow yourse t it and all implemen ry. the indust
Having wrapped up another successful season of The Insurance Apprentice, the apprentices highlight what they thought about the 2019 competition and share a bit more about their experience.
Treading water in the deep end I do not think anyone can prepare you for what to expect of The Insurance Apprentice. Whilst you have a vague idea of what to expect, the proverbial deep end that awaits you is unlike anything you have experienced before – exciting, frustrating, emotional, but above all, developmental beyond words. Although the challenge seeks one winner, the level of support and comradery throughout the entire experience is surprising in the best way possible. You soon realise that you are not alone treading water in the deep end, and that everyone has their strengths and weaknesses. Purely from a development perspective, I would encourage anyone that meets the qualifying criteria to enter – what have you got to lose? If anything, the competition teaches you confidence, to trust your gut and to work with a team – these skills are invaluable to anyone in both their personal and professional lives, and for this reason, there really should be nothing that holds you back from entering.
Gillian Riley Sales Resolution Manager Santam Direct
hini Jake Petenrnacc
7
Underwri tances nce Accep MUA Insura TheInsuranceApprentice2019
Challenging the status quo The Insurance Apprentice is an initiative I never thought I would be part of. However, entering and pushing myself out of my comfort zone has proved to be one of the most fulfilling experiences of my career. The competition tests the boundaries of what you, as a person, are capable of and in most cases, you will find that you are capable of a lot more than you initially thought.
The highlight of my career
The Insurance Apprentice is about learning and growth, both internally and externally from the exposure you gain within the greater industry.
The Insurance Apprentice has been sional the highlight of my profes initiative career. It is an amazing personally that stretches you, both strongly uld and professionally. I wo lifies to qua encourage anyone that ition. pet enter and follow the com
For anyone hoping to enter and even those who never considered it (which I urge you to do), my advice for you is to open your mind and let go of your preconceptions. Challenge the status quo, be the introvert that dazzles; be the extrovert that listens; be cool when nervous. These are lessons that are learnt through experience and The Insurance Apprentice allows you to have that experience.
takes you This competition really e and that out of your comfort zon grow – is the only time that you sionally. fes both personally and pro future for The only tip that I have yourself be contestants is to always nothing is re and always speak! The room ard worse than leaving a bo e or hav knowing that you could that ing should have said someth you did not. watching All that I will say is that t in an par an episode and taking y differtel episode are two comple lots of re we ent experiences. There t tha ngs thi interesting and funny I but ek, we ing happened during film ts tan tes con will leave that to future elves. to experience for thems
Mitesh Lakha
Distribution Associate Spe Discovery Insure
cialist
If you love challenging yourself, if you love proving doubters wrong, if you love the insurance industry, then The Insurance Apprentice is the perfect forum for you.
Kishan Vanmali Manager – Broking Operations Marsh Africa
Learn and be op
The Insuranc e Apprentice was an amazing jour ney of grow th , being part of it was phenomenal an d it changes the way you see things and do grown, both them. I have professionally and persona allowed me lly . The game to discover o ther aspects never thoug in me that I ht I had, such as how to us to my advant e my strength age, and also s how to impr developmen ov e my areas o t. f This game de finitely came with a lot of one of them lessons but for me was to always remem never shamef ber that it is ul if you do not know an have all the d if you do no answers. I re t ally hope to insurance pr see many yo ofessionals en un g tering the co because it is mpetition indeed the be st program to best platform grow, it is th to make a na e me for your importantly se lf, and most for skills deve lopment. A gr nity to show eat opportu case the indu stry ’s future leaders. I am happy, honoured an d proud to sa five of The In y that in seri surance App es rentice, I, Pa never got di lesa Mochan smissed. e,
Palesa Mochane
8
en minded
Portfolio Ad ministrator Hollard
TheInsuranceApprentice2019
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The Insurance Appre n described each app tice judges rentice in a few words: •
Colin Lunsky – methodical, pa tient, ambitious, selfconfident, impr essive, charismatic. • Ditebogo Mokgalabone – calm, respec open-minded, tful, reserved. • Gillian Ri ley – excited, ex trovert, energe • Jake Penn tic, acchini – passio nate, friendly, smart, bubbly. • Kishan Va nmali – focuse d, quiet, intelli knowledgeable gent, • Mitesh La kha – open, pa ssionate, ener resilient, know getic, ledgeable, prof essional. • Palesa M ochane – quie t, driven, pleasa reserved, vibran nt, t. • Reese Aron – patient, focu sed, ambitious enthusiastic. ,
Reese ADreovenlopment Manager Business ica Marsh Afr
TheInsuranceApprentice2019
#TIA2019 judges share their thoughts All of the judges of The Insurance Apprentice 2019 did a phenomenal job in acting as mentors and judges in their various tasks. The judges gave us some insight into what they thought about this year’s competition.
A solid future ahead of us Each year when The Insurance Apprentice filming gets underway, I get a pretty good sense of who is likely to be in the top three at the end. The top performers generally exude a degree of quiet confidence and focus that is quite evident early on. This year was different in that whilst the winner featured in my prediction, I could never have predicted the outcomes amongst the other competitors. I would like to think of the 2019 Insurance Apprentice as the season of courage, persistence and growth. Do not get me wrong, Colin deservedly won because he was consistently at the top of his game, but we must take a moment to reflect on what we witnessed this year. If you think about it, there are as many negative articles as there are jokes about Millennials and their inability to accept criticism or to put in the hard yards to get results. We had competitors this year that completely refuted those negative sentiments. If we can fill our offices in the financial services sector with such talent, we have a solid future ahead of us.
Simon Colman Executive Head: Digital Distribution SHA Specialist Underwriters
A phenomenal concept The Insurance Apprentice is a brilliant platform for upcoming leaders in the industry, opening doors for personal and career development. Furthermore, young people have an opportunity to build character through different stages of triumph, and in some instances, defeat. A lot of younger talent have not been exposed to challenges that touch on your persona – thus testing one’s emotional intelligence. The show exposes the young winners to a balance in all areas (i.e. beyond intellect and industry experience). This being my maiden appearance, I walked the journey open-minded, allowing myself to be a participant that also had a lot to learn from the process. I took with me valuable lessons from other judges, the contestants and well as the head judge (Simon), who was phenomenal in making me feel like I belong. The greatest challenge in experiencing something for the first time, is always to find a home; and Simon created that comfort space for me. It is a phenomenal concept - brilliant development platform, even for those not participating as finalists. There is a lot to learn for everyone, including those not in the industry.
Kedi Maponyane Managing Director African Independent Brokers
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Be exciting, engaging and stimulating The Insurance Apprentice gives contestants the opportunity to interact and network with industry leaders within the broader short term insurance industry, which is something that many young people in our industry do not often get the chance to do. From an Emerald perspective, we are passionate about growing our talent, not only through formal education and skills programmes, but also through more informal mentorship programmes and internal knowledge and skills transfer. The Insurance Apprentice aligns to this thinking of holistic growth of an individual, and it is why we love to be involved. What better way to attract young talent to our industry by showing them that a career in insurance can be exciting, engaging, and stimulating.
Carla Jordan Chief Financial Officer Senior Executive Officer: International Business Emerald Africa
The success of the show The Insurance Apprentice delivered a fantastic series again. For me, it is more than just a series of video clips of young people under stress and tight deadlines; it is about the interaction between everyone involved in the production of The Insurance Apprentice; of what we all learn about ourselves and the way we interact with the people we encounter in unusual situations, that take us out of our comfort zones. I have often wondered what motivates someone to enter The Insurance Apprentice. Each apprentice I have asked has a different reason for entering the competition. It may be the desire to push the boundaries of their everyday lives; it may simply be the desire to win. It certainly “tests your metal” as they say. Whatever your reason, know that it will change your life forever, in a GOOD way. I think the passion of the FAnews team and continued commitment from the sponsors, and a great production team and film crew, were instrumental in producing another successful season.
Chris Potter Portfolio Executive Emerald Africa
Passion for education and skills development Talk about moving mountains, this season of The Insurance Apprentice did not disappoint! Judging side by side with “Simon the Great” and “Courageous Kedi” was my best experience yet. I was most impressed with the caliber of apprentices shortlisted for the INSETA episode. Their passion and drive for education and skills development came through clearly in their presentations to the students at Florida Park high, aka “Parkies”. I firmly believe that The Insurance Apprentice has been an incredible platform to showcase the skills needed in the sector by our aspiring ambassadors.
Adeline Singh Manager: Skills Planning & Research Inseta
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Our future insurance leaders I believe The Insurance Apprentice contributes significantly to the growth and sustainability of the insurance sector and Aon is a proud supporter of this initiative as it aligns with our belief of creating an environment where employees are inspired to reach their full potential. We believe in creating opportunities for the growth and development of skills and expertise that will better serve the insurance industry, our people and most importantly, our clients. The Insurance Apprentice plays an incredibly important role in being able to do this as an industry wide initiative. It is an incredible platform to build on your knowledge, but also challenge yourself as an individual. In order to grow, you need to constantly challenge yourself beyond the safety of what you know and are comfortable with – the reality is that growth does not happen in comfort zones. The Insurance Apprentice pushes you right out of your comfort zone and challenges you to think differently. The Insurance Apprentice is an invaluable platform to showcase the professionalism and capabilities of our leading young professionals.
Terence Williams CEO Aon South Africa
The industry as a whole The Insurance Apprentice this year did not disappoint. The Financial Sector Conduct Authority (FSCA) was once again proud to be a part of it. The FSCA is the last task in the series, so I had a bit of FOMO in that I missed out in meeting all of the contestants. If you watched the FSCA episode you will know that I was particularly impressed with Mitesh’s approach. What impressed me most was his ability to rise above vested interests and consider what was best for the industry. I believe this is important, not just for the FSCA task, nor just for The Insurance Apprentice but for any person looking to be truly successful in the industry. You need to love the industry and buy into its’ purpose, to act in the best interest of the sum of all the parts. You can strive to make a company successful or strive for management or even for CEO, or you can strive to be an industry leader and the latter brings with it all of the former. The Insurance Apprentice exposes the contestants to the entire industry, to all of the disciplines; it allows them to see not just the opportunities available to them, but also how they all fit together. This is a unique opportunity and a gift that The Insurance Apprentice gives that should not be underestimated.
Caroline Da Silva Divisional Executive Regulatory Policy Financial Sector Conduct Authority (FSCA)
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Strategic pillars of success At Innovation Group, people form a key component of our strategic pillars. We regard our workforce as the basis of our success, which is why we regard skills development as a key driver. The Insurance Apprentice provides a similar platform for contestants to grow and be exposed to the industry. It allows them to expand their knowledge of and exposure to all aspects of the insurance industry from product types, regulation, and skills development, which they may not be exposed to in their normal jobs. The platform has also expanded over the years in terms of content quality and spectator value. The alignment of CPD points and competitions was a nice touch to encourage increased viewership and thus, exposing more people to what the industry has to offer. The success of the Insurance Apprentice can definitely be attributed to the team’s passion and love for the industry. This shines through in the detailed planning of every aspect, as well as the devotion of the entire team.
Catherine Naidoo Executive: Product, Underwriting, Pricing Innovation Group
Wow, wow, wow This was my first exposure to The Insurance Apprentice, and the only words to describe it for me are… wow, wow, wow! What an incredible platform for the development and growth of key talent in the industry. The Insurance Apprentice creates a safe environment with significant opportunities for young people to learn, collaborate and network. I believe that these kinds of initiatives play a vital role in our contribution to society as a whole. We as leaders need to be as brave as these contestants to invest our time and efforts in departing not only knowledge, but experiences to the youth of today, the youth that mold the journey ahead, and our future leaders. An incredible experience for all involved, as well as a great collaborative approach in making the most of talent in the workforce of the future.
Bridy Paxton Client Advisory Services (CAS) Lead Marsh Africa
In anticipation for #TIA2020! The Insurance Apprentice is an exciting forum to showcase the young talent rising through the ranks in our dynamic industry. It affords contestants the opportunity to compete with industry peers from all spheres, and in doing so, learn and grow as individuals along the way. What is exciting is the professionalism, execution and reach of The Insurance Apprentice; whereby young talent is afforded the opportunity to showcase their skillset to a broad audience and in doing so, build and promote their personal brands and that of their employers. There is little doubt that choosing to enter The Insurance Apprentice will expedite one’s experience, education, profile and career. I was privileged to have had the opportunity to be a guest judge this year and await in anticipation for the excitement (and drama) of #TIA2020!
Justin Keevy Divisional Executive Marsh Africa
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Listen up future contestants! The Insurance Apprentice judges have a few tips for finalists. If you are younger than 35, have been in the short term insurance industry (any part of it) for more than four years, and you preferably hold some form of short term insurance studies or qualification, then you can apply for The Insurance Apprentice 2020. If you are chosen as one of the finalists, be sure to read the tips… and remember it while filming takes place.
ly s u io r e s s ip t e h t e k a T ent is critical; day; • Time managem tor you during the the task, and men ce du ro int o wh s to the judge at a time; • Listen carefully and do one thing task into sections, e th ide div ly, er op anding • Read the task pr re common underst g questions to ensu yin rif flavour cla n k ow as , ur ief yo and the br and then add • To fully underst mplete your task, co to d ide ov pr ation and use the inform ; and spice ing formula; respect are a winn that you are • Teamwork and voice is heard, and ur yo at th g rin su en ges; nally in each task, solutions to the jud • Contribute perso esenting the task pr en wh lue va ur yo consistently proving the basics and not yourself to think of ow all to is sk ta y approach an • The best way to cated solutions; with overly compli up e a different way to rush to com u – there is always yo te ida im int to at you don’t know • Do not allow wh lalook at things; industry – e.g. regu drive the insurance at th s ls, ing ne th y an ar ch im rs, keholde and the pr ance), different sta • Try and underst ed application relev an ed ne derwriting (manag eir un (th t), ts uc tions / Ac ent needs - prod cli g sin es dr (ad value client offering and itability, etc; rs of business prof ive dr k), ris ment of is far for a reason; ult, you made it th fic dif o to is at th • There is nothing need to unleash it; the best, you just be to u yo in it ve • You ha broad; d ur thinking - think ging economic an • Do not limit yo future fit in a chan e m co be to se rti owledge and expe • Develop your kn world; ble; and technology driven it as much as possi nce, leverage from rie pe ex ing rn lea this is a • Remember that rn. e, you can only lea • You cannot los e ald Africa), Carolin Carla Jordan (Emer a), Judges ric Af , sh p) ar ou (M Gr n novation ta), Bridy Paxto therine Naidoo (In Adeline Singh (Inse Authority-FSCA), Ca t uc nd Keevy (Marsh Co n r sti cto Ju Se ), (Sasria SOC Ltd in da Silva (Financial m nja Be ah ed (SHA Specialist ald Africa), Fare ers), Simon Colman ok Br Chris Potter (Emer nt de en ep Ind yane (African Africa), Kedi Mapon on South Africa). rence Williams (A Te d an s) er rit rw de Un
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Talent in the industry’s next era T
in hange c l a c i og iving echnol r is dr o t c Rapid t e s nt e nd tale suranc a n i t n e e h t pm op of develo o the t t s e skills u s s ment i das. manage y agen a comp n
echnology is transitioning the insurance sector from a product-centric to a customer-centric market with implications for skills development.
If insurers are slow to react, it creates the opportunity for new, tech-savvy competitors to enter the insurance space.1
A challenge to attract and retain Companies that go digital are reaping significant competitive advantages, but according to industry leaders, few insurers have the talent or workforce to thrive in the industry’s next era.
These changes also present opportunities for first-time entrants and existing employees in the insurance sector to acquire on-demand skills and pursue non-traditional career paths as new skills gaps and future occupations emerge. (Continued on p.16)
O&M CAPE TOWN 15327/E
During consultations with the sector, some of the feedback received by INSETA was as follows: “The people we have are not the people we will need. We need to be hiring for the future, and that will include a host of skills and competencies that are not traditional to insurers. Do we have the best plan in place to do that? I am not so sure.”2
The transformation of the insurance sector requires employees with different skill sets with an emphasis on technological and analytical skills. It is a challenge to attract and retain such employees because of scarcities. Tertiary institutions have simply not been able to keep pace with new developments in the industry. Traditional formal learning programmes are losing their relevance to the sector.
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To care is to protect.
Talent in the industry’s next era (Continued from p.15)
Insurance sector skills gaps Research conducted by INSETA (2018) indicates that the insurance sector faces significant skills gaps in the following areas:3 LEARNING AREA
THEMES
Data analytics and cybersecurity
• • • • • • • • • • • •
Data analytics Predictive analysis Mathematics Statistics Big data management Actuary Cybersecurity Blockchain technology Innovation Health informatics Cloud-based technology Drone technology
Changing the regulatory framework
• • • • •
Ethics Corporate governance Risk management Legal and compliance Anti-money laundering
Customer service
• • • • •
Communication Problem-solving Decision-making Customer service Social media marketing
Interestingly, the ten skills identified below, through presentations at the National Skills Authority Conference in March 2019, to thrive in the 4th Industrial revolution, are similar to the INSETA themes raised:
LEARNING AREA
THEMES
Leadership and management
• • • • • • • •
Strategic leadership Knowledge management Human resource management Marketing and sales Business process engineering Strategic workforce planning Talent management
Information Technology
• • • •
Software engineering Artificial intelligence Robotics Programming
Specialities
• • • • • • • •
Underwriting and pricing Actuarial Loss adjustment Accounting and finance Auditing Product development Claims Brokerage
Occupation
Specialisation
Insurance Agent
Insurance Underwriter
Skills required for the future: 1. Complex Problem Solving 2. Critical Thinking 3. Creativity 4. People Management 5. Coordinating with Others 6. Emotional Intelligence 7. Judgement and Decision Making 8. Service Orientation 9. Negotiation Skills 10. Cognitive Flexibility
Actuary
Actuary Manager/Average Adjuster
Sales Manager
Sales Executive
Developer Programmer
ICT Developer/ Application Developer
Insurance Broker
Short Term Insurance Consultant
Compliance Officer
Financial Markets Compliance Officer
Sales & Marketing Manager
Sales Executive
Financial Investment Advisor
Financial Planner
The challenge facing the insurance sector is to expand its talent attraction and retention efforts to focus on new skills as effectively as they historically focused on insurance specific skills.
Software Developer
Software Architect
Insurance Loss Adjustor
Claims Assessor
Insurance Claims Administrator
Insurance Brokering Clerk/ Assistant
Finance Manager
Chief Accountant
Financial Accountant
Company Accountant
ICT Systems Analyst
Systems Programmer
Occupations in high demand Multiple analysts predict a shortage of insurance professionals soon. Research from the INSETA Sector Skills Plan reveals that the following occupations are in high demand:4
(Continued on p.18)
16 TheInsuranceApprentice2019
INSURANCE CAREERS TO LOOK INTO
ACTUARY LOSS ADJUSTOR INSURANCE BROKER UNDERWRITER
FINANCIAL INVESTMENT ADVISOR
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Innovative technology to help you drive better
Talent in the industry’s next era (Continued from p.16) New technology is already enabling underwriters to identify profitable customers, weed out the poor risks, generate near-instant policies, create more targeted products, reduce costs and improve customer satisfaction. Remote sensing technologies and mobile devices now allow claim adjusters to expedite claim payments and significantly reduce fraud. Moreover, different distribution channels are beginning to capitalise on social media to anticipate customer needs. Even the role of the actuary is changing as a result of these new technologies. Actuaries’ roles are shifting from static to dynamic risk assessment, and from passive risk mitigation to real-time risk optimisation, with stronger links to the business. Actuaries will be expected to gain more profound insights about customers and risks from the mountains of available data to develop more profitable products that provide higher value to customers.5 In addition to introducing technology into traditional insurance functions, the industry will need to create new positions such as data scientists, drone technological, behavioural scientists and cloud technologists devoted to gathering and analysing available data and using these data to make informed decisions.
Strengthening the talent pipeline Research has found that the new generation of tech-savvy employees have work requirements that are different from earlier ones. They want to work for companies that offer meaningful work experiences, foster creativity, a sense of purpose and social justice, open social networks, right work/life balance, flat hierarchies and “wired” workspaces. Employees want to spend more time on ideation and decision making—and far less on routine, mundane tasks.6
Discovery Insure offers comprehensive and innovative car, home and business insurance. Using innovative technology, our DQ-Track gives you immediate feedback on your driving, making it easier to improve and earn rewards for driving well. For more information, speak to your financial adviser, visit www.discovery.co.za or call us on 0860 751 751.
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A recent EY study noted that employees are three times more likely to stay with a purpose-driven company than with one whose principal goal is to make money. Participants agreed that the industry’s sense of mission and purpose is an essential and under-utilised asset in attracting and retaining talented workers.7 To address the skills shortages, companies are turning to peer-based informal learning to supplement traditional, formal learning. They are also leveraging experiential learning methods to ensure knowledge transfer. Learnerships offered in the insurance sector are a route to work-based learning and ensures that graduates can “hit the deck running.” For a tech-savvy generation, the use of technology in learn-
Discovery Insure Ltd is an authorised financial services provider. Registration number 2009/011882/06. Limits, maximum fuel, Gautrain and Uber spend limits, terms and conditions apply. GM_59365IN_21/05/2019_V1
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Insurance expertise and experience that leaves no stone unturned With more than 250 lawyers worldwide, our team in South Africa can provide in-depth advice to clients in the insurance and reinsurance industry on: • regulatory matters affecting all role players in the insurance industry • mergers and acquisitions of financial institutions • registration of financial institutions • commercial matters that affect the insurance industry • the registration of insurers • the insolvency of financial institutions • breach reporting to regulators • dispute resolution
• • • • • • • •
competition law tax exchange control cross-border transactions black economic empowerment employment law fintech credit guarantee/business restructuring and insolvency.
To find out more about how we can help you with insurance matters, please contact: Christine Rodrigues Partner T +27 11 286 6910 or christine.rodrigues@hoganlovells.com
www.hoganlovells.com Hogan Lovells is an international legal practice that includes Hogan Lovells International LLP, Hogan Lovells US LLP and their affiliated businesses. Images of people may feature current or former lawyers and employees at Hogan Lovells or models not connected with the firm. www.hoganlovells.com
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ing improves not only accessibility to learning, but also the overall learner experience. These tools are vital to real-time learning, matching the pace of life/business and appealing to the Millennial workforce. Other emerging learning trends that can be leveraged to build employee skills is the use of massive open online courses (MOOCs). Where customised MOOC offerings are needed, companies can partner with higher education to create them.
employer, but also investing personally in one’s learning and professional development. It is critical that industry leaders get involved in steering skills development in the insurance sector by setting and leading the skills agenda.
Supporting learning and development Insurers should consider similar investments to support the learning and development of their employees. Online learning makes possible training that is relevant, flexible, and in tune with modern learning styles and attention spans. From an employee perspective, employees would need to become responsible for their learning and development. This means taking learning opportunities offered by the
Adeline Singh Head: Skills Planning & Research INSETA
1 Guinn, T & Jesuthasan, R (2018) Consider a diverse, cross-industry talent pool: a new idea to end skills shortages. Towers Watson: Chicago. 2 EY (2017) Talent strategy: designing a workforce for the future of insurance. Insurance Governance Leadership Network July 2017. 3 INSETA (2018) Sector Skills Plan 2018-2019. 4 INSETA (2018) Sector Skills Plan 2018-2019. 5 Guinn, T & Jesuthasan, R (2018) Consider a diverse, cross-industry talent pool: a new idea to end skills shortages. Towers Watson: Chicago. 6 Deloitte (2019) Insurance outlook: Growing economy bolsters insurers, but longer-term trends may require transformation. Deloitte Centre for Financial Services. 7 EY (2017) Talent strategy: designing a workforce for the future of insurance. Insurance Governance Leadership Network July 2017.
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w e i v r e t n i t s r i f t a h t g n i l Nai
irst job f r u o y d e d e lan So, you hav , congratulations! interview
N
ow, that you have called all your besties to share the news, the reality of going for your first insurance industry interview starts to sink in, and those butterflies in your tummy start to multiply. There is no need to stress, because we have got you covered!
Nine pieces of advice Here are nine great pieces of advice to help you nail that first interview:
1
7
2
8
3
9
Do your homework. Days before the interview, study the job description. This will help you tailor your answers during the interview, and you can use examples from past experiences to illustrate the points. For example, if the ad is looking for someone with “a keen eye for detail”, you could talk about how you edited your university or college newsletter or helped plan an event.
Prepare. Prepare. Prepare. The easiest way to calm your nerves is to prepare for questions that you are likely to be asked such as: Why do you think you are the best person for this position? Why would you like to work for us? What do you love about the insurance industry? Practice. One of the easiest ways to boost your confidence ahead of your first interview, is to practice. Rope in a friend or stand in front of the mirror and practice answering questions. It will do wonders for your confidence!
4
Dress the part. First impressions do count. Dress neatly and dress appropriately for a corporate environment. Remember, you do not need expensive clothes to make a great impression; you just need to be well-groomed. Is your hair combed? Are your clothes ironed? Do your socks match?
Watch your body language. Interviewers are looking for confident, self-assured people to join their corporate teams. Failing to maintain eye contact, slouching, speaking too softly, sitting with your arms crossed all give the impression of someone who is not confident. Give a firm handshake, sit up straight, speak clearly, smile, and look the interviewer in the eye when speaking.
Have your own questions. At the end of interview, you are likely to be asked if you have any questions. Have your questions ready in a notepad or on your tablet. Examples can include: What are the opportunities for growth? Would I have a mentor? What is the company culture like? Lastly, say thank you. Remember, the interview only ends when you walk out of the door. Maintain your composure until then. Do not switch on your phone until you leave. Stand up, look the interviewer in the eye and thank him or her for the opportunity. Gather your bag/ file/tablet and leave. Shut the door gently behind you.
It is never easy Going for your first interview is nerve-wracking but master these nine tips, and you are sure to nail it. Good luck!
5
Don’t get there on time. Get there early. The last thing you want is to rush into an interview, out-of-breath, all frazzled and stressed. Get there at least 30 minutes early so you can familiarise yourself with the environment, go over your CV if you need to, practice your answers and freshen up.
6
Turn off the tech. Before going in, make sure your cellphone, laptop, tablet, iPad or any other electronic device is turned off completely. The sound of a phone ringing or even vibrating shows disrespect for the interview process.
Kershen Pillay CEO The Graduate Institute of Financial Sciences (GIFS)
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Why I work in insurance: A Millennial perspective Millennials are projected to make up 50% of the workforce by 2020. While many of our needs are the same as any other generation entering the workforce for the first time, our needs are shaped by technology, constant feedback (social media), changing workforce compositions and a volatile economy.
T
here are very few Millennials that consider entering a career in the insurance industry. In fact, a 2015 study from The Hartford found that only 4% of Millennials surveyed were interested in pursuing a career in insurance.
Opportunity within the insurance sector I stumbled into the insurance industry by accident. Having just finalised my marketing studies at varsity, an opportunity presented itself to fulfil a marketing role in an insurance brokerage. The technical and risk aspects of the industry drew my attention and I made the decision to further my education in insurance. I have not regretted my decision for a single minute. It is a challenging, fast-paced industry that is as fascinating in its complexity as it is fulfilling from a career perspective. You can enter the insurance industry regardless of what you studied, as you are bound to find something that relates to your passion that you can specialise in, based on your studies. The formalisation of qualifications and accreditations in the insurance sector entrenches the status of career professionals, attracting the likes of engineers, lawyers and medical professionals, among others. These individuals bring enormous value to the client relationship with an in-depth understanding of their client’s operating environment. My own journey is testimony to the opportunity within the insurance sector. Since entering the industry in 2013, I have grown from fulfilling a general marketing position to becoming a broker, working on tenders and claims. I moved to Aon as a retentions consultant and went into sales, and currently find myself managing a sales team of ten people in addition to being an Associate of the Insurance Institute of South Africa (IISA). Such phenomenal diversity in such a short timeframe is unheard of in most other professions.
gamechanger in this space. I was afforded the opportunity to visit Lloyd’s of London during my tenure as a finalist in the 2018 Insurance Apprentice, which was an eye opener to the spectrum of technological growth that the industry is embarking on. One example where AI is setting the standard is the use of immersive technology, such as augmented or virtual reality, in the insurance industry. Virtual reality headsets allow an insurance adviser to ‘visit’ a client’s home or business without physically being there, facilitating an accurate assessment of risks and risk management protocols, if you think of something like event and liability insurance, for example. It is quite amazing to see! While there is a great deal of groundwork that needs to be done in this space, it is crucial to remember that insurance is about empathy and sympathy. The aspect of human interaction needs to find a home in a virtual world, and I am very excited to see where this path leads and the product development that will follow.
Take the leap Millennials are often coined as the generation that is hungry for growth and diversity in the workplace, and the insurance industry is the perfect vehicle in which to take that journey. It is an industry that is brimming with opportunity and there are many insurance organisations, such as Aon, that are immensely supportive of individual growth and development in an industry that is always on the cutting edge of managing risks and the unknown. So, take the leap!
An eye opener to the spectrum of growth
Kay Kgoebane
It is also an industry that is poised on the precipice of a technological revolution. Artificial intelligence (AI) is a
QRC Manager: Sales Aon South Africa
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2019/04/15 11:30 AM
“Insurance is boring…” ...says who?
Millennials run away from insurance because it is too technical, so they think it is boring. However, it is not, it is about humans.
Defining Millennials
The need for training and mentoring
The definition varies but in general, a Millennial is someone born between 1980 and 1995. This makes the youngest Millennials 24 years old, and the oldest, 39. Many are well into their careers, some even in leadership positions already.
In our industry there aren’t many Millennials, because the insurance industry is not sufficiently focused on recruiting Millennials.
They are a key component of the working population: Skills Portal estimates that Millennials will make up almost half of the workforce in the country by 2020. Jobs, however, are not just jobs any more for Millennials. Millennials are opting for more personally fulfilling jobs than merely the 9-to-5 grind. Millennials are not ‘entitled, self-centred kids’, a stereotype that so many people have latched onto. Instead, they are people-oriented, an essential trait in the world of insurance, as well as confident and not averse to taking risks.
Attract and retain Millennials For the insurance industry to really attract and retain Millennials more needs to happen, including: • Mindsets need to shift. Statements such as, “This is how we have always done things” and “If it is not broken, then don’t fix it” need to make way for fresher ways of thinking on how to optimise the workplace for Millennials. • Ways of working need to adapt. More flexible working hours and options such as working from home will suit Millennials. And instead of measuring people on how much time they spend at work, the focus should be on the quality of their work and the results it produces. • Appropriate training is essential. Young graduates should be employed in junior positions and given the opportunity to learn and grow (and sometimes fail) on the job, with guidance and support from their managers.
What is important is that Millennials need to be trained and resourced for the future world of work in insurance and mentored through junior and deputy roles. And also, through initiatives such as The Insurance Apprentice (I came in third place in the 2019 series), which is in itself completely Millennial in nature. The Insurance Apprentice makes the industry more attractive and exposes the wider industry to Millennials, and Millennials to the wider industry.
Pushed out of a comfort zone With endless possibilities for growth, you will never know your full potential until you are pushed to do something that you have never done before. The moment you learn in an uncomfortable environment, that is when you really learn and remember.
Palesa Mochane Portfolio Administrator Hollard
24 TheInsuranceApprentice2019
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Strong personal branding... stand out from the crowd Take a moment and ask yourself, “Who am I?” Now ask, “How would somebody else describe me?”
D
o your answers match or is there a disconnect between how you see yourself and how others perceive you? This is where having a strong personal brand can help.
Imperative to a successful career A personal brand is all about marketing yourself and making yourself stand out from the crowd. If you look at successful companies like Nike or Coca-Cola, they all have incredibly strong brands; a quality message or value that consumers relate to and appreciate. While you may not be a cool drink or sports equipment, developing your own personal brand is imperative to building a successful career.
Building your best brand Now you see why personal branding is so important, how do you go about building your best brand? Your brand is not just online, it is everything you are, say and do. • Be authentic. People know when they are being deceived, so do not try be who you are not. Building your brand is not about changing who you are, but highlighting your best qualities, skills and interests. Take control of your narrative, like writing a good book you need to edit. • Do not wait. If you have not put thought into your brand, start now. Choose relevant social media channels and develop your message while cleaning up the accounts you already have. Join a club or class to grow your networks or start a blog around your field of interest. Content is king so get creative and talk to like-minded individuals to help you grow, learn and form meaningful connections.
The 411 on personal branding
• Hi, I’m me. You never get a second chance at a first impression. Pay attention to how you interact with people, both online and in person. Are you leaving them with a good impression or not?
Look who is looking. In this digital age everything is online and potential employers are aware of it. Most recruiters will check out an applicant’s social media presence before even considering an interview.
• Consistency. Branding requires constant input and effort. Be consistent in your message, values and behaviour. If you say one thing and do another, you will lose your credibility and all your hard work will disappear.
What you post lasts forever and stays linked to you. If you would not say it to a room full of people, keep it off your timeline.
Opportunities and growth Creating a strong personal brand linked to a niche field of skills or expertise gives you a great opportunity for growth. People will automatically associate you with that area, giving you an advantage when negotiating promotions, salaries or partnerships. Also ask yourself, “what will this opportunity do for my brand?” Trust me. A strong brand builds your credibility. You would not buy something from someone you do not trust, so why would anyone buy from you? A good reputation will drive a loyal line of customers your way which is priceless in our competitive markets.
• Personality. Your brand should not only highlight your skills and knowledge, but also who you are as a person. Your brand is not a CV but a balancing act between what you love, your skills, your hobbies and your talents. People want to work and be around people they relate to, so do not forget to advertise your winning personality.
“Branding is what people say about you when you leave the room,” said Jeff Bezos, Founder and CEO of Amazon. Let’s make sure they are saying the right things.
Leigh Potgieter Assistant Marketing Manager Insure Group Managers
26 TheInsuranceApprentice2019
System Providers
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THE INSURANCE INDUSTRY IS FULL OF GROWTH AND OPPORTUNITY
Brokers
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Congratulations to Colin Lunsky, winner of The Insurance Apprentice We all play an integral role in our industry. That’s why we support the Insurance Apprentice, building the industry of tomorrow.
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Insurance a good job? No, it’s an awesome career!
I
My career started 30 years ago in an entry level claims role. Straight out of university and into a claims job.
sat behind a desk which was one of a large number of desks and the tool of trade was the telephone. I had all the technical training, understood the policies, the cover, the conditions, the exclusions, and of course, this knowledge grew with every claim I dealt with.
No better training ground than this Being successful in business requires an ability to deal well with people. In a claims environment you will deal with humans at their most emotional. Generally, when people are emotional, they behave badly and there is no better training ground to learn how to deal with people than in claims. They can become aggressive, demanding, dismissive and if you want to avoid multiple complaints about your attitude, knowledge, problem solving skills and service culture, then you have to learn how to manage conflict very, very quickly. The tip is to put yourself in their shoes. What if it was your house that had been burnt down and all your life’s memories lost, what if it was your car that had been stolen and you could not get to work and faced losing your job… what if it was your father’s business that had been robbed and he now faced the inability to support his family.
underwriting, life, short term, etc. I sat on many Boards and represented the industry on many government platforms appointed by various Ministers and had many opportunities to travel. I ended my time in the sector as an Executive of a large insurer and when I look back, I realise how very lucky I was to get that first job as a claims clerk since I have had a wonderful career.
One word of advice That first job taught me so many technical skills, but more than anything, it taught me empathy and that is something you can take anywhere and apply to any situation. Business is full of conflicts and whether you chose to be a specialist or a leader, you will have to deal with people, and your ability to do this, will to a large extent determine your progress. If I could give one word of advice to those starting out, always try to see things from the other person’s point of view – you do not have to agree with them but if you really understand and respect their position, then reaching agreement is easier.
Empathy. That is what claims teaches you along with technical skills. Both of these will stand you in good stead throughout your career. So, if your claims job is hard, relish it! If people are difficult, learn from it! There is no better introduction to insurance than the reason people buy it and no greater reward than delivering on that promise.
Fast forward a few years later Now, 30 years later, I sit at the Financial Sector Conduct Authority (FSCA), the market conduct regulator and have to admit that it was my ambition to work here ever since I worked at the industry association, the South African Insurance Association (SAIA) in the 90’s. It took me a long time to get here but the journey was fantastic. I had so many different roles from broking,
Caroline Da Silva Divisional Executive Regulatory Policy Financial Sector Conduct Authority (FSCA)
28 TheInsuranceApprentice2019
www.fsca.co.za
So, you’ve landed a job in the insurance industry… what’s the basic rules! Help me do thing right from the word go….
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Tips for the young or inexperienced A career in the insurance industry can be full of opportunity for the young and inexperienced, but it can be overwhelming for some.
Note to self
Be prepared to start at the bottom. The sad thing about entering any industry or starting in a career is that one will have to start at the very bottom. There is nothing wrong with starting at the bottom as there are very valuable lessons you will learn, which will prepare you for the next chapter in your career. Learn as much as possible. Try to learn something new every day, from everyone within the company. You should never box your learning opportunities and think that you can only learn from people in higher positions in the company, there is a lot you can also learn from the lady at reception, a cleaner who has been with the company for so long. Each and every person in a company has got a role to play, and therefore, can be a valuable learning tool. When in doubt, ask. Ask a lot of questions, do not be afraid to ask questions. Remember there is no such thing as a stupid question. Find yourself a mentor. This person is very important for your personal, as well as career growth. Find someone who will have time for you and who will challenge you to be a better person. Your attitude is very important. A positive attitude will make it easier for you to achieve the above and more. Your attitude can open and close doors for you unfortunately, so choose wisely. No one ever got themselves out of a job because of a positive attitude. “If someone offers you an amazing opportunity and you are not sure you can do it, say yes - then learn how to do it later.” Richard Branson
The foundations for a successful career Focus - As Millennials, in our desire to get the ‘next best thing’ we can easily get distracted. Focus and clear, defined goals are integral in setting the foundations for a successful career. Whilst it is important to leave room for change and flexibility, there is a need to establish what the core fundamentals are, as this will help manage any distractions that do not serve the ultimate goal. Determination - Hard work and determination are critical differentiators in the corporate environment. Be known for your desire to learn, grow and get the job done. Always look for opportunities to add value through creative ideas and be prepared to go the extra mile! Purpose-driven relationships - Partnering with the right mentor early in your career is vital. Do not be afraid to be selective, as the mentorship relationship can make a critical difference to your career. Choose a mentor that will always challenge you to push your boundaries.
Noma Ndlovu Trainee Underwriter Emerald Risk Transfer
The pillars that are part of your growth Know who you are. Have a clear vision of what you want to do or be, and its fine to feel unsure at times. Visions are meant to change during growth. Believe in yourself. Take risks and never set limits. Grab all the opportunities presented and allow yourself to be groomed by your seniors. Make sure that these three pillars are part of your career growth; creating personal experiences, tapping into some corporate experience and networking and educating yourself.
Lebo Tshabalala HR Administrator Emerald Risk Transfer
Vusi Ndlovu
30
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Developing our next generat i of leaders on The insurance industry is one of the oldest in South Africa. For the industry to remain vibrant and sustainable, it is important to take proactive steps to help South Africa’s youth, many of whom are battling to gain a foothold in the competitive employment market, to carve out a career for themselves in the industry.
T
he insurance sector is one that is often overlooked by Millennials, who are typically more interested in technology and lifestyle-oriented jobs.
Catalytic projects to develop skills With this in mind, Old Mutual Insure was proud to host the filming of the 2018 Insurance Apprentice series at its offices. The filming of the series at the company’s offices allowed Old Mutual Insure an opportunity to support a great industry initiative aimed at developing a new skills pipeline and identifying new leaders. However, the company’s support for young insurance talent does not stop at merely being proud hosts of the filming of the 2018 Insurance Apprentice series. Since last year, Old Mutual Insure has commenced two catalytic projects that enable the youth to create positive futures for themselves by acquiring insurance-related skills and qualifications. This is about developing the next generation of insurance industry leaders. The first programme will see 50 young South Africans receive apprenticeship opportunities in spray painting and auto body repairs. Through these apprenticeships and short skills programs the learners receive employment opportunities as a result of work placements with approved auto body repair centres. The second programme will see 60 young people being trained to qualify as brokers, who will then be based regionally to bolster South Africa’s broker workforce.
Opportunities for unemployed Millennials
South Africa’s youth unemployment rate of 52.8% was ranked the worst in the world last year. Research, conducted by Harambee Youth Employment Accelerator, shows that granting young people an opportunity to acquire skills for just 12 months, boosts their chances of staying in full time employment for the rest of their careers by more than 80%. Workplace placement or learnership programmes are therefore a great way of tackling youth unemployment. Old Mutual Insure, for example, has onboarded more than 90 learners and unemployed graduates as part of a variety of programmes aimed at tackling youth unemployment. The company also partnered with the Sector Education Training Authority (SETA) to give selected graduates who have not yet been able to secure employment a chance to kick-start their careers via a 12-month learnership programme.
A way to harness young talent Bringing Millennials into the industry is one thing, turning them into future leaders is another. This is where companies can take pride and instil flagship talent development initiatives aimed at grooming managerial and specialist talent. Programmes can include experiential learning and support from executive committees and encourage Millennials to develop innovative solutions to address various business challenges. Through catalytic projects, play a decisive role in making sure Millennials are being groomed into future industry leaders. This responsibility rests with all of us.
The art of apprenticeship is really something that has been lost somewhat over the last two decades or so, but corporates are increasingly seeing how valuable it is for people to get on-the-job training as there is only so much you can learn from books or in the classroom. Physically learning to do something is an undervalued skill acquisition process and by providing an enabling environment for this form of skills transfer to occur, it will ultimately be for the long term benefit of our learners and graduates of our country.
32 TheInsuranceApprentice2019
Dr Liziwe Masoga Executive for People & Brand Old Mutual Insure
CAR AND HOME INSURANCE THAT SPECIALISES IN YOU
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Speak to your broker or visit ominsure.co.za to take that first step.
How do I find a mentor? Give me some tips Navigating the modern workspace is a crucial skill for career advancement and a priority for Millennials entering the professional space.
5 6 7 8
Follow up after the meeting. You want the person to know you are serious. Do follow up immediately after the meeting, thanking the person for his or her time. This should come naturally and not feel contrived. Let the relationship evolve organically. There is no need to give it a name. It is a process, not an accomplishment. Don’t force it. Give it time and let it grow.
Don’t check out when you feel challenged. That’s the idea. The mentor should challenge you. What you do when challenged is crucial to your growth and always remember, you asked for this.
H
owever, it is a skill not often presented with a costto-company contract, and as such, one that must be acquired by individuals according to their preference, pace and ambition.
Advice on mentorship Mentorship is one tool needed to navigate this space. When done right, it promises great reward. Here are ten tips, drawn from leaders and mentors across the world, to consider when looking for a mentor. This is what the likes of Richard Branson, Jeff Goins, Michael Hyatt, Joel Peterson, Penelope Trunk and Jason Dorsey advise on mentorship.
1
Find someone you want to be like. Look for someone with a similar set of strengths and skills you want to emulate. It is recommended that they have the title, position, or experience you are trying to get. These must be in line with your next career goals. Ideally, find people you know personally or can meet with easily. Where companies have mentorship programs, these are the ideal places to begin.
2
Study the person. Focus on integrity; pick someone who shares your values; find a ‘teacher’, a listener, an optimist, someone with a network. Look for someone who is a compassionate leader with a great sense of emotional intelligence. Be realistic with your expectations.
Forge ahead into the relationship. Finding ways to solidify the bond you’ve created will only strengthen the relationship. You can take a load off your mentor’s plate by mapping out when you should talk and how you’ll be in touch.
9
Ask your mentor for feedback. As your relationship with your mentor progresses, this will be the number one way to grow. It won’t come naturally, but it will eventually become second nature. A good mentor will treat these times of feedback with great care and sensitivity.
10
Commit to the process. Finally, it takes real time and real work. You must commit to the relationship. Mentorship is all about what you put into it as the mentee, too. Dedicate sufficient time and energy to be mentored right.
Vast array of resources Mentorship is not limited to a face-to-face relationship. Those who do not have access to this have a vast array of resources at their disposal to achieve similar results. If you simply expand your definition you will find there are mentors everywhere. Blogs and podcasts; books; courses; conferences; masterminds; membership sites and coaches are but a few resources worth exploring if the traditional route is out of reach at the moment.
3
Ask the right way. Don’t ask via email to be mentored. The initial meeting should be informal, over a cup of coffee. Be upfront and transparent about what you need from the relationship, including the amount of time and attention you will need, as well as exactly what type of mentorship you are seeking.
4
Evaluate the potential mentor. After meeting, assess if the person is ideal. Read the signs and if amenable to mentoring you, seal the deal and let the person know how the communication is likely to flow. Sometimes the mentor takes the lead, but don’t expect this.
Barbara Mathibe Learning and Development Manager Sasria SOC Ltd
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Embracing integrated strategic, risk, performance and sustainability governance in a transparent manner Sasria is an authorised financial services provider (FSP-number: 39117)
Good governance is at the centre of everything we do. As a result, Sasria SOC Ltd was recognised by the Chartered Secretaries of Southern Africa during its Integrated Reporting Awards 2018 for the third year in a row. Sasria is honoured to have been awarded the Merit Award in the State-Owned Company category at these awards. Sasria offers short-term insurance cover against strikes, riots, terrorism, civil commotion and public disorder to corporate and commercial customers as well as individual policyholders. For more information, visit www.sasria.co.za
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l u f i t u a e b a … , ’ e n o z t ‘Comfor e r e h t s w o r g g n i h t o n place but
ge says; Chan t e n n e B . yT t zone, Author Ro ur comfor o y f o d n e an the nge can be a begins at h c t a h t know but we all ether rocess. Wh arduous p favourite it is your ng t switchi restauran g u or havin up the men r w trim you someone ne an all hair, we c t change agree tha is rarely ever easy.
M
ore often than not, change unsettles our routines and sense of familiarity. Although there is nothing wrong with establishing a somewhat comfortable routine in some areas of our lives, the same cannot be said when it comes to building our careers. Slipping into a comfort zone in your work life is a sure way to guarantee a stagnant, unfulfilling and pretty average career.
Why we shy away from change So, why do we resist change? There are various reasons why we tend to shy away from change. The first, I believe, is the fear of failure. The second, being the fact that we simply love what we have become accustomed to. We love what we know. For example, my son, Lithemba, who is less than a year old has one blanket in particular that he has fallen completely in love with. He seems to associate it with the happiest moments and the best of naps. We have now learned to take this little blanket everywhere we go because it is ‘home’ to Lithemba. I know a lot of us may be thinking “that’s so adorable” but the truth is that most of us have ‘little blankets’ that we refuse to let go of. Some of our ‘blankets’ are still in a somewhat decent condition whilst others are in complete tatters. They are, however, ‘home’ to us.
I did nothing about it, until one day I realised that I was becoming uncomfortable with being so comfortable. In what seemed like a complete epiphany, I realised that I was sitting on all my potential and robbing myself of what could become an extremely satisfying career. Fast forward to a couple of years later, I have very little comfort and a great deal of fulfilment.
Step out of your comfort zone You may wonder why I am telling you all of this. Well, it is quite simple. I want you to step out of your comfort zone and take a hold of whatever your new, fresh, big thing is. This is not to say that we should abandon what we are naturally great at and venture into areas where we have absolutely no skill. Not at all. Like me, you may be most energised when operating in the areas of your natural gifting, expertise and skill. Author, John Maxwell says, “Stay in your strength zone but get out of your comfort zone”. I agree with this sentiment 100%. The truth is, I have not heard of anyone achieve anything extraordinary whilst in their comfort zone. It may be a great place to be, but unfortunately the ground is just not fertile enough for anything new to spring up!
Bennet describes a comfort zone as a “psychological state in which one feels familiar, safe, at ease and secure”. I do not think that this is a bad place to be at all, but as with Lithemba, there is going to come a time when he outgrows the blanket. Then it will be time for a new one and a time for change.
A bit too comfortable I know something about comfort zones and change. I went through a time in my career where I became a bit too comfortable. I allowed myself to fall into a mundane routine. I was not passionate, stimulated or growing and
Mukondeleli Masiza Admitted Attorney and Liability Claims Specialist SHA Specialist Underwriters
36 TheInsuranceApprentice2019
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Millennials…the influencers of tomorrow In this day and age, technology leads the way, and technology is driven by influencers. No generation is more influential than Millennials.
P
eople do not like change, but it is inevitable. There is a shift from the Baby Boomer generation over to the Millennial generation. I believe this could be the reason why Millennials are constantly discussed.
Redesigning the future There is a perception that Millennials are just kids however, they are tomorrow’s leaders, shaping and redesigning the future. Within our workplace and workforce there are Millennials, also known as (aka) tech-savvy optimists who are redefining the workplace as we know it. Millennials are the ones who are making the changes in today’s day and age. They constantly crave discovery and development… life is an adventure. Most employers find themselves having to cater to the Millennial culture. However to a Millennial, it is more about the common good and making the world a better place. It is more than just individual interest and personal gain.
The sky is no longer the limit The future of ongoing Millennial transformation is going to be about trust, empowerment, accountability, collaboration and innovation. Within the financial service industry especially, there is great opportunity here. However, we need to adapt. We need to plug technology into the financial service industry with the outcome being cost saving automation, personalisation, and a better overall experience for the customer. Millennials are using technology and data to customise a solution for the customer based on their exact situation, within their life cycle, in terms of financing, insurance and investment. It is time for the industry to start addressing key drivers in today’s always-on, always-connected digital world that we have created. We are the founders and implementers from here on. The sky is no longer the limit. It’s no wonder Millennials are still being discussed.
Millennials feel the need to be part of something bigger, and they gravitate towards a company culture that provides that to them, thus companies are evolving with them.
What Millennials want On an organizational level, we want the company to share our values and have a strong corporate responsibility. We value collaboration in a sense that we make use of items and technology we develop and combine and streamline to make things easier. We have been brought up on technology, and raised in a world of digital communication, we want this to benefit everyone for the greater good. We are digital natives. It is a part and parcel of who we are - its encoded (no pun intended) into our genetics.
Jade Griffin Service Broker FNB Insurance Brokers
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Premium talent with skills in excess is always liable - to win, that is. The Insurance Apprentice brought together 8 of the very brightest, young stars of the industry, and saw them go head-to-head in an unforgettable learning experience. A panel of expert judges pulled no punches and threw curveball after curveball at them, and every single apprentice rose to the challenge. Congratulations to the winner, Colin Lunsky and to our other contestants: Ditebogo Mokgalabone, Gillian Riley, Jake Pennacchini, Kishan Vanmali, Mitesh Lakha, Palesa Mochane, and Reese Aron, you brought your A-game to the challenge and the experience is sure to serve you well in the future. FNB Insurance Brokers thanks you for the innovation, commitment and unstoppable drive you showed throughout the tasks assigned. That dedication to ensuring a quality offering is a big part of how we approach our business, each and every day. Our team of specialists work tirelessly to offer tailored insurance solutions, ensuring we protect our clients with cover that changes as and when their lives change. Just like you, we understand how far dedication can take us. It takes a bank that does more to help start, run and grow your business.
FNB Insurance Brokers FNB Business, a business unit of First National Bank - a division of FirstRand Bank Ltd t/a FNB Insurance Brokers. An authorised Financial Services and Credit Provider (NCRCP20) Registration No: 1929/001225/06 FSP Licence No: 20081
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Just do it right
I
path to e u r t e Th right e h t s succes al way c i h t e d an
f you are new to insurance, know that the one true path to success is the right and ethical way, and if you practice this approach in your daily dealings with business partners, clients and colleagues, you are more than halfway there.
A purpose beyond insurance What does it actually mean to do things right in insurance? “Always give your best, learn from your mistakes and, most importantly, be ethical and transparent in all your dealings, whether it be with colleagues, suppliers, partners or clients,” says Alex Taljaard, Senior Manager, Product and Portfolio Development at Constantia Insurance.
parent manner,” Cochius and Paulse reiterate.
Also ensure you are familiar with and always aligned with all compliance, market conduct, legal and regulatory guidelines. This may seem obvious, but surprisingly not to everyone in the industry. But aside from this, have a purpose beyond just insurance, Taljaard adds.
“Those just entering insurance can take solace in the fact that the industry is growing rapidly and is constantly changing, which provides numerous opportunities to learn and grow as a role player. It is a very exciting and fulfilling prospect, not just for young people entering the market, but also for the established decision-makers and the industry as a whole,” say Cochius and Paulse.
“We have an opportunity to add value beyond insurance through community/CSI initiatives, or designing products for segments of the market that have not historically had an opportunity to benefit from certain insurance solutions,” continues Taljaard. “While insurance can be perceived as a complicated sector, it does not have to be, at least not in your approach of providing the best service possible to clients and business partners. Do this timeously with a positive and vibrant attitude,” comment Jarryd Cochius and Lindy Paulse, Underwriting team members at Constantia Insurance.
Taljaard says, “Do not do business with any entity not aligned with your own transparent, moral and ethical dealings – never compromise on this.”
Opportunities to learn and grow
“It has never been a more exciting time to be in the insurance industry. Technological advancements have enabled us to develop unique and novel products, new distribution channels, even your big traditional players are now forced to think very differently to maintain their relevance and remain sustainable in the long term. And this all comes down to doing what is best for the client,” concludes Taljaard.
“Be humble and open to advice, and be hungry for knowledge, as there will always be someone who knows something you do not. There is so much to learn and many people who are willing to share their knowledge. It will put you in good stead with future endeavours. This approach and openness to learning will also distinguish you from your peers in a competitive environment,” they note.
Mentorship and trust
Alex Taljaard Senior Manager, Product and Portfolio Development Constantia Insurance
Jarryd Cochius
“Identify a mentor as you enter your first job in insurance. It does not have to be your boss, or their boss even. Anyone that has been active in insurance for some time can guide you in making ethical and correct decisions. Our peers, along with management, have been instrumental in providing this direction, and then giving us the room to grow within and outside of the company, which has naturally opened doors to other opportunities,” Cochius and Paulse explain. “A truly successful broker is one who can create trust with industry role players by providing great service in a trans-
40 TheInsuranceApprentice2019
Underwriting Team Member Constantia Insurance
Lindy Paulse Underwriting Team Member Constantia Insurance
On a journey to make insurance personal.
At Constantia Insurance Group, we believe in seeking innovative, new ways of doing things, while still being guided by our purpose of “insurance made personal”. We follow a Partner- and Client-centric approach and develop solutions based on our meaningful insights into the market and the specific needs of each of our Partners. To live up to our purpose, we hire the best, most passionate staff who are responsive, transparent, agile and consistent in providing service excellence across every touchpoint of the business. We offer a variety of products and services across our 4 Business Verticals:
Property Casualty
Personal, SMME and Commercial Insurance solutions.
Life & Funeral
Health
Funeral Plans, Credit Life, Group Life and Group Business Assurance for SMMEs.
From Primary Healthcare to GAP Cover, insurance solutions for a wide range of health-related needs.
Professional Indemnity Medical Malpractice cover for Healthcare Professionals across various disciplines.
For more information on how we can work together to provide meaningful solutions for you and your Clients, please get in touch with us at www.constantiagroup.co.za or call us on 011 686 4200.
Constantia is a registered Life and Non-Life Insurer. 1146/Five2Nine/04.19
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r Al, ot Ted, no N . y d n u B k I blame just stuc e h d a H . am rbut Willi anufactu m f o e d a her to his tr 1888, rat n i y r e l l loyee ing jewe ng an emp i t n e v n i just than e, we may n i h c a m k at time cloc courge th s e h t d e p with have esca et, along e h s e m i t me is the n that ti o i t o n d e id the misgu lue. equals va
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he principle of paying for time spent on an activity is hardly a new one. It seems to have appeared in the history books around 1500BC, more or less the time the sundial was invented. Funny co-incidence, that is. Of course, back then it was pretty easy to assess productivity. Had the 3x3 block of marble moved sufficiently? Another day’s work if it had, flogging and hangings if it had not.
Thinking about the clock Not even an industrial revolution or two was enough to complicate the measure of productivity. Once manufacturing became automated, the longer the machine ran, the more it produced. As most machinery required an operator, it was completely reasonable that the longer an employee was operating equipment, the greater the value they were creating. And that is where the thinking about the clock stopped. Time clocks became punch cards (ask your parents, Millennial readers) which became timesheets. Timesheets themselves went from a paper, to a spreadsheet, to an application.
Preferred by younger workers Being so easy to measure, time has stubbornly remained the manager’s weapon of choice. However, the world of work has changed and changed again, and shows no signs of stopping; remote and mobile workforces, jobs that are increasingly about knowledge management rather than task processing, entire industries producing intangible assets as their core business, a conscious drive for better work/life balance.
hear). It demands a deeper understanding of the bigger purpose of each role in the team and forces the manager to level up from simply co-ordinating to truly leading. It also encourages a style of engaged, personalised management that is much preferred by younger workers.
The productivity of a person In the technology space, we were forced to reassess our views of productivity many moons ago. Nothing about a warm body in a chair means a project will be landed successfully. To determine the productivity of a person or team, we look at three key aspects of their delivery: • Output - Has the person produced what was required, when it was needed. This sounds deceptively simple but crucially does demand that the person doing the asking has applied mind upfront to the definition of ‘done’. • Quality – This one is as simple as it says on the tin. You can hardly be regarded as productive if the delivery is unusable. • Teamwork – Not fair if your super-productivity comes at the expense of someone else’s. Distracting, negative, and disruptive interactions are detrimental to the entire team’s productivity. Notice that not one of these relates to time spent at a desk, or anywhere else for that matter. Once we release ourselves from the tyranny of the timesheet, we are able to focus on the only real measure of productivity in any business – delivering a valuable product to our clients.
So, if the number of hours spent in the cube farm no longer tells us anything about a person’s productivity, what does? Quite simply, delivery. To be sure, measuring delivery makes life much harder for managers but that is why they earn the big bucks (or so I
42 TheInsuranceApprentice2019
Claire Wood Managing Director Innosys
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Risk managers: sought-after talent in the world Fast-paced change means more risks and more corresponding complexity for our world than ever before.
Primed for growth and opportunity There is an increase in catastrophes, and other risks that are affecting the environment, society as well as technology. It is little surprise that risk managers and underwriting insurance specialists are some of the most sought-after talent in the world with the industry net-worth predicted to be US $80-billion by 2020. It is therefore a profession primed for growth and opportunity.
Why risk management? Here are seven reasons why you should consider majoring in insurance and risk management:
1 2
You will be in-demand: There is a global scarcity for these kinds of skills, in particular for underwriting skills. Risk is a constant, which means you will never be irrelevant. You will always be a highly-valued asset.
You can work anywhere in the world: This skills shortage inevitably means you will be marketable from a global perspective. You can work anywhere in the world – but we hope you stay in SA! There are numerous opportunities here on home ground.
3 4
You will be paid well: We should probably mention that the financial industry is one of the world’s highest paying sector with salaries averagely ranging from R300 000 to over R1.3-million per annum.
6
You will develop: There are numerous development opportunities. You will have to stay abreast with what is happening in the world around you, including all the technological and AI advancements. There are also multiple paths to pivot to in this field – you could be a risk surveyor, risk engineer or an underwriter to name a few.
7
You will protect people: There is serious fulfilment in knowing your role is to empower people to stay safe. Insurance is not easily understood by the public and being a risk expert will allow you to share your knowledge widely and assist those who need protection to better understand how to protect themselves against misfortunes and bad luck.
Career progress in this field People in risk and insurance underwriting also come from diverse backgrounds which means you will be blessed to collaborate with fascinating peers from very different fields of expertise, so you can consider problems from its many facets. I did not think I would end up in (re)insurance, but it is the opportunity to keep learning and acquiring new skills that keeps one enthralled and furthers career progress in this field. You will never be bored, and you will never be boring. A major in this field means open-mindedness and a consistent desire to know more.
You will learn: With more risks come more complexity, which means you will never stop learning. As each new risk arises, you will need to learn how to manage it. This requires coming up with new solutions to keep society as safe as possible. That leads to deeper knowledge and understanding of risks and ultimately to richer decisionmaking.
5
You will innovate: You will be at the forefront of intellect and innovation, which makes this a really exciting career! There are exponential opportunities to keep coming up with creative, innovative ways to predict risk, mitigate and underwrite it.
Shehnaz Somers Head: Commercial Underwriting Santam
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KINGJAMES 47475
Inquisitive? Innovative? Protective? Ambitious? To us, you sound like an underwriting manager.
As South Africa’s leading short-term insurer with over 100 years of experience, we understand the value of our underwriting managers. Because without them we wouldn’t be able to offer insurance good and proper. That’s why we are inviting the brightest young talent to join the Santam Graduate Programme. Santam. Insurance good and proper. For more information, visit www.santam.co.za/about-us/careers/graduate-program/.
Santam is an authorised financial services provider (licence number 3416).
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2019/04/26 1:45 PM
From one graduate to another... my first year in insurance My experience with insurance began in 2017, when I chose Law of Insurance as an elective in the final year of my LLB studies.
R
eading the judgments for insurance cases was always interesting because there was more than one way of interpreting the principles.
A fruitful journey On 1 February 2018, I entered the insurance industry as a graduate in the legal and compliance department, under the guidance of my six colleagues: all intelligent, hardworking and always ready to teach. My journey was a fruitful one, having learned a bit of everything (economic crime, compliance and legal). I remember having to conduct research on subrogation and salvage for my manager, to advise business in the first quarter of the year. It felt rewarding being able to marry the legal theory taught in lecture rooms with practice and the industry for the first time. The tasks were not always legal drafting, advising and interpretation as I had initially anticipated from a legal role when starting out, but that is the beauty of it.
Beyond the regulatory aspect of the industry, I learned to appreciate the work put in by every single department in insurance, all with one goal – serving the insured best. From the underwriting of the policy at inception, the contribution made by the actuarial department in determining premiums, date of loss suffered by the insured that triggers the involvement of the claims department, the involvement of assessors and attorneys, right up until the claim is settled and salvage (if applicable) is collected.
What I know now You only get to understand how emphasized customer centricity is, once you are a part of the industry: all the training on how to best serve the insured, the strict turnaround time to ensure the insured’s experience is seamless, rewards to encourage efficiency when dealing with clients and the penalties involved when regulations are not complied with, proof that the interests of the customer/ insured are at the center. During my time in insurance, I have learned the importance of efficiency, integrity and serving.
A bit of everything I undertook monitoring exercises to ensure compliance with the FAIS conflict of interest, anti-bribery and corruption management policy, performed gap analyses when new legislation was enacted and amended existing company policies in accordance thereto in my compliance role. This was the busiest part due to the recent introduction of twin peaks in the insurance industry. There was never a dull moment and I began to realize that when compiling the legal and regulatory universe, an insurer has to comply with a vast number of legislations.
Sisipho Pini Legal and Compliance Jnr Bryte Insurance
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Calculating risk through knowledge.
Accounting for risk means using the information at your disposal to project future threats or dangers to different sectors of business. And, as experienced risk specialists, we understand that while you can't eliminate risk ... you can prepare for it. That is why we have partnered with the Maharishi Institute to help empower young South Africans with the knowledge they need to help shape the future of South Africa. At Bryte, we understand the importance of taking action today, to prepare for the risks and ..;.· prewards of tomorrow.
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Bryte is a Level 1 B-BBEE Contributor:· ...,._
brytesa.com E'lml Bryte Insurance is an Authorised Financial Services Provider No.17703
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g n i t t e g f o e c n a t r o p m i e Th w o h w o n k the
the ture of a n g n i o v uals wh ly evol d t i n v a i t d s n n The co long mands i e lifestry de k u a d m n i o h k ris arn; w areers er to le their c n i y t niare eag i a prior eir tech g h n t i n n o r a d l nle tly bui al trai n m a r t o s f n o and c hrough ring. ledge t w o n k dge sha l e l ca w o n k ing and
M
any specialists in the insurance industry come from a wide variety of professional backgrounds such as engineering or law.
The insurance industry comprises a host of industry experts whose sector experience and knowledge are essential to relate to and effectively guide clients in their fields of business and unique industry risks.
Ask to be mentored You do not need to be an expert on anything to try something new. My journey with The Insurance Apprentice (I was a top 8 finalist of the 2019 Insurance Apprentice) has taught me to be curious and to seek out knowledge, and often that knowledge and experience comes from those who have walked the path before us, such as our parents, mentors and leaders in the industry. The key is to have the foresight and humility to ask to be mentored. If you start there, you will find that there are plenty of accelerators in your life who have a wealth of knowledge and experience to share, and who are more than willing to do so.
Tips to kickstart your career Consider the following tips to kickstart your career journey and progression: • Find a mentor in your work environment: A mentor who is willing to share their hard-earned knowledge and insights is worth their weight in gold. Nothing deepens knowledge and understanding quite as much as sharing it and having an experienced sounding board who is prepared to guide and advise you. Keep this in mind one day when you are given the opportunity to take a promising candidate under your wing.
where you can earn CPD hours. These events are usually presented by industry experts who share wisdom gathered over many years through coalface experience that formal, theoretical coursework often cannot impart. Also join industry professional bodies to further bolster your efforts in gathering knowledge through networking and knowledge sharing forums. • Employee training programmes: The insurance industry is well known for its investment into the training and development of its people, and there are many companies that have focussed on employee development and career path programmes. Not only can these programmes help bridge any gaps in your knowledge, but they are also a sure way to demonstrate your eagerness to progress in your career within the business. • Ask for feedback: Finding out whether you are on the right path and how you are faring on that path is a crucial aspect of your professional development. Performance reviews often provide an invaluable opportunity to receive feedback about your journey and to ask questions about your progress. You owe it to yourself to listen deeply and to find the pearls of wisdom in the process that will help you to grow as a professional, regardless of the method in which it is provided.
All the difference What you actively do to further your knowledge and to learn from the people around you will make all the difference in your professional insurance career.
• Network with the insurance community: A good place to start is to stay on top of industry developments by subscribing to newsletters and blogs, following key players or topic discussions on LinkedIn and participating in the conversations wherever possible. • Attend industry events: Attend workshops, conferences and industry networking groups, especially ones
48 TheInsuranceApprentice2019
Ditebogo Mokgalabone Underwriting Operations Chubb Insurance
What is CraftsmanshipSM? To be crafted is to meet exacting standards. It’s the human touch that combines art and science to create something unique. We tend to think about craftmanship in terms of physical things: fine wine, classic cars, custom furniture and iconic stuctures. But what about the underwriting of insurance to craft protection for your unique and valuable things? And the service behind that coverage when you need it most - like claims and loss prevention? For your business. Your employees. Your home. The people you love.
Coverages underwritten by one or more subsidiary companies. Not all coverages available in all jurisdictions. Chubb®, its logo, Not just coverage. Craftsmanship.SM and Chubb. Insured.SM are protected trademarks of Chubb. Chubb Insurance South Africa Limited (Reg. No. 1973/008933/06) is a registered Financial Services Provider: FSB 00060/01 – FAIS 27176
Things that need a particular kind of protection and service. The kind Chubb provides. Not just coverage. Craftsmanship.
SM
Not just insured.
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… g n i v i r h t d n a g n i v i v Sur l e v e l y r t n in an e e l o r s m i a l c
nce insura y m d it! e t I star d loved n a s m i reer in cla osen ca career h c y m te , lly n my la i w Initia o l l er s to fo and ent s p path wa e t s ade. ’s foot cian tr father i n h c e ate or t passion the mot s a w I nd gh e, I fou d a Althou r t r ies he moto rtunit o p p about t o h y growt ade ver r career t s i h t within ng. limiti
The perfect entry point Just a few months after I qualified as a motor technician, I pursued an opportunity in the insurance industry, starting as a mechanical warranty claims administrator in a call centre, and I have never looked back. I quickly realised that claims is the perfect entry point to the insurance industry, as this function is commonly referred to as the shop window of what we do. You are literally at the coal face of one of the most important functions in the business, because when a client purchases an insurance product, they are effectively purchasing the claims service. From the first point of contact, to the last, the effectiveness of the claims process can make or break the customer experience and, on many occasions, has a direct impact on customer retention. Exposure to claims also allows insight into the inner workings of the other facets of insurance, which allows further growth opportunity within the industry as a whole.
Keeping a cool head
Try not to complicate things or reinvent the wheel, however, remember that each client and claim really is unique and should be treated on its merits.
Unlimited opportunities available to you If you find yourself in the fortunate position of doing entry level claims like I did, know that there are unlimited opportunities available to you with great potential for personal development. Many of these opportunities are only offered to the ‘best and the brightest’ employees, so make sure you are one of them by constantly thriving to be the best in the business, even when you are working on the most straight forward and mundane claim. Challenge yourself and remain relevant to the insurance market by constantly enhancing your skills through product training to improve your technical knowledge. Many customers view insurance as a ‘grudge purchase’. Starting with an entry level claims role will give you the chance to change people’s perception about insurance… it all starts with you!
The key to surviving in a claim’s role is keeping a cool head, although I know this can be quite challenging most of the time, especially when dealing with a frustrated client. It is important to remember not to take things personally when assisting a frustrated client. In my experience, you are better served by trying to place yourself in the client’s shoes. In my humble opinion, to thrive in this environment depends on how well you work under pressure, and how adaptable you are to each and every situation. You need to be passionate about what you are doing, see the situation through the client’s eyes and treat the client the same way you would like to be treated.
Rudi Johnston Customer Relations Manager Price Forbes
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Price Forbes is a proud supporter of The Insurance Apprentice 2019
We are a specialised niche insurance broker based in South Africa offering a wide range of corporate insurance products including special projects and cross border insurance. We offer holistic risk solutions that are perfectly tailored to suit your company’s needs. Come talk to us! Price Forbes (Pty) Limited Johannesburg Office: 1st Floor, Block A, Kingsley Park, 85 Protea Road, Chislehurston, Johannesburg, South Africa PHONE: +27 (0) 10 003 7366 linkedin.com/company/priceforbesptyltd-southafrica
Stellenbosch Office: Papegaai 09, Stellenbosch, 7600 Western Cape South Africa @ Price_Forbes_SA
Price Forbes (Pty) Limited is authorised and regulated by the Financial Sector Conduct Authority (FSCA) Licence No. 44121
TheInsuranceApprentice2019
priceforbes.co.za
Get connected: the art of networking In a time when most people are fixated on their smart devices, the value of human connection has become more important.
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hen people get together, information is exchanged, new ideas are formulated, and personal connections are forged. This is what networking is all about. A quality network has a plethora of benefits including access to business opportunities, job offers and specialist advice.
Practice makes perfect Networking is not a single event and connections do not happen overnight. Building a network is a process and requires you to take proactive steps to engage and connect with new people. It also requires you to maintain your connections once they have been made. How does one become a good networker? Like most things in life it requires practice. If you enjoy books, I recommend that you read the seminal work of Dale Carnegie: How to win friends and influence people. The book contains valuable tips on how to make a lasting impression like remembering people’s names, smiling, talking about the other person’s interests and, most importantly, listening more than you talk.
Creating a personal brand
Important component to networking People are often at a loss for things to talk about when meeting someone for the first time. Believe it or not, you will always have something in common with anyone you meet. You are both at the same venue, eating the same snacks and experiencing the same weather. Each one of these points is a potential topic for discussion. After breaking the ice ask thoughtful questions and keep the conversation going. A word of advice, steer very clear from controversial topics such as politics, religion, race and gender. Your body language is more important than verbal communication. Be present in the moment, maintain an open stance and invite conversation. Leverage off your authentic personal brand to gain credibility and forge quality connections. Spend twice as much time listening than talking and remember that people love talking about themselves. The single most important component to networking is entrenching the relationship by staying connected. To do this, pay close attention to what people say and remember key points from your conversation. Always share your business card or ask to connect via LinkedIn. Follow your meeting up with a suggestion to meet again, give feedback on interesting points of discussion or share an article on a topic that interests the other person.
Key to building your network is creating a personal brand. A personal brand is your unique identifier, it is who you are and how you are perceived by others. Strong personal brands are authentic, consistent and likeable. It is human nature to gravitate towards people that we like. Networking can happen anywhere. The man you chat to at the coffee shop may one day be a client and the lady you meet at the gym may one day be your boss. Be memorable for all of the right reasons. A word of advice, ditch the mobile phone, make eye contact with each person you meet and listen intently. You will be amazed at who you may connect with and what opportunities may arise.
Darryl Jago Senior Associate Hogan Lovells South Africa
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g n i n i a t e R t n e l a t p to remainsnt a constnage challe
Though there is great opportunity for growth in today’s global insurance industry, the shortage of skills and the ability to attract and retain top talent remains a constant challenge. As an employer this is made more complex with the changing workforce generations.
Why it is critical to listen and adapt The word Millennial is synonymous with an innovative and confident attitude, which can be disruptive in the more traditional industries. As our world continues to get more complex and technology changes the way companies do business it is now more important than ever to listen and adapt. Millennials are looking for the best tools possible to do their job and build their careers, from training and development to mentorship and networking opportunities – and this is what is needed to create a sustainable insurance industry in South Africa.
Cultivating and retaining skills
It allows individuals to step out of their comfort zone, be challenged both professionally and personally, and ultimately to be given the chance to learn and grow outside their field of specialisation.
The future leaders of this industry Our Millennial colleagues offer a different perspective of how the sector should adapt and change, to remain relevant in the context of the evolving global landscape. Their insight is vital. Understanding the value they bring and seeing the potential in our young talent is the only way to grow the essential skills needed, to build the future leaders of this remarkable industry.
By creating learning and development programmes, nurturing key insurance talent and providing a network to share experiences with peers and senior management in the industry, companies will be well positioned to attract and grow their young talent and, as a result, retain excellence in the industry. This facilitation of impactful learning is, and will always be, key to cultivating and retaining skills. The Insurance Apprentice is one such opportunity that provides a platform for young individuals to gain exposure, showcase their talent and demonstrate the unique value they bring to their respective organisations.
Roxanne Griffiths Deputy Head of Financial Lines AIG South Africa
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Climbing the career ladder‌in the CEO’s shoes Honing and cultivating the necessary skills is an integral part of developing a successful career. It is important to choose a career that is aligned with your skills, passions and what you fundamentally believe in.
The building blocks
Surround yourself with the best people
I enjoy solving complex problems and thinking analytically, I studied Actuarial Science at the University of Witwatersrand. The skills I learned during my studies, alongside my passion for business and access to good mentors throughout my life, have been crucial to building my career.
Some of the best advice I can give is to surround yourself with highly skilled people and learn from them. Similarly, if you are in a position to make employee appointment decisions, it is important to hire and retain the right talent.
I joined Discovery Insure as CEO in 2011 when the company was just starting up. I believe that the success of Discovery Insure is the result of a dedicated team of skilled individuals. As a result, I know how crucial it is to attract and retain skilled people to build a market-leading organisation. I believe that these crucial aspects have been the building blocks for the success of my career and the company.
Great people are positive, smart, energetic, self-driven and enterprising, and take advantage of the opportunities available to them. My time at Discovery Insure has taught me many things about myself and my career, and I believe that the three aspects mentioned above are the reasons for my success. The great people I work with and am supported by, make our core purpose come alive, making a difference to the lives of all our clients and society as a whole.
Pursuing a mission and goals I find that one has to have long term goals and a higher purpose to achieve success, both in life and business. At Discovery Insure, for example, we have a core purpose and long term goal to create a nation of great drivers. Our core purpose and shared-value model give us a higher purpose to do our daily jobs. It filters down to every operation, process and decision in Discovery Insure. Seeing as the company’s values are strongly aligned with my own, I believe that this has been a true contributor to the success of my career. I strongly encourage everyone to work in a company that is aligned with their own values and purpose.
Anton Ossip CEO Discovery Insure
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What it takes to become a CEO It is often said that climbing the corporate ladder is challenging and the competition only gets more intense the higher you climb. It is about finding your own way to the top. We asked the CEO of Oakhurst Insurance, Simon Phage, to share some of the lessons he’s learned throughout his career.
Gaining experience is essential I have held senior positions at various companies including South African Breweries (SAB), South African Airways (SAA), Otis Elevators, Telesure and Wings Naledi (to name but a few). Gaining as much experience as possible in various areas of business and understanding how processes and organisational structures work before taking the helm was essential.
Some useful tips
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Approach every position as if you are running your own business. The moment you do this, it forces you to think about every aspect of the business, so that you fully understand how it runs. This also enables you to see more clearly what is likely to happen five years down the line.
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Be a generalist, not a specialist. When I was a sales manager at SAB, I realised I was a specialist in sales, but never understood the operational side of the business. I insisted on putting myself through a one-year operations course which I completed in nine months. I was then appointed as the Soweto District Manager for SAB and advanced to many other senior positions after that. By breaking down the silos, I became a generalist, deepening my understanding of how the whole organisation functioned, and by doing this, I enabled myself to intervene in areas that needed improvement.
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Empower people to run with things. Surround yourself with the right people and put them in leadership roles, then determine the destination. It is my belief that the key to running a successful organisation is that empowered people will get you the desired results. Generate a culture where everyone constantly has their thinking caps on and are looking for ways to improve things. If people understand exactly what they are accountable for, they will run the operation themselves. It is also important for all staff members to understand their individual role in the bigger scheme of things. Even the janitor at NASA knows that his job is not to clean toilets, it is ultimately to get people to the moon!
Creating your own path When I arrived at Oakhurst Insurance, the first thing I did was to make it clear to the entire team where the company was at, where we would like to be in five years, and what it would take to get there. I feel very blessed with where I currently am, as I am surrounded by phenomenal people that have a great working culture. Remember‌ there is a route to the top, but it’s about finding your own way there.
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You do not run a business from behind a desk. I believe that everyone in the company needs to understand what is happening on the ground, and that includes the Executives. I do not leave client-facing roles to employees alone; I believe that by immersing yourself in all areas, you will have a better sense of what clients are demanding.
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Take time to understand the business; do not go in guns blazing. It is important to understand how every area of an organisation functions, and how the performance of one area affects the performance of another. It is especially important to find out what motivates your staff members.
Simon Phage CEO Oakhurst Insurance
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My career in a call centre…- five lessons learned Entering the world of work can be daunting, but don’t be afraid of starting front-line. A call centre can be a challenging environment, but also offers some great lessons that can guide you throughout your working life.
Learn and grow Below are five lessons that I have learnt during my career.
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Adaptability. A call centre is not just about receiving calls and dealing with customer complaints. It also involves a lot of technical terms and understanding. Mostly, the environment requires emotional intelligence. You will need to learn not to take things personally. Customers might fight and swear at you, but it is not about you, they are frustrated with the situation. It is essential for every agent to be able to adapt a variety of approaches to different challenges and circumstances. In a call centre there is a lot of change, it happens quickly and constantly, and you have to learn how to adapt to those changes.
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Opportunities for growth. Often a call centre job is viewed as something to make a living and survive. However, once you are in such an environment, you will find that there are many opportunities to make a career out of it. Never underestimate the importance of growth. Everyone needs to grow – in knowledge, stature and information – to live a fulfilled life. A call centre provides the opportunity to learn quickly, absorb and grow.
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others to assist you can be extremely powerful. Also, be friendly with people, as it makes it easier to network with people in different departments. Then, when there is a query or problem to resolve you will know who to speak to and already have a good working relationship.
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Deal with pressure. Learn to work well under pressure. Success is often the result of daily routine with a certain amount of urgency. Also, pay attention to detail. Having to rework something adds to the pressure. In addition, learn to communicate efficiently verbally and in written communication, because clear communication increases efficiency. My improved communication skills have allowed me to grow as a person. I have also seen that multi-tasking and asking questions for clarity have made me more efficient and have assisted in my time management.
Don’t be afraid of starting front-line As mentioned above, a call centre can be a challenging environment, but also offers some great lessons that can guide you throughout your working life… don’t be afraid of starting front-line.
Growing a thick skin. In life there are good days and bad days and it is the same at work. At times you might encounter a problem with a colleague, a supervisor or even a manager. You could have a bad day as a result of an error that you made or due to a call from an irate customer. My advice is to learn from it and move on. You will need to be self-motivated to work in the call centre environment, as it can be demanding and demoralising at times. A positive attitude and enjoying the work you do makes a big difference.
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Be a team player. We all need help and can learn and grow from each other. There are many sayings which reinforce this thinking, such as “Two heads are better than one”. Working together, assisting another and allowing
Rita Kruger Executive: Customer Services & Call Centre Operations Tracker
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Success is not final; failure is not fatal… ssful e c c u s y get to Ask an o t s e k a at it t h w n o kely to s i r l pe e r a nd you a p uite a o q t ” e e r th u l ord “fai w e h t r hea es. few tim
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oogle “failure for success quotes” and you will find insights from the likes of Winston Churchill, Thomas Edison, John F Kennedy, and even Ellen DeGeneres, with sayings such as, “Success is not final, failure is not fatal: it is the courage to continue that counts”, “I have not failed. I have just found 10,000 ways that won’t work”, “Only those who dare to fail greatly can ever achieve greatly” and “It’s failure that gives you the proper perspective on success.”
The act of failing The problem with failing is that it is so much more public than succeeding. It gets a lot more press and feels bad. That is why I prefer to call the act of failing “a learning experience” and I have had many of these learning experiences, both personally and professionally. Does it feel great? No. Is it important for growth? Yes, indeed! I believe in taking risks and exploring what has not been done before. As we know in our industry, risks sometimes work out, but at other times they do not. And that is okay. How will you know if something will work or not unless you try it?
Challenge the status quo Human beings need to be given the opportunity to explore and experiment with new things.
A great learning experience Last year’s African Insurance Exchange at Sun City, for example, was an event that taught us many things. It served as a great learning experience. We have taken a lot of pointers from the experience, spent a lot of time analysing what went right last year and are working on ensuring that the 2019 conference is the best conference ever! We want to ensure that we improve all touchpoints, from registration and business sessions to networking and entertainment. Author Gena Showalter said, “Giving up is the only sure way to fail.” These words ring true in all avenues of life. So, never be afraid to try new things. And always give people another chance.
In my career, I have given many people such opportunities. Not all the results were success stories. Some were disappointing and, yes, some were failures – or “extreme learning experiences.” However, I always say, someone had to be patient with me early in my career, so I need to do the same for others. I am inspired by non-conventional leaders, leaders who challenge the status quo and design solutions for the future. I believe young people in the insurance industry should model themselves on such leaders and aspire to become like them.
Thokozile Mahlangu CEO The Insurance Institute of South Africa
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Rock at time management… like a champion “Time is what we want most and what we use worst.
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- William Penn
orking faster and more efficiently does not make a perfect recipe for great time management. Chances are by only working faster and more efficiently, you will most likely only become tired and overwhelmed. Time is such an important commodity in our lives, that it makes sense that time management is a hot topic within the financial industry. There is no quick fix when it comes to time management habits, but there are five key things we can look at to make ourselves time management rock stars.
Five key things
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Prioritise your tasks. For all the procrastinators out there (including myself), doing all the easy, mundane tasks first does not mean you are prioritising like a champion. You are only delaying the inevitable: the large and difficult tasks have to get done and you are only putting more pressure on yourself by doing it later. Planning your day is the first step in prioritising tasks. Be disciplined – stick with your plan for the day.
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Break your time/tasks into increments. Remember Rome was not built in a day. Effective time management means you need to look at time differently. There are 168 hours in a week. Let us say you sleep about eight hours a night, that leaves us with 112 hours a week to attend to work, family responsibilities etc. 112 hours is a lot of time at your disposal. Everything does not have to be completed at this very moment, or even this very day. There are certain tasks that can be broken up into smaller tasks – this makes your bigger tasks more manageable.
are at your most productive will also assist in prioritising tasks, as well as planning your day or week. The most important tasks should be done first when you are at your most productive.
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Know when to say “NO”. There is such a thing as too much work. Saying yes to everything will not assist you in improving your time management skills. Know your limitations. Do not be afraid to say no to a colleague/ family member/friend. It does not make you an unhelpful person – stop feeling guilty about saying no. Prioritising and planning your day effectively, means that you cannot say yes to everything.
Managing the time at your disposal Time management is not about creating more time so you can do more, but rather managing the time you have at your disposal and doing the things that are most important to you. Remember, it is not that you do not have the time, but rather, that specific task/activity is not a priority. Micheal Artshuler said the following, “The bad news is, time flies. The good news is, you are the pilot.”
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Get enough sleep. Sleep helps your brain work properly. While you are sleeping, your brain is preparing for the next day. It is forming new pathways to help you learn and remember information. Sleep helps improve your learning and problem-solving skills. Sleep also helps with paying attention, decision making and creativity. The recommended amount of sleep required by an average adult is seven to eight hours a day.
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Know your peak productivity time. Some people get more done in the mornings, others prefer late afternoons. Each person is different and knowing when you
Nadia van Wyk Portfolio Manager HIC Underwriting Managers
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e h t g n i v i L l a i n n e l l i M dream S
ome of the resident Millennials share how to carve out a career, become successful and grow, and start changing the world, in the insurance industry.
Things that only experience can teach
“It is all about staying true to who you are. When starting out in the insurance industry, just be yourself. People gravitate towards genuine people. It is really difficult to find them these days, so when clients and colleagues come across someone who is unapologetically themselves, they really notice and appreciate it,” says Royal Sales Consultant and Kingdom Spokesperson, Ian Sibiya. Data Scientist, Jaques van Staden, says that hard work and the right guidance will go a long way. “Hustle hard, find a mentor, and be willing to learn. Speaking to an experienced colleague who knows all the ins and outs of insurance will help you guard against rookie mistakes and common pitfalls. There are some things that only experience can teach.”
Open to new experiences Being open to new experiences is what enabled leads nightingale (or, in corporate-speak, Business Relationship Administrator), Boitumelo Senwelo, to grow personally and professionally. She says that she came to King Price with no expectations and a mind hungry to learn, and when the business insurance division underwent some changes, she welcomed them with open arms. “I moved into an entirely new position and that is when I felt a definite sense of growth.”
Thanks to King Price’s crazycool Google-like office and way of getting things done, Millennials are eager to join the royal family. different path. Many people start out in a completely different field before they end up where they want to be. And that is okay,” she says. Underwriting Administrator, Cynthia Ludick, tells of how she started out at a law firm, with big dreams of becoming an underwriter one day. “I worked and studied at the same time, and really pushed to make it happen. Now, I underwrite risks and get to be a part of an amazing work culture where laughs are the norm!”
Support on this journey When these Millennials talk about King Price’s kingdom culture, they do not mean the lego walls, the free breakfasts, the dress-up days or the arcade games. They mean the seven ‘family values’ that underpin everything that King Price does. King Price’s values encourage all its staff to be the best version of themselves that they possibly can be – and support them on their journeys. “What other insurer basically instructs all their staff to have ‘fun with a little madness’ while at work,” asks Boitumelo. “It’s an order we take very seriously! In fact, we like to say that we take what we do very seriously but ourselves… Not so much. We are living the Millennial dream,” concludes Boitumelo.
However, these Millennials warn, success is not all about promotions and new challenges. In fact, most believe that true success lies in being content with what you have and possessing peace of mind – and that goes for both their personal and their professional lives and is also great advice for colleagues of all ages.
Success is not about promotions and new challenges “Success is not about having the flashiest car on the block or the most beautiful pot-plant on your doorstep. Successful people know themselves, and they do not feel the need to compare their lives because they are at peace with their journeys,” adds Jacky Barnard, a Client Care Team Manager. Business Leads Administrator, Ntswaki Masinga, adds that this is also key to maintaining a positive attitude in the workplace. “Nothing good comes from trying to mirror someone else’s professional journey. We each follow a
King Price From left: Ntswaki Masinga; Cynthia Ludick, Jaques van Staden, Ian Sibiya, Jacky Barnard, Boitumelo Senwelo.
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A career in insurance…is AI going to take my job? You have done all the hard grafting only for some piece of machinery to steal your designated spot in the insurance industry, right? Nope, wrong.
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et’s take a step back. The perceived big, bad Artificial Intelligence (AI) is no more going to replace brokers in insurance than calculators have replaced mathematicians.
It is evolution, not extinction Some human beings will always prefer to interact with another human being while others simply prefer not to. Furthermore, some lines of insurance, say, commercial policies, require the human touch: bespoke wording and face-to-face negotiation, which will always have a place for the professional broker. For personal lines insurance, yes, it is another story. These products have become commoditised and with the Retail Distribution Review (RDR) squeezing margins, brokers will in future primarily only be able to focus on high-net-worth clients, regardless of technology. However, the conversation today should be less about AI and more about computer automation drastically reducing the cost of doing business, but also prompting decisionmakers to evolve their product suites to suit automation and reducing costs while increasing efficiency. This means that brokers, will in future, migrate to more specific markets and niche products where complexity is involved. But to reiterate, it is evolution, not extinction.
Have no fear Fear is the usual first reaction in every industry where computer automation has brought down operational costs. Like with any adversity in life, the key is your approach to it. When focused purely on the technical pursuit of automation or AI we often forget the human element. Human beings are social animals by nature and have a natural need to talk to another human being somewhere in the process, either to purchase a solution, resolve a problem, or claim for insurance. And it doesn’t matter whether the client is a baby boomer, Millennial or from generation Z. While the role of the broker may look different today than it did 30 years ago, so too it will differ in future, but if you
embrace technology and use computer automation and AI as one of your tools, success is almost guaranteed, assuming you are a good broker, of course. Rather see AI and computer automation as a tool that can bring down costs and improve customer services. Computer automation will bring down the cost of acquisition by automating segmentation, needs analysis, comparative quotes and ensuring compliance to regulation. AI can be used to learn from and improve on the underlying actuarial models for rating in real time to give client-specific rates. It can enrich data from multiple sources to reduce data capture. Use this technology as a tool to give your client something the next broker cannot; personalised solutions based on pure data.
A broker entering the industry If I had to be a broker entering the industry today, I would embrace technology but also be sure to know every insurer’s product like the back of my hand. I would focus on a niche industry and become an expert in this field. As long you can add value in the form of a service or advice in proposing the correct cover for your client, you will do more than simply survive.
Ben du Preez Group CIO and Software Solutions MD Genasys Technologies
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g n i t t e g o t e Guerrilla guidexperience leadership
might errilla” u “g m r e t e and f the s sabotag e i The use o l p m i t cs will ding as i ese tacti h be mislea T . s c i t c essly run ta re ruthl a u o hit-andy f i p. for you ng the to i only work h c a e r n focused o
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t will be the first step on an unsustainable path of always needing to watch your back, not trusting and eventually being a victim of the same tactics you deployed.
A leader versus a good leader Rather, ask yourself why you want to be a leader, and then, if you want to be a good leader? You must be prepared to develop and demonstrate that you can lead, regardless of the position you are aiming for, since leadership is often cited as a soft skill on most prospective employers’ lists. Becoming a leader is not hard – do your job well, tell people you would love a promotion someday, network with the right people and voila, you will soon be in a leadership role. Being a good leader, however, is harder. Once you get there you need to work at it, but it is worth it!
Inner strength that inspires results How good you are, and the opportunities that exist, depend on the context. A great leader in insurance may not be a great leader in, for example, retail. Everyone has different strengths and different businesses need different things from the leaders who run them. That is what leaders do. They run the business. They shape, manage and support it, by taking proactive results-driven action. This is done all through people. There is no connection to a job title. Much depends on whether you have that inner strength that inspires outward results, a sense of vision that envelops others and can guide teams to success.
So, you possess these skills, what is next? Ask yourself, “where will I be a good leader?” Identify your strengths and likes and where these will flourish. Identify your dislikes or weaknesses and which environments will make these worse? Do you aspire to be the CEO or lead a brokerage? Where do you fit in best? Then identify your gaps. If you want to be CEO, you need to learn to be strategic, decisive and to manage complexity. In leading a brokerage, you need to be excellent at business development and relationships.
The tactics Now, identify tactics to close the gaps. Find a mentor, coach or join your companies’ internal development programme. Stand out favourably, volunteer to lead projects and document what you did and why; take a leadership course in your field, and more importantly, plot a career path that will get you to where you want to be. Never think you have arrived… stay alert, adapt and change. Be resilient and learn to thrive in tough times. Think beyond you – how you can build the next generation of good leaders and plow back some of the experience that got you to the top.
Identify where you fit in best Auto & General, when employing prospective leaders for example, emphasise that in order to stay relevant the key is to never stop gaining experience in the following three skills: 1. Flexibility with people and situations. 2. Creativity and dynamism to operate outside the box, to problem solve and get things done. 3. The ability to get a message across and to guide the exchange of ideas.
Hilda Havran Managing Consultant and Industrial Psychologist YSC Consulting
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Quick catch-up
Did you miss one of The Insurance Apprentice 2019 episodes? Scan the bar code on the one you missed below and watch it.
Episode one
https://bit.ly/2TX58pj Sponsored by Aon South Africa The first episode sees the 2019 apprentices head to the first boardroom session of The Insurance Apprentice 2019. The task challenged the candidates to conduct a customer needs analysis that would identify gaps in the current corporate portfolio, with the aim of achieving profit, growth and continuity for the client’s business.
Episode two
https://bit.ly/2VbIie3 Sponsored by Emerald Africa In their teams, acting as a facultative reinsurance underwriter for “Far Out Reinsurance Company”, the apprentices are tasked with assessing a risk. The apprentices are then requested to calculate the estimated business interruption loss, the appropriate deductibles to determine the final reserve for both property damage and business interruption and explain how they arrived there.
Episode three
https://bit.ly/2H9quMU Sponsored by Marsh Africa In this task, the apprentices are called to a meeting with the CEO and Risk/ Insurance Manager of their broker firm’s client. The client had a ransomware attack and wants to know why he was not covered, and what to do now. The apprentices had to advise the client on how they can assist them with an effective cyber security strategy, focusing on the importance of cyber risk management.
Episode four
https://bit.ly/2GTyiDc Sponsored by Sasria Soc LTD The apprentices are challenged to come up with innovative ideas to ensure the sustainability of the Sasria business model. They had to consider the financial viability, premium growth, business retention, marketing, distribution, reinsurance and investment options and had to keep Sasria’s relevance to the insurance industry and its value to the shareholder in mind.
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Episode five
https://bit.ly/2NPM8qx Sponsored by Innovation Group South Africa In their teams the apprentices are challenged to develop and price a warranty product for electrical vehicles.
Episode six
https://bit.ly/2UspBFY Sponsored by Inseta The apprentices had the opportunity to influence a mix of grade 11 and 12 learners at Florida Park High School. The apprentices were tasked with sharing some detail around two of the scarce and critical occupations in the insurance industry, namely an insurance broker and an underwriter.
Episode seven
https://bit.ly/2HPg2LF Sponsored by the Financial Sector Conduct Authority (FSCA) The apprentices were asked to act as employees of the FSCA, tasked with looking at the future of premium collections and what needs to change around premium collection in the interests of the industry, the consumers and the institutions.
Episode eight
https://bit.ly/2WJlraf Sponsored by the Graduate Institute of Financial Services (GIFS) and Chubb In the final episode, we see Colin Lunsky (HTI Insurance Brokers) announced as the winner of The Insurance Apprentice 2019.
T he
Insurance A
pprentice
Entries opened and will close on 01 April 2019 30 August 2019. Visit www.T
heInsurance
Apprentice.c
The winner stands a chan ce to win a tr bursary and ip of a lifetim and so much e, cash, a more! • If you are younger than 35 • Have been in the short te rm insuranc it) for more e industry (a than four ye ny part of ar s • You prefer ably hold so m e form of short studies or qu term insuranc alification e
2020
o.za
• Joburg • Durban • Cape Town
Visit https://theinsuranceapprentice.co.za/apply/, fill out your application form and submit it. Please make sure you read about the process before you enter and remember to send us your application before 30 August 2019.
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A guide to insurance studies Your career choice has to be one of the most important decisions you will ever make, right? So, you have just finished high school. What is the next step you have to take if you want to have a career in insurance?
Where, how & what This industry is exciting and offers limitless career potential across a very wide spectrum and many of these very varied career paths offer the potential for personal growth and big earnings. You want to get into the insurance industry but do not know where to start after high school? Here is a list of some institutions that offer various courses.
Unisa The Higher Certificate in Insurance Offered by the Department of Finance, Risk Management and Banking at Unisa. Aimed at students who want to obtain a licentiate membership designation with the Insurance Institute of South Africa (IISA). The higher certificate will assist students to increase their short term insurance knowledge. Offered at NQF Level 5 with 120 credits, has a duration of 12 months and is registered with SAQA. The Course in the Fundamentals of Insurance (Online) Offered through the Unisa Centre for Business Management and focusses on students who what to increase their basic knowledge on insurance. Learn how individuals and business firms alike have to attempt to manage the hazards and perils they face, and how to transfer the financial consequences of risk by means of insurance. Aimed at those starting a career in insurance or who need to deal with insurance matters in an allied industry, such as call centres, banks, travel agencies, motor car dealers, tracking device suppliers, assessors, loss adjusters and retailers involved in the marketing of insurance. Online only course NQF Level 5 with 24 credits; six-month duration. Contact details: SunĂŠ MarĂŠ Email: mares@unisa.ac.za Tel: 012 429 8222 Website: www.unisa.ac.za
University of Cape Town The Bachelor of Business Science (BBusSc) degree This is a four-year degree consisting of courses in (roughly) the following categories: Core courses in Business Science; Ancillary and related courses; and courses specifically geared towards a special field. For the special field of Actuarial Science, the courses in the last category above, are designed specifically to correspond to parts of the curriculum of the Actuarial Society of South Africa. The Bachelor of Commerce (BCom) degree It is a three-year degree consisting of courses in (roughly) the following categories: Core courses in Bachelor of Commerce; Ancillary and related courses; Courses specifically geared towards a special field. For the special field of Actuarial Science, the courses in the last category above, are designed specifically to correspond to parts of the curriculum of the Actuarial Society of South Africa. The curriculum for the first two years of study for both streams above are similar. In the third year of study, students are required to choose one of the above. Contact details: Tel: 021 650 2475 Website: http://www.commerce.uct.ac.za/Managementstudies/actuarialscience/
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University of Johannesburg
University of the Free State
Diploma in Financial Services Operations - NQF Level 6 The purpose of the Diploma in Financial Services Operations is to develop the student’s knowledge in the area of financial services and its operations. Students will gain a global and South African financial market perspective and an in-depth understanding of the environment which will provide them with a competitive advantage for employment.
BCom with specialisation in Investment Management and Banking This degree is aimed at people who are interested in a career in the banking sector, other financial institutions, or other fields in the financial sector. The degree is also ideally suited to those students who wish to follow a career in the Reserve Bank (including monetary policy).
Bachelor of Commerce Finance - NQF Level 7 Access to four Honours Degrees, Post Graduate Diploma, Advanced Diploma
Contact details: Lizette Pretorius Tel: 051 401 2173 Email: lpretorius@ufs.ac.za Website: http://www.ufs.ac.za/
The objective of this qualification is to provide students with applied competencies in the mastering analysis, interpretation and application of financial management, investment management, financial planning and accounting principles. This degree will give successful students access to four honours degrees that include financial planning, investment management, quantitative finance and property and valuation management honours.
Inseta Public TVET Colleges partnered with INSETA for placement of learners in workplaces for them to comply with the workplace requirements of Nated Courses.
Contact details: UJ call centre: 011 559-4555 Website: www.uj.ac.za
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Coastal College http://www.coastalkzn.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
EastCape Midlands http://www.emcol.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Ekurhuleni East TVET College http://www.eec.edu.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
False Bay College http://www.falsebaycollege.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Gert Sibande TVET College http://www.gscollege.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Goldfields TVET College http://goldfieldstvet.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Ingwe TVET College http://www.ingwecollege.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Letaba TVET College http://www.letabafet.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Lovedale Public TVET College http://www.lovedalecollege.co.za/
NVC Finance, Economics and Accounting; National Diploma Financial Management
Majuba TVET College http://www.majuba.edu.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Maluti TVET College http://malutitvet.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Mnambithi TVET College http://www.mnambithicollege.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Motheo TVET College http://www.motheofet.co.za
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Nkangala TVET College http://www.ntc.edu.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Northern Cape Urban TVET College http://ncutvet.edu.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Northlink College http://www.northlink.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Port Elizabeth TVET College http://www.pecollege.edu.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Sekhukhune TVET College http://www.sekfetcol.org/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
South West Gauteng TVET College http://www.swgc.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Thekwini TVET College http://www.thekwinicollege.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Umfolozi TVET College http://www.umfolozicollege.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Vuselela TVET College http://www.vuselelacollege.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
West Coast TVET College http://westcoastcollege.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Western TVET College http://www.westcol.co.za/
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Buffalo City TVET College http://www.bccollege.co.za
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
College of Cape Town TVET College http://www.cct.edu.za
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Elangeni TVET College www.elangeni.edu.za
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
Mthashana TVET College www.mthashanacollege.co.za
N6 Business Management, N6 Financial Management, N6 Sales and Marketing, N6 Human Resource Management, N6 Management Assistant
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Education and Training Quality Assurance (ETQA) Further Education and Training Certificate: Long Term Insurance - Level 4 The purpose of the qualification is to build knowledge and skill required by employees in Long term Insurance who have had schooling at or below NQF level 4. It provides a framework for learners to develop competencies that will give them insight into the Long-term Insurance sub sector. Further Education and Training Certificate: Long Term Risk Assessment - Level 4 The purpose of the qualification is to build knowledge and skill required by employees in Long term insurance who have had schooling at or below NQF level 4. It provides a framework for learners to develop competencies that will give them insight into the Long-term Insurance sub sector, which includes life, reinsurance, Healthcare Benefits Administration and pension/retirement benefits. Further Education and Training Certificate: Medical Claims Assessing – Level 4 The purpose of the qualification is to build specialised knowledge and skill required by employees of Medical Schemes who have had schooling at or below NQF level 4 and those who have a professional medical qualification but lack industry and administrative experience. It is flexible enough to accommodate both learners in formal education and learners already employed in the Healthcare Benefits
Administration sub-sector. The qualification at this level is the start of a career path in Medical Claims Assessing. National Certificate: Financial Services - Level 3 The purpose of the qualification is to build the knowledge and skills required by multi-skilled employees in administrative and sales positions in the industry and learners in learnerships as part of the implementation of the Financial Services Charter. It will open career opportunities for learners in more specialised positions in the different sub sectors at Level 4. National Certificate: Financial Services – Level 2 The purpose of the qualification is to build the knowledge and skills required by entry-level employees in the industry and learners in learnerships as part of the implementation of the Financial Services Charter. National Certificate: Financial Services Management – Level 4 The purpose of the Qualification is to build the knowledge and skills required by employees in management who have either had schooling at or below NQF level 4, including learners who have gaps in communication in the language of business and/or mathematical literacy that could inhibit progress in a career path in management in financial services. It is also intended for learners in management who are not yet ready to learn at NQF Level 5. (Continued on p.68)
1 4 . 0 7- 1 7. 0 7. 1 9 SUN CITY LEARNING. GROWING. TOGETHER. The African Insurance Exchange is one of Africa’s largest insurance gatherings. Delegates exchange ideas, learn, grow and celebrate the insurance industry we are part of.
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National Certificate: Short Term Insurance – Level 5 The purpose of the National Certificate is to build the knowledge and skills required by senior employees in Short Term Insurance who have achieved the qualification requirements for the Fit and Proper Determination for Short Term Insurance and are ready to study at Level 5. The certificate is a specialist qualification that requires the application of technical knowledge of Risk Management and Short Term insurance to complex Corporate and/or Commercial risks. Learners at this level are required to analyse, interpret, think out of the box and adapt to change within the highly competitive and regulated insurance market. National Diploma: Financial Services: Long-Term Risk Assessment - Level 5 As a Qualification in Long-Term Risk Assessment, this diploma provides a framework for learners to develop competencies related to the assessment of Risk in the LongTerm Insurance Sector in general. Further Education and Training Certificate: Retail Insurance – Level 4 The qualification covers Long-Term and Short-Term insurance related learning. It introduces a fundamental understanding of the key terms, rules, concepts and principles of insurance that will enable learners to be informed workers in the Retail Insurance industry. Further Education and Training Certificate: Short Term Insurance – Level 4 The purpose of the Qualification is to build knowledge and skill required by employees in Short Term Insurance who have had schooling at or below NQF level 4. It is an entry qualification into Short Term Insurance as learners will not have acquired the necessary knowledge and skills as part of the school curriculum. As a Qualification that covers Short Term Insurance related learning, it provides a framework for learners to develop competencies that will give them insight into the Short Term Insurance sub-sector. Further Education and Training Certificate: Wealth Management - Level 4 The FETC: Wealth Management is a generic Qualification in the management and creation of wealth that builds the introductory knowledge, skills attitudes and values required for learners to operate ethically and responsibly as Intermediaries and Administrators, and to respond to the challenges of the economic environment and the changing nature of the highly regulated Financial Services Industry. It is designed to meet the needs of learners in a variety of positions including Trustees and Principal Officers of retirement funds and medical schemes and Trainee Financial Planners. National Certificate: Wealth Management – Level 5 The purpose of the National Certificate: Wealth Management Level 5 is to build the knowledge and skills required by employees in Wealth Management who have achieved a Qualification equivalent to NQF Level 4, preferably in a Financial Services related field, and are ready to study at Level 5.
Contact details: Tel: 011 381 8900 Website: https://www.inseta.org.za/
Milpark Education BCom with Major in Short-term Insurance - NQF 7 The purpose of the Bachelor of Commerce (BCom) degree is to provide a broad but solid educational foundation to students in the field of commerce, including various key discipline areas such as business management, accounting and economics. Students who complete this option will gain knowledge on a wide range of products available in the short term insurance industry. Advanced Certificate in Short Term Insurance - NQF 6 The Advanced Certificate in Short Term Insurance programme is aimed at insurance staff working across all sectors of the industry and is a logical progression from the Higher Certificate in Short Term Insurance. The programme provides an in-depth understanding of insurance practices in terms of technical subject matter and application skills. Higher Certificate in Short Term Insurance - NQF 5 The primary purpose of the Higher Certificate in Short Term Insurance is to equip students with the knowledge and skills required by short term insurance specialists operating within the South African insurance environment. Students will be competent and able to provide short term insurance advice across the fields of personal and commercial insurance. Contact details: Email: studentservices@milpark.ac.za Website: www.milpark.ac.za Student services: 086 999 0001
The Graduate Institute of Financial Sciences (GIFS) FETC: Short Term Insurance – NQF Level 4 The course provides a framework for learners to develop competencies that will give them insight in to the Short Term Insurance sub-sector. Learners do work that requires an understanding of the Short Term sub-sector within the context of the Financial Services Industry and some specialization in their selected path. Occupational group: Short Term Intermediaries who advise on Short Term Insurance products, Internal Broker Consultants, Call Centre Operators, Personal Accident Administrators, Personal lines Administrators, Commercial Lines Administrators, Claims, Negotiators, Technicians or Assessors, Client Service Providers, Service Agents, Underwriting Agents, Product Developers, Motor Assessors, Reinsurers, Underwriters, Personal Assistants, Secretaries, Service Centre Staff, IT Systems Designers.
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National Certificate: Wealth Management – NQF LEVEL 5 This Qualification in Wealth Management provides a framework for learners to develop competencies related to the Long Term Insurance Sub-Sector, which includes Life Benefits, Retirement Funds and Medical Scheme Administration, as well as the Collective Investment Sub-Sector, Wealth Creation and Wealth Management. It provides a balanced learning experience and an opportunity for learners to apply academic skills in relation to the workplace. The Qualification is structured in such a way that it exposes learners to generic competencies required in the Financial Services Sector at Level 5 and allows for specialization to meet the needs of different work roles. Occupational group: Broker Consultants, Administrators in financial services organisations, Trainee Financial Planners. FETC: Generic Management NQF Level 4 NLRD ID: 57712 Generic Management Level 4 Qualification is intended for junior managers or aspiring managers of business units in small, medium and large organisations. Junior managers include team leaders, supervisors, foremen and section heads. Occupational group: The programme is designed for junior managers, which includes (but is not limited to) team leaders, supervisors, foremen and section heads in these organisations or communities, or for preparing persons aspiring to junior management positions to develop the required competencies. Also, for unemployed persons wishing to enter into the Financial Services Industry.
Contact details: Email: info@gifs.africa Tel: 086 111 4298/ 010 4426 945 Website: www.gifs.co.za
University of Pretoria BSc (Actuarial and Financial Mathematics) This three year degree is offered by the Department of Actuarial Science at the University of Pretoria. Students enrolled for BSc (Actuarial and Financial Mathematics) will be able to tailor their coursework in either an actuarial or a financial engineering option. The programme provides students with a broad education that will serve them beyond what is usually expected of a graduate in these fields and that will enable them to cope with the actuarial and financial problems of the future. This programme prepares students for professional careers as actuaries or financial engineers. Contact details: Email: actuarial@up.ac.za Tel: (012) 420 3488 Website: www.up.ac.za/actuarial
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North West University BCom Economics and Risk Management BCom Economics and Risk Management (3 years) This qualification offers you the opportunity to specialise in Risk Management, with a foundation in Economics. The qualification offers specialist knowledge together with an approach of applicability. Hard skills include the building and analysis of investment portfolios, buying and selling decisions for options and derivative instruments, and the estimation of econometric models. Career opportunities: Bank management; Financial risk management; Corporative and city treasurer; Funds- and asset management; SAFEX trade; Money-, capital- and stock market and Economic advice. Contact details: Mafikeng estie.emtoch@nwu.ac.za Potchefstroom jana.jacobs@nwu.ac.za Vaal Triangle jenny.vanderwalt@nwu.ac.za Website: http://commerce.nwu.ac.za
Intec College Risk Management Short Course Certificate Risk Management is an approach that management can adopt for managing an organisation more effectively. The INTEC Risk Management Short Course Certificate is part of the INTEC Career Booster Series. The INTEC Risk Management Short Course Certificate is an INTEC short course. You should be able to complete this course within 18 months. This course covers the following topics: • Fundamentals of Risk Management • Risk Management Process • Risk Identification • Risk Evaluation and Assessment • Risk Control Techniques • Risk Control Programmes • Risk Financing. Contact details: Tel: 0861 173 173 Email: info@intec.edu.za Website: https://goo.gl/Ahts7o
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MARSH & MCLENNAN WELCOMES JARDINE LLOYD THOMPSON
You’re changing. We are too. We are proud to mark the start of a new era as we welcome more than 10,000 colleagues from Jardine Lloyd Thompson.
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To all contestants of the 2019 season of The Insurance Apprentice – Kudos for #GoingBeyond. You are a true inspiration! Congratulations to Colin Lunsky for taking top honours. A well-deserved win for a strong and visionary contestant.
Innovation Group is a proud sponsor of The Insurance Apprentice. We are committed to #GoingBeyond and growing future insurance talent.� Financial services offered by Innovation FSP (Pty) Ltd, an authorised financial services provider and a subsidiary of Innovation Group (Pty) Ltd.
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