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SaSria coverS the following:
• Politically motivated riots• Damage caused by non-political riot, public disorder (including labour disturbances, civil unrest, strikes and lockouts)• Loss in respect of mortgage loans as well as terrorism
SaSria’S current ProDuct baSe incLuDeS variouS cLaSSeS of inSurance Such aS:
• Material damage• contract Works or construction Plant• consequential Loss: currently this is only limited to fixed expenses, Sasria will extend this cover to include profits and variable costs• Motor Policy (private and business usage)• Marine and Goods in transit
SaSria ScooPS 2010 MetroPoLitan oLiver eMPoWerMent aWarDS:
• 70% of the board is made up of black directors• 55% of the directors are women• 80% of black representation at executive management level• 50% female representation at executive management level
corPorate SociaL inveStMent ProjectS:
• noah’s ark• Sasria/uj Maths and Science centre• Sa golf development board• South african actuarial Development Programme (SaaDP).
Sasria provides 2% of its after tax profits for Socially responsible Projects.
The FuTureneW buSineSS oPPortunitieS:
• Disaster relief (covering of disaster owing to environment for the benefit of the Municipalities affected)• relaunching of Sasria Wrap product
ProDuct enhanceMent:
Sasria continues to research and implement the enhancement of our cover.
securing the country’s socio-economic stability
& prosperity
boarD MeMberS:
cyril M ramaphosa (board chairperson) • Karen Pepler (acting Managing executive) • caroline Dey Da Silva (non-executive Director) • Mohamed adam Samie (non-executive Director)
• julliette rachel Kathleen Du Preez (non-executive Director) • Moleboheng Pauline Lehutso-Phooko (non-executive Director ) • bulewa jeanie njenje (non-executive Director) • charl higgo Du toit (non-executive Director)
When Was sasria esTablished and The reasons For ThaT?
the institution was established in 1979 following the township uprising that occurred during that era.
Sasria provides short-term insurance solutions to both corporates and individuals.
the South african government continues to be the sole shareholder of Sasria.
sasr
ia
providing short-term insurance solutions to both
corporate and individuals
www.sasria.co.za
INmag | 2011 3
publishers
Copyright cosa communications 2011. All rights reserved
Opinions expressed in this publication are those of the authors and do not necessarily
reflect those of this journal, its editor or its publishers, COSA Communications. The
mention of specific products in articles or advertisements does not imply that they are
endorsed or recommended by this journal or its publishers in preference to others of
a similar nature, which are not mentioned or advertised. While every effort is made
to ensure accuracy of editorial content, the publishers do not accept responsibility for
omissions, errors or any consequences that may arise there from. Reliance on any
information contained in this publication is at your own risk. The publishers make no
representations or warranties, express or implied, as to the correctness or suitability of the
information contained and/or the products advertised in this publication. The publishers
shall not be liable for any damages or loss, howsoever arising, incurred by readers of
this publication or any other person/s. The publishers disclaim all responsibility and
liability for any damages, including pure economic loss and any consequential damages,
resulting from the use of any service or product advertised in this publication. Readers of
this publication indemnify and hold harmless the publishers of this magazine, its officers,
employees and servants for any demand, action, application or other proceedings made
by any third party and arising out of or in connection with the use of any services and/or
products or the reliance of any information contained in this publication.
INmag is published by
Publisher | Andy Mark
Production editor | Nicky Mark
Editor | Linda Scarborough
Copy editor | Margy Beves-Gibson
Art director | Gareth Grey
Contributing designers | Dries van der Westhuizen, Robyn Schaffner
Advertising and sales
Michael Kaufmann | [email protected]
Blake Dyason | [email protected]
Two things struck me while working on this spectacular new issue of INmag. The first is the fierce passion that insurance professionals feel about their industry and the value it adds to this country and its people. My hope is that you will also be inspired by this pride as you experience it in the chapters that follow.
The second is the fact that so many of these top-notch leaders accidently ended up here. They simply did not consider insurance as a career when they were your age. Just think of how much time, money and effort they could have saved if their route was more direct!
That’s why, as you stand on the brink of your future, INmag aims to show you the opportunities for growth, accomplishment and wealth in the insurance industry. We want to get your feet walking the path to success immediately, leaving nothing to chance.
South Africa is facing a crippling shortage of skilled workers and trained professionals, especially in finance and insurance. This book is asking you to fill those gaps, and become part of the solution.
INmag is a guide jam-packed with information and stories to open your eyes to the world of potential offered by the financial services industries. Within these covers are employment possibilities, bursaries, internships and career paths waiting to be carved out by you.
No matter where your interests or skills lie, you are bound to find a place that suits you within the pages of INmag. Your unique abilities and personality – combined with relevant qualifications detailed in this book – are your passport to lifelong success.
Give yourself the best chance of launching a winning career in one of the longest standing industries in our country ... turn the page right now.
Linda Scarborough Editor of INmag
DEARREADER
...As you stand on the brink of your future,
INmag aims to show you the opportunities for
growth, accomplishment and wealth in the insurance industry.
A division of COSA Communications (Pty) Ltd
Ground floor, Manhattan Towers Esplanade Road,
Century City, 7441
PO Box 60320, Tableview, 7439
Tel +27 (0)861 555 267 | Fax +27 (0)86 618 3906
E-mail: [email protected] | Website: www.comms.co.za
med
ia
INmag | 20114
contentsp6 Crafting your career - steps to a happy career
p8 Take the aptitude test - understand your personality type
p12 Insuring your future - the perks of insurance
p15 National Student Financial Aid Scheme
Associations (A-Z)
p21 FIA
p25 FPI
p29 IISA
p37 INSETA
p43 SAIA
A-Z Intro
p51 Hollard
p59 Lion of Africa
p65 Masthead
p69 Momentum
p75 Mutual & Federal
p81 Old Mutual
p89 Santam
p99 Sasria
p108 Glossary
p110 Contacts
Insurance offers options, excitement and the opportunity to live and breathe what you are truly interested in.
6
co
nten
ts
con·tent1/ˈkɒntɛnt/–noun 1. Usually, con-tents. a. something that is contained: the contents of a box. b. the subjects or
78
20
92
contents
con·tent1/ˈkɒntɛnt/–noun 1. Usually, con-tents. a. something that is contained: the contents of a box. b. the subjects or
INmag | 20116
<<THE INGREDIENTSFOR A hAPPy
CArEEr
If you can, grab
opportunities to experience the career first-hand
through job shadowing,
internships, volunteer work or part-time work.
CrAftIng YOuR CAREER
INmag | 2011 7
ca·reer [kuh-reer] –noun 1. an occupation or pro-fession, especially one requiring special train-ing, followed as one's lifework:
The concept of a career in the new millennium is not the same as it was in your parents’ time. No gold watch at retirement; instead the
modern worker will move through more than one career in his or her lifetime. For this millennial generation, job satisfaction is a priority and
its definition of that satisfaction has also changed.
Those in
the know
say that
choosing the
right career –
one that you will be
happy in –
requires looking
at four
aspects: self,
options, match
and action.
Once you’ve looked yourself in the mirror, you will have a better idea of where to start looking for that dream job. This
brings us to the second component: options. In this step you do your homework – yes, homework, but not the kind you get
from the teacher. Instead you will need to research potential careers that match your interests, skills and circumstances.
Think outside of the box and look in areas that wouldn’t necessarily spring to mind straight away. The working world holds
much more variety than you may think, so don’t limit your thinking.
You know that when you leave school or university, you will
spend most of your waking hours at your job – so you’d
better be sure you enjoy it. After all, you are going to be
spending more time at work than with your significant other,
friends, family or Facebook acquaintances. So what do you
need to have in place to be truly happy in your job?
The consensus is clear: the ingredients of a healthy and
happy relationship with your career involve passion,
persistence, perseverance and understanding of yourself.
In fact, those in the know say that choosing the right career
– one that you will be happy in – requires looking at four
aspects: self, options, match and action.
The first step is perhaps the most important because it
means getting to know the number one person in your life:
you. Self-knowledge is crucial in choosing a career so sit
yourself down and do some soul-searching to discover
a) what you’re interested in, b) what skills you have and
c) what you can realistically hope to achieve given your
current circumstances.
If you can, grab opportunities to experience the career first-
hand through job shadowing, internships, volunteer work or
part-time work. This will help you determine the third aspect,
which is match. In this step you will look at short-term and
long-term options. Goal setting may seem like something
your dad would do, but it is vital in ensuring that you have a
clear direction for your future. It is that focus, direction and
vision that will help you to achieve your dreams.
Lastly, you need to take action. This is a challenging but
exciting part of the process, which means sending out job
applications, going to interviews, experiencing rejection
and disappointment and ultimately, hopefully, landing the
job that will fulfil your expectations and make your working
life a joyful one.
Of course, landing the job is not the end of the process – far
from it. At this point you need to work at being happy in your
job. Work at work? Yes, that’s what you are going to have
to do. As human beings we have certain needs that we work
towards fulfilling. A smart guy called Maslow researched
these needs and theorised that right at the top of the pyramid
is the need for self-actualisation. Self-actualisation means
doing and experiencing things that fulfil you, challenge you,
develop you and grow you in some way. It is about fulfilling
your potential. Once you are on the first rung of that ladder,
don’t be content to just sit there; reach out for more, grasp
opportunities to grow and move in new directions and
embrace the working world and its many benefits.
Self-actualisation means
doing and experiencing things that fulfil you,
challenge you, develop
you and grow you in
some way. It is about
fulfilling your potential.
STEPS TO A hAPPy CArEEr
INmag | 20118
Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy.
tAkETHE TEST <<APtItudE
TEST
Norman Vincent Peale
Find the career suited to you
INmag | 2011 9
APtItudETEST
Finding that
ideal job
means matching
your interests, strengths
and talents
so that your
career is
the perfect
fit.
SECtIon A: Extraversion – Introversion
Finding that ideal job means matching your interests,
strengths and talents so that your career is the perfect
fit. You may have heard of a Swiss psychiatrist, Carl
Jung, who is considered to be the father on analytical
psychology. Jung proposed that the key to understanding
personality type was based on classifying people according
to three parameters:
Extraversion – Introversion
Sensing – Intuition
Thinking – Feeling
While he believed that we tended to exhibit aspects of each
of these, we have a dominant form which determines our
personality type. understanding your personality type is key
to locating the ideal career for you. Take this test, based
on Jung’s ideas, to determine where your passion and your
talent really lies.
1. I feel more comfortable:
a) Working alone
b) Working in a team
2. In group environments, I:
a. Express my opinion clearly and easily
b. Hold my tongue and let others do the talking
3. I like to:
a. Be open and honest with those around me and easily
share information about myself
b. Keep my opinions, ideas, interests and activities private
except with a select few
4. Speaking to people is:
a. Natural and easy for me
b. Terrifying; I would rather face a spider or a snake
If you answered mostly a in this question, your
dominant dimension is extraversion.
If you answered mostly b, your dominant trait is introversion.
understanding your
personality type is key to
locating the ideal career for you.
uNDERSTAND YOuR
PErSonAlIty tyPE & uNLOCK YOuR FuTuRE
INmag | 201110
Be patient with yourself. Self-growth is tender; it’s holy ground. There’s no greater investment.
tAkETHE TEST <<APtItudE
TEST
Stephen Covey
Take advantage of
the opportunities
for career
counselling and
aptitude testing
that are
presented to
you and
be honest
with yourself.
INmag | 2011 11
Take advantage of
the opportunities
for career
counselling and
aptitude testing
that are
presented to
you and
be honest
with yourself.
1. I enjoy working with:
a. Concrete and tangible objects
b. Concepts and ideas
2. I rely on:
a. My senses – what I see, hear, smell, taste and touch – to
form opinions about things
b. My intuition – how I feel – to form opinions about things
3. I am: a. Oblivious to subtle signals and codes
b. Highly sensitive to underlying messages and codes
4. When making a decision I:
a. Rely on hard evidence and reliable data
b. Rely on my gut instinct
5. I am more interested in:
a. The specific details of a plan with timelines and assigned
responsibilities
b. A general idea than in the details of its realisation
If you answered mostly a in this question, your dominant
dimension is sensing.
If you answered mostly b, your dominant trait is intuition.
1. I am most often guided by:
a. Rational and logical thinking
b. Emotions
2. In times of conflict, I:
a. Talk the issue out reasonably and negotiate a solution that
works for all involved
b. Have an emotional outburst and say things I regret later
3. When watching films or television programmes, I:
a. Analyse the plot and reason out the possible endings
b. Become completely involved in the plot and emotionally
engage with the characters
4. I am: a. Calm and confident
b. Energetic and forthright
If you answered mostly a in this question, your dominant
dimension is thinking.
If you answered mostly b, your dominant trait is feeling.
By determining your personality
type, you can start to see the career
areas that deserve
additional exploration.
Considering that you
will be spending most
of your time at work, it
is important to ensure that you make
the right choice.
SECtIon B: Sensing – Intuition
SECtIon C: Thinking – Feeling
Your personality type can be any combination of the above pairs. If you
are dominant in extraversion, sensing and thinking you will tend to thrive in
an environment where logic and reason is valued and where you have the
opportunity to interact with others and expressing your opinion. Possible
careers include law, insurance or financial advising.
If extraversion, intuition and thinking are your dominant parameters, you
will do well in a career that involves interaction with people and where your
powers of intuition are valued. A good option is a career in analytics.
A combination of extraversion, sensing and feeling points to an outgoing
personality that is in touch with reality and enjoys engaging with others on an
emotional level. Counsellors, teachers and writers often fall into this category.
Introversion combined with sensing and thinking translates into inward-
focused personalities that are usually meticulous. Careers in administration or
librarianship are possibilities.
If you are dominant in introversion, intuition and thinking, you will tend to
thrive in careers such as science.
Introversion, intuition and feeling point to an interest in creative fields such as
writing, art or journalism.
By determining your personality type, you can start to see the career areas
that deserve additional exploration. Considering that you will be spending
most of your time at work, it is important to ensure that you make the right
choice. Take advantage of the opportunities for career counselling and
aptitude testing that are presented to you and be honest with yourself about
your skills and talents.
Note that while this test is based on a variety of aptitude and personality tests,
it is not a scientifically validated test and should be used as a pointer only.
YOuRRESuLTSDetermine your
personality type
INmag | 201112
A career in insurance takes the best of a variety of career opportunities and combines it in such a way that it caters to every taste.
<<InSurIng
YOuR FuTuRE
thE PErkS OF INSuRANCE
INmag | 2011 13
fu·ture [fyoo-cher] –noun 1. time that is to be or come hereafter. 2. something that will exist or happen in time
Consider for example your dream of being a pilot. You love
planes; you love travel; you’re excited by the possibilities
for adventure – there’s just one problem: instead of 20-20
vision, you were born with 5-5. That’s the end of your
aviation dreams, you think … unless you opt to follow a
career in aviation insurance. Imagine travelling all around
South Africa and beyond, talking to plane owners and pilots,
visiting airfields and airlines and talking to people who love
the aviation industry as much as you do. That’s what working
in aviation insurance is all about and there are companies
that specialise in exactly that.
Or perhaps you’re a frustrated artist struggling to get into art
school or have your first big break? Or you appreciate art,
but don’t have the talent for a career as an artist. Specialist
art insurance could be a career path for you. You will attend
gallery openings and exhibitions around the world. Your days
will be filled with discussions about art in its myriad forms. A
few local specialist art insurers are on Interpol’s help list and
have been pivotal in tracking down stolen artworks around
the world.
There are as many different types of specialist insurers as
there are career fields, from specialist jeweler insurance
to construction insurance, cycling insurance, insurance
for the hair and beauty industries and even equine (horse)
insurance. If you love the great outdoors, you might look at
a career working with specialised wildlife insurance products.
Hobbyist sailors might enjoy working in marine insurance,
while event insurance might attract those who are interested
in the entertainment industry. Outdoor adventure more
your style? Extreme sports lovers can venture into selling
insurance products to other extreme sports lovers.
And there are additional perks to insurance, one of which
is the money. The financial services industry is in the
business of money and working in insurance can mean a
very attractive pay cheque at the end of each month. One
insurance partner, who loves racing classic cars, travels all
over the world to do so and owns a $17 million Ferrari. Not
too shabby, hey? Of course, it does mean hard work and
dedication, but when you’re doing what you love and have a
passion for, that’s an easy thing to do.
Look a little closer at insurance and you’ll see that it’s a
career that changes and grows with you, shaping itself to
your interests and needs and providing challenges and
excitement throughout the career life span. Boring? Not
likely. Dull? Indeed not. Insurance offers options, excitement
and the opportunity to live and breathe what you are truly
interested in.
Fancy yourself as a bit of a James Bond instead? Then how about a career as a hostage negotiator for an
insurance company that specialises in kidnap and ransom insurance. Recently a high profile executive’s wife and
children were kidnapped and the insurance company’s hostage negotiator had to go in to deliver the $5 million
kidnap ransom to the kidnappers. Exciting stuff!
The most you’ve probably heard about insurance is when your parents moan about the premiums or lament the excess after an accident
or break-in. It sounds dull; it sounds boring, but a career in insurance takes the best of a variety of career opportunities and combines it
in such a way that it caters to every taste. Yeah, right, you’re saying, but it’s true. Insurance is one of the most varied and flexible career
opportunities out there.
There are as
many different
types of
specialist insurers
as there
are career fields, from
specialist jeweler
insurance to
construction insurance,
cycling insurance, insurance
for the hair and
beauty industries
and even
equine insurance.
Look a little closer at insurance and you’ll see that it’s a career
that changes and grows
with you, shaping itself to your interests and
needs and providing challenges and
excitement throughout the career life span.
INmag | 2011 15
NNatioNal StudeNt FiNaNcial aid Scheme
If you’ve ever felt hopeless
because of a lack of finances
and career opportunities to
get you where you want to
be, then studying after school
may be the answer to your future
success. Education can open up
many doors and will not only boost
your résumé, but will also give you
the chance to earn a living in an
industry you enjoy.
Tomorrow starts now
dream BIGaGaInstall odds
INmag | 201116
BuRSARIES GIVE hoPEScarce skills development is important for the economic growth of our country and that’s why NSFAS administers bursaries to those interested in work-ing in specialised trades. Bursaries refer to money we give students for their studies which need not be paid back to us.
For those battling with disabilities, do not despair. NSFAS further assists disabled students with a special bursary programme aimed to help you reach your career goals.
Besides bursaries, you could qualify for a NSFAS loan to pay for your undergraduate degree or diploma which has a really low interest rate and is only repayable once you start working. The loan repayments you make to NSFAS will be returned to the pool of funds to fund future generations in need. As a bonus, a portion of your loan may not have to be repaid to NSFAS if you achieve good results while studying.
Although the funding is limited and not everyone who applies for financial aid will receive an award, for those who do qualify, this money may cover all or some of your registration costs, tuition, accommodation, books and travel expenses.
If you cannot afford to pay for further education, the National Student Financial Aid Scheme (NSFAS) may be able to help you achieve your goals.
Studying after school could give you a dream career within the insurance industry – whether your dream is to become an actuary, an HR manager or a marketer, studies are possible with financial aid from NSFAS. The government has set aside almost R4 billion in funds for NSFAS to administer as loans and bursaries to underprivileged students. These funds are available for those who plan to study at one of the 23 public universities or 50 further education and training (FET) colleges in our country.
StudEnt loAnS OFFER MANY OPPORTuNITIES
Besides bursaries, you could qualify for a NSFAS loan to pay for your undergraduate degree or diploma which has a really low interest rate and is only repayable once you start working.
INmag | 2011 17
HOW DO YOu APPly for nSfAS fundS?If you ticked all the boxes in the table above, you may be a good candidate to receive financial assistance. What should you do next?
1. Speak to a teacher or guidance counsellor about your interests and what you would like to do after school. Perhaps you want to find out about different career options and how you can use your interests in a chosen field. You should contact the SAQA Careers Advice Centre for more information on the hotline number 0860 111 673 or SMS 072 204 5056.
2. Once you decide what you want to study, apply for this course at a public university or FET college.
3. Once you are accepted to study visit the financial aid office or student support services on campus and ask the staff about NSFAS funding.
4. Staff will help you fill out the application form and explain to you what you need to bring along, such as certified copies of your valid RSA ID document (and those of your siblings) as well as proof of your household income.
5. Staff will administer the financial means test to see if you qualify for a loan or bursary.
NSFAS gives you the opportunity to better your life and become an active part of a growing South African economy. A lack of finances is no longer an excuse to discontinue your education. You can break the cycle of poverty and train as a professional in the workplace.
To find out more about NSFAS loans and bursaries, call (021) 763 3232 or SMS your questions to 32261 (Mark it ‘INMAG’). Standard SMS rates apply. E-mail [email protected] or visit www.nsfas.org.za.
WHO MAY QuALIFY for nSfAS fundIng?
TICK THE BLOCKS TO SEE IF YOu COuLD BE A SuITABLE CANDIDATE:
you have financial need or a disability
you are a South African citizen with a valid Id document (or you have applied for an Id document)
you can provide proof of your family’s income
you plan to apply for a place to study at a public university or fEt college
you have the potential to succeed and you are academically able
you are studying (or planning to study) towards your first undergraduate university degree/diploma or the national Certificate (Vocational) or nAtEd programmes at an fEt college
Studying after school could give you a dream career within the insurance industry.
INmag | 201118
hig
h s
tand
ards
INmag | 2011 19
AI
nsurance industry
associations have a vital
role to play in keeping
all stakeholders, from
intermediaries in small
brokerages to employees in
large corporations, in the loop.
Membership to the different
associations is reliant on
certain conditions to keep the
standards in the industry as
high as possible, and a strict
codes of ethics apply.
Whether it’s facilitating
information flow between
members, acting as the
mouthpiece of the industry when
talking to government or the
media, or dealing with issues,
the following associations
ensure the sustainability of the
insurance industry.
Life is a sum of aLL your choices
toz
aSSociatioNS(a-Z)
INmag | 201120
An
cho
red
thr
oug
h st
orm
s
INmag | 2011 21
FS
ome of the hottest
jobs in finance aren’t
in investment banks
or asset management
houses; they’re in
the insurance industry. Jobs
in insurance involve helping
individuals and businesses
manage risk and protect
themselves, their investments
and assets from potential harm
or losses.
Financial planning is a profession
FIND YOUR NICHE as a FINaNCIal INtERmEDIaRY
Fia
The insurance industry in SA is a multi-billion Rand sector which offers jobs requiring a range of skills in the following areas: legal, accounting, administrative, financial, information technology, medical, management, sales and marketing.
Financial intermediaries – or brokers – act on behalf of individuals or corporate clients. In short, their role is to investigate and tell their clients about the most appropriate insurance cover to match their specific needs and budget. There are currently about 130 000 intermediaries who are registered with the Financial Services Board (FSB).
Intermediaries have a range of employment options open to them. They can work for themselves, and for those with an entrepreneurial flair this is an ideal way to start their own business. Brokers can work together with a group of colleagues in a specialised brokerage, or they may opt to work for corporate brokerages such as those within banks and other financial services organisations.
INmag | 201122
Intermediaries in South Africa work in diverse areas of the insurance industry including:
• Short-term insurance, which includes mo-tor vehicle and household cover, as well as various forms of commercial insurance.
• Healthcare in the form of medical aid cover.• Employee benefits such as pension funds
and retirement annuities.• Financial services which includes life
and dread disease cover, tax advice, retirement and estate planning and other investments.
On a day-to-day basis, intermediaries help clients navigate their way through the
maze of insurance and financial products. Far from doing cold-calling or going from door-to-door selling insurance products, intermediaries are professionals who are required to use a broad range of skills in order to deliver a meaningful service to their clients.
A successful intermediary is one who is able to develop life-long relationships with clients. While technical abilities are expected, the softer, relationship components or ‘people skills’ are just as important. They also usually need a good general understanding of economics and the basics of finance and accounts, along with specialist skills in the field in which they operate.
Intermediaries are often called upon in times of crisis, trauma or need after their clients have suffered a loss in some way or another. Because many interactions around claims emanate from a trau-matic experience for the client, financial advisers who exhibit kindness, empathy and consideration are highly valued by their clients and tend to build profitable, sustainable businesses.
The specific professional requirements needed to become an intermediary include a period of work under supervision, relevant recognised qualifica-tion and completion of the required regulatory examinations. All financial intermediaries must be licensed by the FSB and comply with the Financial Advisory and Intermediary Services (FAIS) Act. This includes the need to maintain suitable ethics in your day-to-day work as well as operational and financial processes and controls.
Once you’ve completed your studies, you can deepen your knowledge of financial planning in a number of ways by completing for instance, a certified financial planner (CFP) qualification, which is at post-graduate level. A CFP is the premier financial planning qualification in the world and is recogn-ised in 19 different countries. At present, there are more than 100 000 CFPs worldwide, of which more than 3 000 are resident in Southern Africa.
On the short-term insurance side, you can complete a series of qualifications, starting with the certificate of proficiency (COP) and going up to post-graduate level, which will equip you with the necessary skills to provide the best possible advice to your clients.
The Financial Intermediaries Association of Southern Africa (FIA) represents about 16 000 intermediaries, ranging from those working independently to those employed by large corporate brokerages.
The FIA will accept only members who have been issued a valid licence to practice by the FSB. All members of the FIA are required to subscribe to a strict code of ethics and any deviation from this code is viewed in a serious light.
Working in this industry is not only personally rewarding, but may also be financially rewarding. Because earnings are largely commission-based, the earning potential is determined by the individual concerned.
With millions of South Africans under-insured or not insured at all, the opportunities to make a difference and help cultivate a culture in South Africa of responsible financial planning and management are vast.
Contact the FIA on 012 665 0085 for more information about how to approach potential employers and find job opportunities that suit your
qualifications and aptitude.
A PLACE for you
WhAt trAInIng IS NEEDED?
So WhErE COuLD I WORK?
offICIAl InduStry REPRESENTATION
This is a profession suited to almost any geographic region – everyone from farmers to taxi owners needs insurance – so there are no location-related limitations.
INmag | 2011 23
INmag | 201124
take
flig
ht
INmag | 2011 25
FF
inancial planning is the
process of developing
strategies to assist
clients in managing
their financial affairs to
meet life goals through the proper
management of their finances. Life
goals can include buying a home,
saving for their child’s education
or planning for retirement. The
process of financial planning
involves reviewing all relevant
aspects of a client’s situation
across a large breadth of financial
planning activities, including
inter-relationships among often
conflicting objectives. This enables
the professional financial planner
to deliver integrated financial
solutions that allow clients to take
control of their finances to create
and secure lifelong wealth and
financial security for clients in an
holistic way.
Meet life goals through the proper management of finances
a career in financial planning
Fpi
ABout THE FPI
Given the complexities, uncertainties and confusion the consumer faces on a daily basis, financial planning professionals are called upon to help them through the principles and practice of sound financial planning. The financial plan compiled by the professional financial planner is what differentiates professional financial planners from the myriad of other ad-visers in the sector. In the world of financial advice, the Certified Financial Planner / CFP mark ranks foremost worldwide.
Financial planning is a profession, just like medicine, law, account-ing or engineering, and continues to be one of the fastest-growing professions worldwide. As a career, it enables those people with entrepreneurial skills to eventually set up their own businesses. We advise school leavers to get their bachelors degree, spend some time in a large corporate financial services company to gain the experience needed to advance their careers, and to continue as life-long learners.
Once qualified, a wide range of career opportunities exist, not only as a professional financial planners, but as managers, specialists within the life insurance, banking, asset management and investment sectors as well as other providers of financial planning products in the financial services sector.
Regardless of whether the financial planning professional offers compre-hensive financial planning or has chosen to limit the scope or level of services (for example; in one or two components such as estate planning, investments or tax planning), the financial planning professional needs to be able to master the complete set of abilities required to competently deliver a comprehensive financial plan to a client. Financial planning professionals will likely work with other professionals in evaluating and assessing various aspects of a client’s financial situation (for example; working with lawyers on estate planning matters, working with accoun-tants on tax planning matters, etc.).
The Financial Planning Institute of Southern Africa (FPI) is a non-profit professional body formed in 1981 as the Institute of Life and Pension Advisers (ILPA) to improve levels of professionalism. Living in a global village meant ensuring that local practices were aligned to global standards. To ensure that financial planners in South Africa met international standards, in 1998 the FPI affiliated with the Certified Financial Planner Board of Standards Inc. in the united States; in April 2000, adopted the new name (Financial Planning Institute of Southern Africa) and were a founding member of the international Financial Planning Standards Board (FPSB).
Today, the FPI is regarded as the leading independent professional body for financial planners in South Africa that ensures South Africans have access to, and value, competent financial planning. Through the global partnership with the FPSB in the united States along with over 20 other countries, FPI is the only institution in South Africa able to offer the CFP certification.
The CFP mark asserts that the financial planning professional has met appropriate competency, ethics and professional practice standards to provide comprehensive personal financial planning services to clients. In addition to the CFP mark, the FPI also has two local trade mark levels of membership: Associate Financial Planner (AFP) and Registered Financial Planner (RFP).
Professionalism in financial planning rests on competence and ethics. As the custodian of the profession, the FPI is uncompromising in establishing and maintaining world-class professional financial planning standards, ensuring that members remain competent and ethical to retain their professional status. Many top financial institutions have adopted us as an independent standards partner and our members include both general practitioners and specialists in particular branches of financial planning.
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INmag | 2011 27
In order to be accepted as a professional member of the FPI at the three levels of membership, candidates must meet the FPI’s four ‘E’s:
• Education• Experience• Examination• Ethics
In addition, members are required to maintain technical compe-tence and fulfil ethical obligations by renewing their membership annually. Every two years, CFP professionals must complete at least
60 hours of continued professional development (CPD) to stay cur-rent with developments in the financial planning profession. At least five of these hours must be spent on the Code of Ethics and Profes-sional Responsibility and the Financial Planning Practice Standards. The same requirements are applicable to the other levels but are reduced: AFP professional, at least 50 CPD hours for RFP profes-sional and at least 40 CPD hours are required.
WhErE TO STuDY
rEQuIrEMEntS to BECOMING AN FPI MEMBER
thE StEPS:Step 1 - Obtain a relevant qualification from one of the FPI accredited educational institutionsStep 2 - Obtain the necessary financial planning experience (1, 2 or 3 years)Step 3 - Complete the professional board examinationStep 4 - Apply to the FPI for the professional designation (RFPT, AFPM or CFP professional)
For more information about a career in financial planning, contact the FPI on:
Tel: 086 1000 FPI (374) | Fax: 011 475 1158 | E-mail: [email protected] | www.fpi.co.za
Institution Qualification nQf level
university of the Free StateB. luris Financial Planning LawPost Graduate Diploma in Financial Planning
67
university of JohannesburgB. Com FinanceB. Com Honours Financial Planning
67
university of StellenboschB. Com Financial PlanningPost Graduate Diploma in Financial Planning
67
Nelson Mandela Metropolitan universityB. Com Financial PlanningPost Graduate Diploma in Financial Planning
67
Milpark Business SchoolCertificate in Financial PlanningNational Certificate in Financial PlanningPost Graduate Diploma in Financial Planning
568
FPI Academy National Certificate: Wealth Management 5
Further Education and Training (FET) Institutions: (Boland College, College of Cape Town, False Bay College, Northlink College and Cape College and False Bay College)
National Certificate: Wealth Management 5
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rea
chin
g g
oal
s
INmag | 2011 29
The Insurance
Institute of
South Africa is
a professional
membership
institute for the
South African insurance
industry. It maintains a
central body of knowledge
and develops and sustains
relationships with local
insurance institutes and
industry bodies, plus other
similar institutes, worldwide.
The IISA is governed by a board of directors
INSURANCE INSTITUTE OF SOUTH AFRICAISiiSa
INmag | 201030
dAVId HARPuR
kEIth KENNEDY
Our members include corporate subscribers and individual professional members. The IISA serves the insurance industry as a whole, with the strongest support originating from the short-term market. The IISA is governed by a board of directors, most of whom are directors of large insurance companies, brokerages or other service providers to the industry. We chatted to our chief executive, current president and a few past presidents about their involvement in the industry and the institute.
I matriculated at St George’s Grammar School in Cape Town in 1967, where I was head prefect and played first team tennis, cricket and rugby.
In 1969, I started my insurance career at the Southern Insurance Association and over the years qualified as an associate and then Fellow of the Chartered Insurance Institute of London. I commenced my broking career in 1971 at Institutional Insurance Brokers in Cape Town, married Belinda in 1974 and transferred to Johannesburg in 1975.
In 1976, I joined Minet Insurance Brokers
and led the management buyout in 1990 to become a solely management-owned business. We merged with Glenrand in 1997 to become Glenrand MIB and listed on the JSE during 1998.
Having been CEO for 16 years, I eventually handed over the reins in 2005 and became a non-executive director with certain contractual commitments to the business. I finally retired from the board at the end of 2008 after a wonderful 33 years of involvement in the business.
I was appointed during 2007 as the acting managing director of the Worldwide Broker Network, operating through independent broking companies in 60 countries around the world. This was a fascinating challenge for nearly two years, during which I travelled the world from north to south and east to west. During all this time, I had served on the board of the IISA as a non-executive director and served two periods as president of the IISA during 2001/2002 and 2007/8. In January 2009, I accepted the position as CEO of the IISA.
The challenges of professionalism and education in the insurance industry offers many opportunities for the development of the Insurance Institute of South Africa as we move to reclaim our significant role in the industry with strong support from the FIA and SAIA. The industry has so many diverse segments and, over time, some coming together and rationalisation of institutes and associations will probably occur.
I have no doubt that my studies through the CII and IISA helped build my knowledge and interest in the industry. Insurance offers a wonderful career path for those prepared to work hard and study to expand their knowledge and value contribution to enhance the professional status of the wider industry and their particular companies. It enabled me to grow as a person and to travel the world extensively. The industry needs specialists and generalists who are prepared to enthusiastically apply themselves to the myriad of applications this great industry offers.
I grew up on a smallholding in Randburg and my father, a plumber, taught me practical mechanical skills. I originally wanted to work with my hands and joined the post office to be a telephone technician, but after doing my compulsory air force training, decided that that was not for me. Instead, I attained a Chartered Institute of Secretaries qualification and started working as an accountant. In
1983, I applied for a branch accountant’s job at Guardian and was employed to run an information centre, which enabled people to use personal computers and computer query facilities which was very new at that stage. I was 31 years old and progressing well to finalising my CIMA (Chartered Institute of Management Accountants) qualification. I am now a Fellow of the CIMA as well as a Fellow of the CIS.
I then took a liking to short-term insurance, which is when I did my insurance examinations. I am currently a chartered insurer and have my ACII. During my time at Guardian, one of the general managers gave me a good performance appraisal, but advised me that as I am not “an insurance man”, I wasn’t really going to have a successful career in insurance. Well, I worked hard, persevered and completed my studies – never thinking that
one day I’d be the CEO of the second-largest insurance company in the country.
I enjoy developing bright young minds and passing on experience and, in so doing, building a stronger, better company. Insurance has many facets, so whether you have a legal bent, financial bent or want to be in sales or procurement, insurance does offer a vast array of opportunities.
Whilst insurance has been around for 500 years, there are no viable substitutes and I see it being around for many, many years to come. It is certainly a noble industry in my opinion, which offers many career opportunities.
This country is seriously deprived of skills and the IISA puts a lot of effort into developing people. I think the ultimate outcome, that we can all be proud of, is passing those skills onto youngsters.
Chief Executive: Insurance Institute of South Africa
Former Managing Director: Mutual & Federal
IISA President 2001/2002 and 2007/8
IISA President 2010/2011
INmag | 2011 31
SIMon CHIKuMBu
dr BrIAn BENFIELD
Chief Executive Officer: Aon Benfield
Chairman: SA Motor Loans & Primary Asset Administrators
IISA President 2006/2007
IISA President 1989/1990
I was born 53 years ago in a small and remote village in the eastern part of Zimbabwe (then Rhodesia) to a large but poor family. It was a struggle to make ends meet in my childhood as our parents had many of us to care for.
During the early part of my life, Rhodesia was a colony of Britain and like most black people in Africa, white oppression was evident in every walk of life. However, with commitment to self-improve at an early age, supported by equally eager and loving parents and older siblings, I was able to attend school and enjoyed it very much. At the age of 12, I went to missionary boarding school, where I was taught by highly educated missionaries from the uK. I also met my best friends to this date. After six years at this highly respected high school, I went to university of Rhodesia in 1977 and graduated in 1980 with a high degree in engineering. I think I can safely say that time at university was probably the best part of my life, as I had some money to spend (from a scholarship) but no responsibilities at all.
Insurance was not on my radar when I was at university, hence the engineering studies. After graduation, I went to work at a mine for two years, then a brewery for another two years and joined insurance in 1984. The main attraction then was the ability to travel and meet people.
I started in insurance as an engineering insurance underwriter and risk engineer and, after a short while, I was loving it so much that I started studying towards a professional insurance qualification, namely the CII’s Associateship programme. At work I was introduced to other classes of insurance and I gradually climbed the ladder at my employer. Six years later, at age 33, I was appointed regional manager of Munich Re. The most exciting part of my job was meeting people and making a measurable difference to the company’s bottom line.
By 1995, I ventured into reinsurance broking and joined Aon Zimbabwe to start its reinsurance broking division. Success came pretty quickly and I was transferred to South Africa to join Aon Reinsurance Brokers as director in 1999. We have now grown to be the largest reinsurance broker in sub-Saharan Africa, including South Africa. In 2004, I was appointed CEO of Aon Re Africa, a position I still hold today.
Having come to South Africa in 1999, I was elected president of the Insurance Institute of South Africa in 2006. Many people in the industry, including myself, carry the diploma
of Fellowship bestowed by the IISA. I have also found that being a member of the IISA enables me to keep in touch with the market trends and up to date.
In 2006, I was appointed to the executive committee of the African Insurance Organisation (AIO), a continental body of insurance companies, brokers, reinsurers, regulators, etc. I still hold this position as a representative of the South African members of the organisation. I have also been a mentor and coach to some young people in the industry and I am pleased that I occasionally receive calls from young people seeking advice on their careers and personal life. This gives me fulfillment.
Whilst I still do a bit of broking, my role now is in leadership at my company, driving company strategy and business development. People or talent management is part of my role and probably the most challenging one, but I enjoy it none the same. We are trying hard to speed up young people in our organisation and I take pride in assisting them.
It is unfortunate that a career in insurance is perceived as not being right up there with other professions, but that is only a perception, which goes back decades. The IISA is doing a great job in trying to change that perception. As far as I know, most people who join the insurance world, stay in that industry because of the opportunities it provides, one of which is that it is still a people’s business.
I attained my matric at Victoria Park High School in Port Elizabeth and continued to complete a BCom, BCom honours, MCom and Phd. I also attained a PMD at Harvard and am an
Associate of the CII (uK) and Fellow of the IISA.
As a boy I never dreamed of joining the ‘boring, dusty, old’ insurance industry. It has proven to be the most interesting industry in the world. We deal with every single aspect of every type of business, from finance to sales, marketing, medicine, engineering, IT, art, travel, health, media, statistics, mining, electronics, law and litigation.
My first job in the industry was as a life assurance salesman. I then progressed to branch manager, regional manager, general manager and MD. Thereafter I started Clientele Life in 1997 and sold my interest to the Hollard Group in 2001. I now have interests in several
smaller finance and insurance businesses in South Africa and serve as a director of a European insurer which I was instrumental in founding.
Apart from the above, I have been visiting professor, insurance and risk management at Wits university for 21 years and thoroughly enjoy being kept on my toes by my students. Imparting some of what I have learned to them and to those younger folk with whom I now work is very gratifying indeed.
It never ceases to amaze me how much there is to learn about this industry and, after almost four decades, how little I know about it.
INmag | 201032
nASh OMAR
Anton OSSIP
I attended M.H. Joosub Technical High School and at Damelin earned a certificate in insurance
and a national certificate in risk management. Attending INSEAD in France with global business leaders was inspirational, as was their Advanced Management Programme and receiving their Short Term Certificate. From INTEC I earned my unit Standard Certificate.
In 1981 I joined the insurance industry with Federated Insurance, working through various departments. Passion for the industry brought me to my current position as managing director of Etana Insurance. The relationships built with brokers, other insurers as well as reinsurers, gives me great enjoyment.
We have a unique industry. Although we are business rivals, the relationships and the caring we share is personal, irrespective of competition, making it possible to get together and celebrate each other’s triumphs.
The insurance industry not only serves as a financial institution: it can and should be recognised as a fundamental service industry because we serve and satisfy our clients both through protection products and life-changing service.
I attended King David Victory Park for all of primary school and high school. After matriculating, I went to Wits university and studied a bachelor of economic science (majoring in actuarial science and statistics). I graduated in 1995 and went to work at Commercial union in its actuarial
department. During this time, I wrote exams through the Institute of Actuaries in London until qualifying as an actuary in 2001.
My actuarial training geared me up to a career in insurance, pensions or investments. Over the last 12 years, I have worked in all these disciplines. My career has consisted of my two years at Commercial union and 13 years at Alexander Forbes, where I have worked in investments (Investment Solutions), general insurance (risk and insurance services and Alexander Forbes Insurance) and pensions (AF Financial Services).
I am currently the managing director of Alexander Forbes Financial Services. I really enjoy the diversity of the role dealing with issues from managing the business, dealing
with employees, dealing with clients, strategic development of the business, reporting to shareholders and other stakeholders. No two days are ever the same.
The insurance industry is a fascinating one, constantly changing and quite diverse in terms of the roles it offers. Anyone who has ever worked in the industry will tell you that you will meet great people here and will make good friends. Having been involved with the IISA for the past three years has been a great experience for me. I am passionate about education and developing professionalism and the IISA is well placed to continue doing this. I have interacted with some great people over my past three years and am proud to be associated with IISA.
Managing Director: Etana Insurance Company
Managing Director: Alexander Forbes Financial Services
IISA President 2009/2010 & Current SIA board member
IISA President 2008/2009
There are various levels of individual membership, starting at a very basic level, for new entrants to the market. These membership levels are awarded according to academic achievement in the insurance field, plus some other qualifying criteria relating to work experience in the insurance market. A summary of the various member levels can be requested from the IISA or be viewed on our web site, www.iisa.co.za.
HOW COuLD I BECOME InVolVEd WIth thE InStItutE?
Set your sights on your dreams, aim high and never stop till you reach them.
INmag | 201136
Emb
raci
ng
vas
t po
ssib
ilitie
s
INmag | 2011 37
INO
ver the years,
the insurance
industry has
evolved into
an exciting
one. It
offers limitless career potential
across a wide spectrum of
related fields. This chapter is
designed to help you make
informed decisions by giving
you information on this dynamic
industry, as well as the simple
steps to follow in a selecting a
career that suits you best.
Working together for a skilled tomorrow
representing all insurance businesses
iNSeta
INmag | 201138
The insurance sector forms part of a large and rapidly growing financial, real estate and business
service sector in South Africa. It’s also a major employer providing over 10 per cent of the employment
opportunities in South Africa and a significant source of earnings for insurers (the providers of insurance
products), brokers (who sell products to the public) and businesses that provide associated services. Last
year, the industry contributed 20 per cent to the national GDP. Today over 100 000 people are employed
in the industry which provides a variety of products including life insurance, retirement annuities and
pension funding, investment products, short-term insurance and health insurance.
INSETAThe Insurance Sector Education and Training Authority (INSETA) represents all insurance businesses. These
range from small (about 10 employees) to large (over 12 000 employees). In essence, INSETA provides
quality skills development for sustainable business growth in the insurance and related financial sector.
OuR VISIONINSETA promotes and enables quality skills development through funding education and training in South
Africa to meet the national skills agenda and contributes to transformation in the sector.
WHAT’S IN IT FOR ME?The insurance sector is undergoing a process of professionalisation. Higher skills levels are required in all
occupational categories. To help us achieve this we need young, dynamic, energetic and creative people.
Over the years, the insurance industry has evolved into an exciting one. It offers limitless career potential
across a wide spectrum of related fields. This chapter is designed to help you make informed decisions by
giving you information on this dynamic industry, as well as the simple steps to follow in a selecting a career
that suits you best.
theinsurancesector?
whychoose
Over the years, the insurance
industry has evolved into
an exciting one. It offers
limitless career
potential across a wide
spectrum of related
fields.
Accident
Actuaries
DeathDisability
Electronic equipment
Engineering
FireFuneralGroup personal accident
Guarantees
Investment and savings
LiabilityLifeMarine and aviation
Medical aid
Medical insurance
MotorPreservation funds
PropertyRetirement annuities
Transportation
Accountants
Actuaries
Asset/fund managers
AuditorsBroker consultants
Claims manager
Corporate communications
Economics
Financial planners
Human resources
Insurance administrators
Insurance brokers
LawyersLegal experts
Life claims technicians
Life underwriters
Loss adjusters
Marketing
Medical claims technicians
Medical practitioners
Motor assessors
Procurement specialist
Reinsurance
Retrocession
Risk management consulting
Risk managers
Salvage recoveries
Secretarial
Surveyors
System analysis/IT
Technicians
Training and development
underwriters
underwriting managers
Accountants
Appraisers and valuers
Asset/fund managers
Banks and finance corporations
Building contractors
Business consultants
Car hire companies
CateringEconomists
Fire protection services
Funeral associations
Hospitals
Insurance replacement companies
Investment companies
IT specialists
LawyersLife assurance companies
Long-term ombudsman
Marketers
Medical aid companies
Medical practitioners
Panel beaters
Personal health service
Roadside/breakdown assistance
Security companies
Short-term ombudsman
Stationers
Tow truck/recovery associations
Travel assistance
Vehicle tracking/production companies
CLASSES OFBuSINESS
CAREERPATHS
SERVICEPROVIDERS
So where are the
opportunities?
INmag | 2011 39
theinsurancesector?
DESIGN AN ACTION PLAN
to develop and implement a plan of action, ask yourself:
• What information or resources are needed to complete each step of my plan
of action?
• What are the obstacles to implementing my career decision and how can I
overcome them?
• What steps should be taken to implement my career decision?
• How do I know when to begin and end each step?
• What information is needed to complete each step?
KNOW YOuRSELF
(SELF-KNOWLEDGE)Develop a true understanding of yourself
before you begin exploring careers and try
to identify jobs and careers that will prove
satisfying to you.
Self knowledge is developed through:
• Intensive thinking about yourself.
• Conversations with relatives, friends
and contacts.
• Psychometric tests conducted by
a psychologist.
Ask yourself:
• Skills and abilities (What am I good at?)
• What can I do best?
• What are my strengths and weaknesses?
• What school subjects or qualifications
do I have? (Certain careers require certain
subjects such as mathematics and/or
physical science.)
• What do I enjoy most?
• What do I dislike?
• What am I interested in?
• What activities do I enjoy most?
• What kinds of people would I like to
work with?
• What kind of job environment would
I enjoy?• What are my values?
• What would give me satisfaction in
a career?
• In what ways must I be challenged
and rewarded in the job I do?
• What personal qualities do I
possess that will help me in the job
I choose?
IDENTIFY OPTIONS
(CAREER KNOWLEDGE)Ask yourself:
• At this point, what are my career options?
• Do I have a strong interest in other types of jobs
or careers?
• What other types of jobs or careers should I
be considering?
Career knowledge means knowing about:
• Different careers.
• The type of work in different careers.
• The salary and benefits in different careers.
• The type of person who will fit the specific occupation.
• Subjects required.
• Personal characteristics required.
Information resources:
• Read career magazines/books/career
supplements in newspapers.
• Attend career exhibitions.
• Visit workplaces, talk to employees and employers.
• Visit your nearest career information centre.
• Contact professional societies.
• Browse the Internet.
Choosing a career is one of the most important life decisions you will make. Although most people make several career changes in their lifetime, the first
decision will have an impact on various aspects of your life. For example, it will determine the direction in which you will develop skills, the type of organisation
in which you will work and the income that you will earn.
When choosing a career, we recommend following these simple steps:
EVALuATE CAREER OPTIONS
• Once you have completed your career research, you can evaluate each of the career options
you have identified.
• Examine the information you already have and identify what additional resources and
information you will need.
• Seek and use new information.
SELECT ONE OF THE OPTIONS
• Based on the information you have gathered and analysed, you should now be able to
choose one of the career options.
• Career choice is a process – it starts when you are very young and continues into adulthood.
• It is an ongoing investment in who you are and how you will fit into the world of work.
how to make the right choice:
• Match your specific characteristics with a specific career.
• Choose a career path that has different options and opportunities.
• Ask yourself why you have chosen that particular career.
• Try to obtain exposure to the career (vacation work, voluntary work, internship).
• Is there a demand for your chosen career?
• Make a second choice – we can all be successful in more than one career.
• Do you have enough information to choose one career option over another? If not, you may
need to do more research.
Where to get guidance:
• Career centres (at most universities).
• The Department of Labour.
• Career exhibitions.
• Books on careers.
• Newspaper career supplements.
• The Internet.
Also, talk to a career guide counsellor about:
• Self-knowledge.
• Planning a career.
• Subject choice.
• Academic planning skills.
• CV writing.
SuMMARY• In order to make an effective career decision today, you need to know
about your skills, interests and values.
• You should investigate what study options are available at UNISA and
how they relate to different careers.
• You should think about how you make decisions and also reflect on
how the decisions you have made so far have influenced your life.
• Seek help if you feel that you need to extend or shorten your list of
career options.
WhAt do I nEEd TO
GIVE ATTENTION TO?
INmag | 201140
Matric is regarded as a minimum requirement for entry into the sector. Minimum requirements change
at higher occupational levels, notably that of manager and professional, where a business- and
commerce-related qualification plus sector experience are typically required.
At subject level, mathematics has become an important choice of subject for those candidates who are
considering employment in the insurance industry. Most of the high- level financial skills in the sector
require candidates with a sound mathematical foundation.
Various new sector-specific qualifications have been registered and existing qualifications (such as
BCom degrees) now include specialisations specifically for the insurance industry.
There are also opportunities for budding entrepreneurs to start new ventures in the insurance
industry. The National Skills Development Strategy places strong emphasis on small business
development and the cultivation of skills necessary to start and maintain new businesses. INSETA
supports the training and development of unemployed young people into the sector by providing
new venture-creation training.
WHAT ABOuT A LEARNERSHIP?
A learnership is a structured learning programme that consists of a theoretical and a practical
component and that leads to a qualification that is registered on the National Qualification
Framework (NQF).
Simply put, learnerships are where learners spend time working under the guidance of a skilled worker
or mentor and also learn theory. A learnership is regulated by a learnership agreement between an
employer, a learner and a training provider. An employer can enter into a learnership agreement with
an existing employee or with a learner who is not an employee (here the employer is not obliged to
hire you at the end of the learnership).
In summary, a learnership provides a learner with an excellent opportunity to gain experience in the
labour market while studying towards a qualification. It also helps personal development and increases
self-esteem – and you receive a learner allowance if you’re unemployed. There are 46 learnership
categories that have been developed and registered in the insurance sector.
The most popular two learnerships in the sector are:
Financial Services Administrator – NQF Level 3
Insurance Administrator - NQF Level 3
FOR MORE INFORMATION, CONTACT uS:
Insurance Sector Education and Training Authority (INSETA).
Ground Floor, North Wing, Oakhurst, 11. St Andrews Road, Parktown, Johannesburg
Call 086 113 0013 | e-mail [email protected] | Visit www.inseta.org.za.
A learnership provides
a learner with an excellent opportunity to
gain experience in the
labour market while studying towardsa qualification.
to ACtIVAtEMY CAREERWITH INSETA?
WhAtdo
I nEEd
INmag | 2011 41
It is doubtful that ‘actuary’ has ever been called out by a grade one learner responding to the familiar
‘what do you want to be one day’ question, but according to a Careercast.com study, it is the best job
to have in the uS in 2010.
The job came out on top out of 200 careers, measured against each other in terms of stress, working
environment, physical demands, income and hiring outlook parameters.
An actuary is an expert who calculates and analyses situations involving financial risk. The wages
are high, the working conditions are relatively relaxed and given the small numbers of actuarial
professionals in South Africa, the skills are in high demand.
But – as President of the Association of South African Black Actuarial Professionals (ASABA),
Lusani Mulaudzi relates – it is only after much effort that one can reap these impressive rewards.
Mulaudzi’s own story offers the perfect illustration of why. He now works as an actuarial
consultant at Sanlam in Cape Town, but his journey to where he is now is a classic lesson in hard
work and determination.
Born in the small rural village of Ha-Mashamba in Limpopo (then the Republic of Venda) to two hard-
working teachers, education was a core focus of his family life from a young age. He matriculated in
2000 as the sixth-best overall student in his province, and the best student in business economics.
“I first heard about actuarial science from a friend when I was in grade nine. My parents and I read
up about it to learn more but after matric, I decided to do policy studies and enrolled at Stellenbosch
university,” related Mulaudzi. However, a career counsellor there encouraged him to switch to
actuarial science.
“I got accepted onto the programme and then secured a Sanlam bursary in June of that year which
covered the costs of my entire degree. My parents were obviously happy about that!” he smiled.
Mulaudzi is currently fulfilling his bursary obligations at Sanlam, and is in the process of completing his
masters in actuarial science. He is soon to become a fully admitted Fellow of the Actuarial Society of
South Africa. He will join a small pool of about 20 students to make it that far out of the approximately
150 that enrolled with him in first year. The course, he admits, is really tough.
He slept less than five hours a night as he focused on his studies, drowned himself in extra reading,
and sat in front of the class constantly asking questions and engaging with his lecturers. At the end of
his first year, he was invited to the Rector’s Dinner for the top performing students in the university. Even
being taught in Afrikaans was not enough to stop him from excelling in his studies.
And succeed is what he has done. As the current president of ASABA, Mulaudzi is concerned at the low
numbers of black actuaries in the country – there are currently less than 80 Fellows by his estimation.
This is something that he and ASABA are working hard to rectify.
“This career is very rewarding and we need to get the message out to young adults that this option
exists and has a lot to offer if they put in the effort.”
According to INSETA CEO Sandra Dunn, people do not realise what a massive and important
industry this is – and the many opportunities it offers. The sector accounts for 10 per cent of the
employment opportunities in South Africa, and last year contributed an extraordinary 20 per cent to
national GDP (gross domestic product). INSETA would like to encourage young people, especially
those from previously disadvantaged backgrounds, to consider the insurance industry as the place to
pursue their dreams.
Mulaudzi added that becoming an actuary is a career pursuit that demands hard work up front in
order to qualify. “After that, the working conditions are great, the pay is very good and the choice of
where to work is wide.”
He cautioned, though, that the career is not for everyone.
“You need to be ambitious, have a natural mathematical ability, love of problem-solving and, of
course, perseverance to make it as an actuary,” he says. “But first of all, to be successful at this – as
with anything in life – you need to have a vision. Surround yourself with the right people and ask a lot
of questions,” he concluded.
ofdeterminationA
StoryLusani MuLaudzi
This career is very
rewarding and we need to get the
message out to young
adults that this option exists and has a lot to offer if
they put in the effort.
INmag | 201142
fait
h i
n yo
ur a
bilit
ies
INmag | 2011 43
You are nearly finished
with your schooling, but
you’re not sure what
career path to follow.
Your exams are looming
and you haven’t even decided on
what to study next year. You’re ly-
ing awake at night, stressing about
the future.
Does this sound familiar? If so,
read further to find out about
all the cool, sexy careers in the
insurance industry waiting for you.
(Especially if you want to earn
enough money to be able to pitch
up at your high school reunion in
a flashy Porsche!)
How would we survive without insurance?
you’re in matric. what next?
SaiaS
ABOuT SAIA
WHY InSurAnCE?
The South African Insurance Association (SAIA) promotes the short-term insurance industry in order to create an awareness and understanding of the industry and to add value to everyone involved. The core functions of SAIA include: representation of its members’ interests to the public in a proactive manner; representing its members’ interests to government at all levels and other bodies; representing its members’ interests to the media; provision of a forum for discussion of common interests in the short-term insurance industry; facilitation of information flow amongst its members and the setting of appropriate technical standards in the industry.
How would we survive without insurance? Imagine coming home to discover that your house has been burnt down or your car has been stolen? Who will pay for a new home and everything inside, or another car? A person’s life can change overnight as a result of these disasters, but with paid-up insurance, at least you know you will be able to purchase another car or a new home.
The insurance industry offers a range of different positions, from underwriters, brokers, actuaries, IT engineers and lawyers to admin clerks, claims co-ordinators, PR experts and receptionists. One of the most important facts to note is that the insurance industry is an industry offering tremendous growth, and this aspect should be one of the top-of-
mind considerations in a matriculant’s mind when selecting an industry to move into.
Our country is crying out for qualified, top notch financial planners, as so many individuals and companies are making completely disastrous decisions regarding their insurance and are ending up bankrupt or worse.
The insurance industry is fast paced and ever changing. In this competitive environment, one must stay on top of the game to succeed. Any position in the insurance industry requires a person to be a quick thinker, a fast worker and be able to solve problems timeously and effectively. Could this be you?
WORD OF WISDOM
A word of advice if you are considering entering the insurance industry: if you want to earn
the big bucks – DON’T DROP MATHS! Most of the best salaries in the insurance industry are
earned by people who have studied for degrees involving lots of maths – either ending up as
qualified actuaries or auditors. Top insurance executives and investment executives take home
high salaries, too.
INmag | 201144
THE WorkIng WORLD
PEOPLE AND PoSItIonS
For those of you who would prefer to work in the insurance field next year as opposed to studying, an insurance call centre is a great place to gain a strong foot into the industry, and to acquire various formal industry qualifications while earning and building a great career. A call centre is a buzzing, vibey environment to enter, where all you will hear is ringing telephones and the sound of voices.
Interested? Read on. A call centre is basically a huge room where a company’s incoming calls from its clients or potential clients are received, or outbound calls to clients or potential clients are made. Call centres are becoming increasingly popular, as clients have a growing need for a direct and efficient way of interacting with the companies they deal with. Call centres employ many staff in a range of functions, ranging from client service and sales to support functions.
In South Africa, many corporate insurance companies have call centres, some include Dial Direct, Hollard, OuTsurance and Santam. To work in a call centre, the minimum entry requirement is a matric/grade 12. In addition, the call centre environment requires strong communicators who are computer literate and can think on their feet. The ability to deal with challenging client queries and difficult clients in a calm, efficient way is essential. The ability to work in a highly stressful environment where high call volumes and a strong quality orientation is also required. Good numeracy skills are an added advantage.
Many corporate insurance companies offer courses, learnerships and
in-house training to educate and train an individual to become a call centre agent. We advise you to visit the South African Insurance Association (SAIA) website, www.saia.co.za, to look at the SAIA member list. The member list comprises 59 member companies which you are more than welcome to contact to find out what courses, learnerships and in-house training is offered.
Soft skills training, leadership development, the principles of insurance, selling insurance, the administration process and various insurance skills programmes which are registered with INSETA (Insurance Sector Education and Training Authority) are covered in many of the courses. Some companies offer an initial insurance programme consisting of credits for personal short-term insurance.
Some insurance companies are in the process of developing a ‘full qualification’ which will be equivalent to a post-matric qualification. In successfully completing a skills programme, a staff member will be on their way towards obtaining a full qualification. The full qualification needs to be achieved within five years from date of employment and staff members will be required to complete regulatory exams which form part of continuous professional development.
Trevor Dewitt, head of communications at OuTsurance states, “OuTsurance offers a matriculated individual further educational development through its in-house training department.”
For those of you who will be studying next year, the big decision is where and what to study, what qualifications you will need, how to get some valuable experience and where exactly you can fit in. However, identifying your interests, personal attributes, strengths and skills is as important, if not more.
We at SAIA (the South African Insurance Association) understand the decisions and concerns facing school leavers at present. We have highlighted some positions in the insurance industry below, indicating the tertiary qualification required along with the duties of each position.
Sales representative/broker
Do you enjoy mixing with and talking to people? Are you known as the life of the party? Are you influential and motivated? Do you excel at steering people towards your way of thinking? Then a career in sales would be the career path for you to follow – see the tertiary qualification requirements below as well as the duties in the everyday life of a sales person.
Tertiary qualification: BCom degree majoring in sales and marketing/Institute of Marketing Management diploma/Damelin diploma in marketing and sales management.
• Meet the set sales targets.• Look for new business.• Keep the existing client base.• Identify the clients’ insurance needs and act upon these needs.• Keep the client informed of terms and conditions of the policies.• Administration of the policies.
Call centre agent
required qualification: Matric certificate
• Assist people who call in with their insurance requests.• Look out for opportunities when talking to the client on the
phone if there is a possibility of selling them an insurance policy.• Phoning people who haven’t paid their insurance policy monthly
payment.• Identify clients’ insurance needs.• Advise on terms and conditions of the policies.• Apply underwriting criteria.
Business development manager
required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification.
• Manage the sales department.• Ensure that the sales representatives are meeting their sales
targets.• Ensure productivity and profitability of the sales department.• Take responsibility and act upon serious client complaints.
INmag | 2011 45
Do you love paperwork? Could you see yourself surrounded by files, ensuring they are all in order and all paperwork filed? Do you see yourself sitting at a desk in front of the computer, on the phone most of the time? Well, then one of these positions could be for you.
Sales administrator
Required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification/any administration-related qualification.
• Providing administration duties for the sales representatives and the sales manager.
• Setting up of meetings. • Co-ordination of sales reports. • Managing the sales database.
Legal adviser
Required qualification: BCom with law as a subject or a business-related qualification.
• Decides upon liability.• Negotiates between parties involved in third party claims.• Reports any fraudulent activity.
Claims consultant
Required qualification: BCom degree or any business-related qualification.
• Determine the value of the claim.• Negotiate the settlement of the claim.• Seek legal counsel to decide upon the liability of
the claim.• Analyse all aspects of the claim.• Decide upon cover, liability and validity of the claim.
How would we survive without
insurance? Imagine coming home to
discover that your house has been burnt down or your car
has been stolen?
Client services adviser
Required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification.
• Following up on payments not made by clients.• Tracking documents on systems.• Looking after existing clients.• Policy renewals.• Endorsements.
Do you thrive on a challenge? Are you a number-crunching fundi? Do you enjoy focusing on processes and legal matters, but don’t mind working with lots of paperwork? Then one of these options could be for you.
46
Claims administrator
Required qualification: BCom degree or any business-related qualification.
• Liaison with clients regarding their claims.• Manage a database to ensure that all claims
are registered.• Process and finalise claims.• Process payment to suppliers relating to claims.
Claims assessor
Required qualification: BCom degree or any business-related qualification.
• Assesses the damage of a claim.• Liaises with regulatory controls and legislation.• Advises claim findings to the claims negotiator.• Assesses the circumstances of an incident.• Decide upon recommendations on the settlement of the claim.
Risk surveyor
Required qualification: BCom degree or any business-related qualification.
• Analyses risks.• Investigate improvements to prevent loss/risk exposure.• Makes recommendations on where the improvements of risk could
be made.
underwriter
Do you enjoy analysing information and paying close attention to detail? Do you have sound judgment? Then this could be the job for you.
Required qualification: Finance/business administration degree/bachelor’s degree with accounting and business law as subjects.
• Identify and calculate a policyholder’s risk of loss.• Establish premium rates and write policies that cover these risks.• Decide on whether a policy must be issued.• Analyse information in insurance applications to determine if risk will
result in a loss.
Actuary
Are you a maths boffin? Would you rather be at home number crunching than joining your friends at the local pub? Do you love analysing data? Could you see yourself conducting lots of research? Are you a computer nerd? Do you want to earn lots of cash and live a lavish lifestyle? Then this position is suited to you.
Required qualification: Bachelor’s degree in actuarial science.
• Collecting and analysing data to predict future risks and how these predictions will affect various aspects of insurance.
• Review of statistical information.• Take information that has been reviewed and draft guidelines for which
the companies can follow with their customers and employees.• Once an actuary has reviewed all pertinent documents, he/she
must then construct concise tables outlining the results of the document review.
• Provide recommendations to companies with regard to insurance premiums.• Work on company policy.• Determine company policy and explain such policy and its aspects to
those who will benefit from it.• Actuaries may do consulting work and help various companies with
their statistical needs and company policy construction.• Actuaries may be asked to testify as expert witnesses in various forms
of litigation.• Actuaries may be asked to testify before public agencies with regard to
new or revised legislation affecting the companies and corporations.• Develop mathematical ideas and formulas so that data can be
assessed in the correct manner.
CONTACTInterested in finding out more about the South African Insurance Association? Visit us on the following website address www.saia.co.za.
47
INmag | 201148
Perf
orm
an
ce d
rive
n
INmag | 2011 49
ZI
n this section, we
provide you with an
introduction to the top
insurance companies in
our vibrant industry. In
their own words, they give you
a feel for their organisation;
who works there; what
employment opportunities,
internships and bursaries will
be available to you; and how
to contact them.
They are looking to the next
generation of bright young
things (that’s you) to take the
financial services sector to new
heights and build a successful,
sustainable insurance industry
in South Africa.
The secreT of success is To do The common Things uncommonly well
ato
a-Z iNtRo
INmag | 201150
on
th
e r
oa
d t
o s
ucce
ss
INmag | 2011 51
Hollard knows there’s more to you than meets the eye
BECAuSE INSuRANCE GOES EVERYWHERE, A CAREER CAN LEAD ANYWHERE
hollaRdH
INmag | 201152
So you have your degree and you don’t know what you want to do … yet! you thought by now you would – but you don’t.
here’s the crazy truth! that doesn’t matter … not if you choose to hook up with the insurance industry which makes the entire economy tick – and particularly hollard where innovation and do-ing business differently are deeply embedded in our dnA.
on top of that, in 2010 we were ranked by our people as Best Company to Work for in the insurance category in the deloitte Survey. It’s not every day that employees get to have a go at their employers but in this survey that’s what happens and hollard welcomes the feedback.
Another achievement in 2010, our 30th anniversary year, was the financial triumph of having the best financial results ever – and that’s in spite of the global economic crisis.
Because insurance goes everywhere a career in this industry can lead anywhere. think about it! there is literally no industry, profes-sion or asset that does not need to be insured.
tailoring insurance to fit exactly is something we do really well together with specialist partners. that protection includes athletes and their prowess; factories and whatever they make; actors and their looks; musicians and their equipment; collectors and their art or coins or rare whatevers; psychologists, hospitals and doc-tors who might be sued for malpractice; travellers who can get stranded by ash clouds or have their luggage stolen; people with houses, cars and other possessions; cranes, bridges and construc-tion sites; or farmers who breed anything from chickens and cows to rhinos and elephants at a game farm.
Without insurance, financial stability would be impossible!
• We’re the Best Company to Work For in our category – according to our people
• 10 offices in 10 countries • Over 6 million policyholders through 100 partnerships• Third largest insurance company in South Africa • Largest family owned insurer • 950 Hollardites• We have loads of healthy back-up like an in-house gym
• The Hollard campus in Parktown, Johannesburg, is fabulous• We have our own Hollard Academy where additional
study is free• Worldwide turnover: R13,2 billion • Products across both life and short term licences in
virtually every class of insurance
IT DOESN’T MATTER IF YOu DON’T HAVE A CryStAl BAll
WHY IS HOLLARD SPECIAl?
Dream Big.
Celebrating the best fi nancial results ever, 30 year anniversary and over 100 dynamic partnerships .
www.hollard.co.za
An authorised Financial Services Provider.
42278
/Mor
timer
Har
vey/
E
INmag | 201154
doIng BuSInESS DIFFERENTLYBalancing work and play is a Hollard flair that we have been perfecting over the last 30 years.
We’re working hard at being a dynamic and diversified insurance company with innovative divisions that deliver insurance to all South Africa’s people.
We’ve taken insurance where it has never been before by partnering with different specialists. There was a time when, if you didn’t have a bank account and debit order facilities, you couldn’t get insurance. Hollard put a stop to that by
forming a partnership with Edcon so that account holders could pay their premiums through their retail account.
We also now sell insurance for cash through Pep Stores and others. It works a bit like a cellphone starter pack and premiums can be paid at the cash till. There are many South Africans who simply prefer to do their business by cash – and we’re there for them as well.
For 30 years, Hollard has been doing business differently and we continue to do so today.
delivering specialist expertise – a selection of Hollard’s specialist short-term underwriting manager partners as well as some of their life product providers.
INmag | 2011 55
BEIng A CAtAlySt
FOR CHANGE
It would be a little bit crazy to work for a company at this critical time that has no
eco-conscience or plan for being a catalyst for change. If this is important to you as
an individual you will want to know:
Hollard in future will be reporting on their social dividend returns alongside their
financial results.
This means:
“We will be measuring our positive impact on our people, our community around us
and our natural environment.”
So far a few highlights are:
• Hollard is tracking its carbon footprint and has committed to a 12% reduction in
energy consumption by 2012 and a number of on-campus initiatives are already
up and running
• R50 million is committed to supporting South Africa’s orphans and vulnerable
children via the Hollard Foundation
• 950 Hollardites have the opportunity to volunteer in social upliftment projects that
fit their interests or that they find inspiring
• Hollard is increasing their distribution of products that provide financial protection
to the low income market
• Because of the company’s success in this area, Hollard has been selected to
receive a half million Dollar grant from the Microinsurance Innovation Facility,
backed by the Bill and Melinda Gates Foundation, to accelerate development of
micro-insurance products
LIFE WITH PurPoSEBeyond a rewarding career
there has to be purpose to
life and there are many ways
that Hollard facilitates this
for its family members.
Hollardites can choose
to become catalysts for
enduring and positive social
change – in ways they feel
individually passionate
about. These choices
include: skills volunteering,
funding and taking part in
fundraising national days
such as Shavathon, World
Environment Day and others.
CANSA Shavathon 2010
INmag | 201156
At the inhouse Hollard Academy there are virtually limitless opportunities for skill development and gaining additional qualifications, such as:
• Fully paid 1 year insurance qualification with job rotation to familiarise learners to the world of insurance work for graduates and post graduates in the fields of IT, audit, legal, marketing, accounts/finance, human resources; we offer internships (subject to availability).
• Those interested in sales, we offer learnerships on call centre sales, where at the end of the 1 year learners are fully accredited FAIS representatives. This means that they can sell insurance and provide advice on the best product choice. This is a highly sought after accreditation by employers, as the law has legislated that one can only sell insurance if one is FAIS accredited.
• Hollard has an academy that supports all Hollardites to continuously develop their careers, and every year approximately 300 Hollardites graduate after completing training programmes that are specific to their jobs.
• Hollard also selects talented and exceptional black matriculants to be part of a learnership programme for 1 year. These learners work at one of Hollard’s insurance partners for the duration of the programme, gaining on the job experience while training. At the end of the programme there is the possibility of being offered a permanent position.
LEARNING IS KEY AT hollArd
The diversity of insurance – and Hollard in particular – means you don’t have to stress about making a decision that is written in stone and locks you into a career path forever.
For example, we’ve got two lawyers who started at Hollard doing conventional lawyer stuff. One of them is now the head of Hollard’s office in Delhi and the other is driving Hollard’s international expansion activities throughout the African continent and the world. Before that he created Hollard’s New Business Team that invents new ways of doing insurance business – like selling policies via cellphones or through starter packs at retail outlets. For the past 30 years, Hollard has been driven by innovation and meeting new needs. This means we have been the ‘first’ to deliver many new products as well as distribution methods which have rocked the boat.
Then there are our three BCom movers and shakers whose paths have taken them down roads very different from their starting roles at Hollard. One is working with our specialist insurance business partners to help them achieve their dreams in building their businesses. Another manages the team that guides a variety of big businesses in figuring out alternative ways of managing risk, like self insurance. The third Bcom guy has been at the Hollard Office in Sydney, Australia, for 3 years, setting up a process with our network of brokers. Even actuaries can end up somewhere else around here. Like the Hollardite who started as an actuary in the life division and now heads the Hollard Wealth team that invests money for the cash flush. Those Wealth guys just created a completely innovative product called Safe and Secure.
PASSPORT TO EVEryWhErE
INmag | 2011 57
Hollard moved onto its current campus in 2005 and made a national heritage site part
of its home. Villa Arcadia, a century-old house designed by Sir Herbert Baker (the very
same architect who designed the union Buildings) forms part of Hollard’s unique balance
between the modern and old design styles.
Villa Arcadia, with its owners Lady Florence and Sir Lionel Phillips, was an environmental trend
setter over 100 years ago. Even back then indigenous construction materials were used to
build Villa Arcadia which had a far-reaching impact on building practices in South Africa.
Today, as a heritage site, crammed with historic highlights, the villa houses Hollard’s
impressive South African contemporary art collection and is the venue for Hollardites and
partners to get together.
Another annual event shoots out praise and recognition for
individuals who live and champion the Hollard values. The
idea was originally inspired by the Hollywood Oscars which
Hollard calls ‘Hoscars’.
The winners who are outstanding and brilliant are praised
and applauded and receive a cash prize, a statue, their own
star in the foyer for a year and their picture is displayed in
a huge light box in the atrium. Individual awesomeness is a
big deal at Hollard. We are always looking for people with
passion and individuality. The Hoscar award categories grow
out of the Hollard values.
Villa Arcadia, with its owners Lady Florence and
Sir Lionel Phillips, was an environmental trend
setter over 100 years ago.
“ ”
HOLLARD’S VIllA ArCAdIA
hoSCArS
AND VALuES
INmag | 201158
Pro
tect
ing
wha
t m
atte
rs
INmag | 2011 59
To many people, the
insurance industry may
not at first glance appear
to be the most exciting
career choice. As those
working within the industry can
attest to, however, the sector offers
tremendous opportunities for
development and growth, creativity
and interaction.
Earn while you learn
smart risk solutionsLlioN oFaFRica
INmag | 201160
Marisia Davis-McIntyre, Executive: People Management at Lion of Africa Insurance, says that more school leavers and those finishing university studies should consider the short-term insurance industry as a good place to build a solid career.
At Lion of Africa, one of the newer companies operating in this competitive field, there are always opportunities, regardless of whether you are a school leaver looking for a chance to ‘earn while you learn’, or a business graduate looking to kick-start a career in an industry where opportunities abound.
BuILDING A SolId CAREER
WHO ARE we?Lion of Africa is 100% black-owned corporate and commercial insurer with yearly revenue of more than R700 million. The company recently became the first short-term insurer in South Africa to achieve Level 1 BBBEE status.
It is also the largest insurer to local authorities, the third-largest specialist underwriter for engineering business, one of the top 10 commercial underwriters in the country and the fourth-largest multi-line insurer.
“Like many other sectors of South African business, the short-term insurance industry is experiencing a skills shortage. This means that for those entering the industry, especially a young, growing company like Lion of Africa, there are plenty of opportunities,” says Marisia.
“At Lion of Africa we believe that up-skilling our people is essential. We have a training academy that offers in-house training to employees. We also give people opportunities to study courses that are tailor-made for the insurance industry that are accredited by the INSETA — Insurance Sector Education and Training Authority.
The company recently became the first short-term insurer in South Africa to achieve Level 1 BBBEE status.
INmag | 2011 61
2011 marks the third year that Lion of Africa has run its in-house learnership programme. Ten learners are given the opportunity to gain a formal short-term insurance qualification at NQF Level 4, designed by and therefore well-recognized by the industry. Importantly they also gain one year’s working experience in various areas of the business.
These learners, through gaining the qualification, also become FAIS compliant — a legal requirement for all representatives of a financial service provider in terms of the FAIS Act.
That doesn’t mean that there are no opportunities to gather other qualifications along the way, says Marisia. “The INSETA qualification will guarantee learners mobility within the short-term industry, and portability into any other related financial services qualification.
“In other words, this qualification will provide them with the foundational credits to build onto other higher level qualifications within the industry.
A key vision for Lion of Africa is also to attract ambitious, young talent into the industry. To achieve this, the company has initiated a Graduate Development Programme which kicks off in 2011. Each year, ten graduates are chosen across a variety of disciplines such as commerce, actuarial science, IT and marketing.
“These programmes are well thought through and developed to ensure that the time they spend with us is focused and beneficial in terms of the learning and experience gained.
“While we do value academic success, these graduates are not simply chosen on their tertiary achievements. We check for competence and their fit with the organisation; we want them to fit with the Lion DNA in terms of values, potential and ambition.”
Marisia says Lion has a core set of values that everybody lives by including integrity and professionalism, leadership skills and a winning attitude. “We work as a pride to make things happen and are always on the lookout for talented individuals who are hungry to learn and challenge the norm to arrive at solutions.
“We think of Lion as a family and, in comparison to some of the other insurers, we are a relatively small environment where everyone is known by their name. We pride ourselves on the fact that everybody has the opportunity to learn and grow and to make the most of their skills,” says Marisia.
QuALIFY ANDCoMPly
ATTRACTING frESh tAlEnt
Marisia says the insurance industry is all about hard work and commitment. “The key to career growth in the insurance industry is experience and those learners who show the most promise, commitment and ambition are given positions within the company to further their careers.”
“It therefore goes without saying that people who are willing to spend time moving through various departments and learning about what makes the industry tick, will always have prospects to develop specialist skills and grow their careers.”
Effectively, this means that people who, for one reason or another, leave school and do not pursue tertiary studies, do not have to sit back and watch while their friends build careers. “Training and specialisation within the industry and accreditation through studies are essential to personal growth. The difference is that you can explore options and decide on your career path while you are employed.”
The other advantage of INSETA studies is that the courses are shorter — the longest being a year and that they can be undertaken at company expense, if approved, while you are gaining practical experience.
WORK EXPErIEnCE
LION OF AFRICA CoMMErCIAlWho would associate short-term insurance with gold mines, car assembly plants, aircraft and ships amongst other things?
Probably not many, says Jonathan Holden, Executive: Operations at Lion of Africa Insurance, who has built his career in short-term insurance and has, at one time or another, visited businesses like these as part of his daily duties.
VARIETY IS thE SPICE... What is often not appreciated about insurance, and companies like Lion of Africa, which are growing and therefore continually looking for enthusiastic people, is the broad range of careers that are on offer.
“Insurance is about risk. Lion of Africa is about providing smart risk solutions. It is about fine-tuning offerings that are attractive to the customer, but are also competitive. It is about ensuring that premiums are correctly pitched according to risk. It is all about getting to know a particular industry and becoming an expert in it,” says Marisia.
“When you offer insurance services that cover everything from mining and industry through to households, it is essential that you have a deep knowledge of the industry you have chosen to operate in.
“The beauty of this specialisation process is the ability to literally work
anywhere you choose, should you demonstrate the appetite and ability. At Lion of Africa we have experts that work in fields as diverse as engineering, shipping and aviation.”
Working in an insurance company means becoming part of a team where people with various skills work together to deliver insurance solutions that meet ever-changing requirements.
Close co-operation and understanding between colleagues, no matter what their job descriptions or level within the company, are essential and aimed at one thing — making customers happy.
“ultimately it is dealing with people that make this business what it is – challenging, rewarding and always interesting.”
Gold mines, car assembly plants, aircraft and ships
INmag | 201162
KEEPING IT frESh
IS IT FOR you?
GO FOR THE ChAllEngE
“Essentially, short-term insurance is about getting to grips with the risks that we as individuals and companies, on a larger scale, face as we go about our daily lives and business. This makes short-term insurance a complex and fascinating business that is constantly changing and adapt-ing to its environment,” says Jonathan.
For example, people working within Lion of Africa, were involved in de-veloping and implementing insurance products that offered commercial insurance solutions, corporate products, engineering, shipping and even municipalities.
“Corporate solutions offered by Lion of Africa have to take account of the risk profile of individual companies and offer them tailor-made, cus-tomised solutions. People involved in engineering and construction want coverage that can cover everything from building works to losses incurred caused by machinery breakdowns.
“At the coast and in Johannesburg we have specialists who are involved in shipping and insure ships as well as the cargoes they carry. Yachts and pleasure craft also fall under their particular risk assessment portfolios.”
The demands of the business have been recognised by tertiary institu-tions, namely unisa and Wits university, offering specific qualifications in the field. At Wits a Chair of Insurance had been endowed, giving the insurance industry the academic and professional standing that made it equal to other financial disciplines.
There is a lot more to being successful in the short-term insurance industry than just a tertiary qualification.
“It is a business that demands that you have a good all-round general knowledge, an inquiring mind and, above all, patience. It is a business in which there are no instant solutions. It requires a commitment to learning and gaining practical experience,” says Jonathan.
“The formative years in this business are the most important. It is during this time that it is essential to begin building your career by learning as much as you can. This means tapping into the knowledge sources available to you, asking questions of senior people around you who have had years of practical experience and constantly learning as you go along.
Combining this approach with the benefits of a tertiary education while working in the industry is a recipe for success, Jonathan says.
The call of the insurance industry could also be measured by the fact that many people who had qualified at universities for specific professions were now working within insurance companies like Lion of Africa.
“It is not unusual to find engineers, quantity surveyors and other professionals working within the insurance industry. They are able to use their skills and knowledge of their disciplines in a number of capacities within the insurance industry as assessors, loss adjusters and other professional capacities.
Turning to prospects for personal growth in the industry, Jonathan says there were numerous opportunities available for new entrants looking for challenging, interesting careers.
“There is a shortage of skills in South Africa. This means that in our industry young people who are willing to work hard and develop experience have huge opportunities. Having career prospects in this industry is not linked to having a university degree or diploma before entering it.
“Success is based on ability and willingness to learn and grow.
“A person entering the industry with a matric certificate and the ambition that leads him or her to study for a diploma and to get the credits required, can do just as well as a person who has a recognised finance or insurance degree from a university.
“I have had a long, rewarding career in the short-term insurance industry. I would recommend it without hesitation to anyone looking for a challenge and a chance to build a satisfying future.”
INmag | 2011 63
INmag | 201164
Pla
nt
a s
ee
d o
f su
cces
s
65INmag | 2011
MW
e all measure
success differently, but
one thing that’s
important to
everyone is making sure that
their money works for them. We
all want to live well, have fun
and support ourselves and our
families in the years ahead.
In the end, life is all about choices
STEP ONE: GET THAT JOB. STEP TWO: GET FINANCIAL ADVICE
maSthead
INmag | 201166
Starting with the basics, what is the role of an independent financial advisor?
The difference when consulting with an independent financial advisor?
Simply defined, an independent financial advisor or an independent financial planner is a professional who renders financial services and advice to individuals. They can advise you on various areas of your life such as saving for that first car or house, or life insurance to make sure your family is taken care of should you pass away unexpectedly. These professionals can also advise you on income protection insurance, critical illness insurance or savings plans. Just like a doctor or lawyer, an independent financial advisor (IFA) is a qualified individual who charges for their services, through commission or fees. They will hold a financial planning qualification (such as a certified financial planner) and must be authorised by the Financial Services Board (a regulatory body) in order to give advice.
The key is to start sooner rather than later. Seeking independent financial advice could be the best decision you make for your financial well-being. Consult an independent financial advisor from when you get that first pay check and start earning bucks.
Financial advisors use the latest technology to show you how to build your own dreams and create a quality of life that suits your lifestyle.
What can you expect from an independent financial advisor? Because they are specialised and well trained, IFAs will make sure that they get as much information from you as possible. In following a specific process, they:
1. Make sure you understand how your business relationship with them works.
2. Collect as much information from you as possible to know what is important to you.
3. Have a look at your financial situation.4. Put together a plan that suits your
needs.5. Implement the plan that you both
agree on.6. Monitor and check that you stay on
track.
In a nutshell, the independent financial advisor will give you a description of all the services that
they can offer you, and find out about your current financial situation, your commitments and financial goals. Once they have gathered all of this information, they will develop a unique financial plan and present it to you in writing. Once you and your financial advisor have decided on the package best suited for your needs, they will continue to offer you advice on your road ahead; making sure that together you build your wealth and safety for your family.
You should also request reviews when you experience any life-changing events such as the birth of a child, sickness, death of a spouse or divorce, etc. to enable your IFA to adjust their recommendations to your financial plan. Remember that a good advisor will help you through your life as your needs change.
When a financial advisor is independent, he or she can find the best financial products or services for you – they don’t have to choose solutions from only one company. You know that he or she will give you the right package to suit your unique needs. It is also a good idea to talk to an independent financial advisor who belongs to a reputable network or body such as Masthead Financial Advisor’s Association. This means they work within a profes-sional group where there are high standards, and they take care of their clients by building long-term relationships.
When is the right time to consult an independent financial advisor? It’s advisable that you consult an independent financial advisor the minute you start earning a salary. The earlier you put a financial plan in place, the better off you’ll be financially when you reach retirement or when those unforeseen setbacks in life occur, such as sickness, family deaths or job loss.
No matter how small your pay check is when you first start working, an IFA can show you different ways to make your money grow. Most financial products such as savings plans, investment plans or retirement annuities will accumulate compound interest over the years. This means that the earlier you start, the more interest you will gain, resulting in more money in your bank account when you need it.
INmag | 2011 67
The benefits of using a Masthead independent financial advisor
How do I get in touch with a Masthead independent financial advisor?
Masthead is South Africa’s largest independent financial advisor network and is backed by the country’s leading financial service providers. When you work with a Masthead independent financial advisor you can choose from a variety of options and be guaranteed to find the financial solution that suits you best. Masthead has the tools and means in place to develop IFAs and their practices to ensure that you deal with accredited professionals who can deliver independent advice.
Masthead has a network of independent financial advisors across the country. Go to www.masthead.co.za and you will be put you in touch with an accredited IFA in your area.
In the end, life is all about choices … and consequences. You have the power to decide how your hard-earned money will be spent. Remember though that these financial choices will carry consequences, for you and your family. The better quality of life you want, the more determination you have to achieve your goals, the more financially independent you want to be one day – the better you have to plan. There is no better and easier way to achieve this than by
speaking to an IFA. Make a wise choice from the day you get your first job and consult a Masthead independent financial advisor. Let them help you to make sound choices will which open doors for you, and ensure lifelong success.
What questions can you expect the independent financial advisor to ask you?There are numerous questions that the advisor will initially ask you in order to get a sense of your unique situation. Typical questions that you can expect are:
• How much money do you earn? • How do you earn your money? Do you work and earn a
salary or do you get money from other sources as well? • Do you have anyone dependent on you to provide for them? • What investments or assets (such as cars, property) do you
currently own?• Do you have any current medical cover or insurance policies?• What are your goals or dreams in life?• How long are you willing to save for?
What questions should you ask the independent financial advisor? Ask them whatever questions or concerns you may have, no matter how silly you think they might be. In addition to that, some useful questions are:
a) Which, and how many insurance companies’ products and services, do you have access to?
b) Which products and services are you qualified to offer advice for?
c) What is available to me if I want to save for a house, plan for a holiday or lose my job?
d) What financial cover should I have at my age?e) What savings option plans are available to me and
which would earn me the most return?f) For which financial needs should I be saving?g) What is the best product for me if I am concerned
about possible job loss in the future? h) What is the commission or fees relevant to all services?i) What is my responsibility to make sure you are informed?
INmag | 201168
A c
om
ple
x sy
stem
Individual attention and
the combination of theory
and practice are the seeds
for success. You will have
access to the considerable
knowledge of the financial
industry experts.
At Momentum we take education
seriously because we see our
future in your success.
Building a pool of skills in South
Africa has become an urgent
priority and one to which we are
intensely committed.
We believe in people who believe in themselves
A DYNAMIC ENVIRONMENT FOR SELF STARTERS
momeNtum
INmag | 2011 69
As our name suggests, Momentum is a place of constant change and energy. We form part of the MMI Holdings Limited (MMI), the recently listed third largest insurer in South Africa. As a wholly owned subsidiary of MMI, we offer a variety of financial solutions including health, retirement, investment and insurance products to individuals, businesses and institutions like universities and schools such as your own.
CAN YOukEEP PACEWITH uS?
Momentum believes in people who believe in themselves and have a strong desire to make a success of their lives. We strive to create anenvironment where motivated people with a positive attitude can really make a difference in their own lives and the lives of others. We achieve this through out-of-the-box thinking and a lateral approach to conventional company standards and structure.
AN InSPIrEdENVIRONMENT
The unique, triple-volume design of our building, with its sense of openness, honesty and physical transparency reflects the people who work here and the Momentum brand itself. Our company culture and this atmosphere within our working environment result in a workforce that challenges norms and exceeds boundaries.
Filled with infectious energy, our offices house a diversity of people whose original, inspired outlook is backed by a solid foundation of experience and knowledge. Good old-fashioned fun, respect and transparency are key aspects of our work philosophy.
Holy cows and formal structures are out; challenging the norms and inspirational thinking are very in. And, judging by the positive response from our staff, intermediaries and clients – it seems we’re on the right road.
Financial planning is indeed a complex discipline, with extensive legislation aimed at advancing consumer interests. However, within this dynamic industry there are fantastic opportunities for individuals and companies who want to make the move from good to great with Momentum.
People are our most valuable asset; our managers are encouraged to lead by example and inspire. They are asked to seek out only the brightest and most passionate people and then to empower them to engage in lateral and entrepreneurial thinking. We strive to create an environment where people with a positive attitude can make a success of life.
At Momentum —
where you want to go
is 100% up to you.
LIVING LIFEWIth MoMEntuM
DYNAMICfAntAStIC
No reserved parking means
that if you snooze, you walk further
Since we
are all
equal, there
is no
executive floor.
Are you a graduate looking to enter the financial services sector? Then our Graduate Development Programme (GDP) is right for you.
Run by our Momentum College in conjunction with the Insurance Sector Education and Training Authority (INSETA), this programme gives learnership opportunities to talented graduates in the finance, information technology and investments fields.
The GDP assists graduates in acquiring business skills and knowledge, combined with work-based experience in the financial sector at Level 5 Wealth Management. Students receive a monthly allowance during their participation in the programme and our focus is mainly on previously disadvantaged groups.
grAduAtE dEVloPMEntPROGRAMME
Individual attention and the combination of theory and practice are the seeds for success. You will have access to the considerable knowledge of the financial industry experts.
At Momentum we take education seriously because we see our future in your success. Building a pool of skills in South Africa has become an urgent priority and one to which we are intensely committed.
Are you currently in your final year or busy with your honours in one of the following fields?
Marketing• BCom Marketing
Information Technology• BSc Computer science• BCom Informatics
Actuarial Science• BSc Actuarial qualifications
Finance • BCom Financial planning• BCom Accounting• BCom Financial management
To find out more about Momentum College, call 012 673 7060 or 012 673 7380
Are you a third year university student looking to enter the financial services industry? The Momentum Marketing Adviser Academy could be for you.
Marketing advisers are one of the most sought after people in the financial services industry. With a combination of financial product knowledge, relationship building and management skills, the marketing adviser acts as a go-between financial advisers and product providers to ensure the latest, up-to-date information is being used.
Momentum Distribution Services delivers training to budding third year university students through the Marketing Adviser Academy. The academy trains graduates to reach NQF 5 National Certificate in Wealth Management in nine months through a unique balance of theoretical and practical field training and application. In conjunction with this, the Academy runs a bursary programme with a specialised qualification that specifically targets the products the marketing adviser would be interested in. This takes place at NQF level 6.
MOMENTuM MARKETINGAdVISEr ACAdEMy
Are you a matriculant wishing to enter the financial services sector? The Charter Learnership Programme could be for you.
Also headed by Momentum College, the programme accommodates African, Coloured and Indian (ACI) candidates with grade 12 as their highest qualification (mathematics and English required) in Level 3 Financial Administration. This programme will give successful learners an entry level qualification for the workplace after three months of intensive classroom training, with six to nine months of practical work thereafter. Charter learners receive a monthly allowance while on the programme and all materials and resources required are provided at no cost.
IT’S ALLABOuT you
CHARTER LEARNERSHIP ProgrAMME
GRADuATES
& MAtrICulAntS
INmag | 2011 71
There are a number of financial service providers in South Africa, but what determines their success is a commitment that goes beyond selling policies or products. The Momentum motto is that financial planning is a lifetime process, and not a once-off event.
Communicationis key and as a result there are very few walls in our
offices The Momentum Fund Bursary Programme had its first uptake of students in January 2009. The programme aims to support the fund’s two focus areas: disability, and orphans and vulnerable children (OVC). The programme was developed after research identified skills shortages across the country.
the fund offers postgraduate bursaries in the following fields:• Social work.• Physiotherapy.• Occupational therapy.• Speech therapy.• Disability studies.• Disabled students in any field of postgraduate studies.
The Momentum Fund Bursary Programme currently supports eleven students in these fields, contributing a total of R412 000 to their studies.
Be exactly
who you are,
there is no
formal dress code.
BECOMING A MOMENTuM
fInAnCIAl PlAnnEr
MOMENTuM FuNDBurSAry ProgrAMME
BECOME A COMMISSION-EARNING fInAnCIAl PlAnnErCONTRACTED BY MOMENTuMAt Momentum we don’t simply sell policies or schemes: we partner with our clients through their life journey. We first discover then help achieve their financial dreams. Having a clear understanding of a client’s personal situation, current responsibilities and future life goals, we create a unique financial plan suited to them.
BuILDING STRONG SuStAInABlE rElAtIonShIPSMomentum financial planners always build strong, sustainable relationships with their clients. They will develop and put a strategy in place to bridge the gap between where their client is now and where their client would like to be. Any life-changing events their clients encounter along the way will have them right at their side to offer support and guidance.
OuR APPROACH to fInAnCIAl PlAnnIngOur process is straightforward: we follow the internationally recognised six-step approach to good financial planning. This involves establishing a professional relationship, collecting information, setting life goals, analysing financial needs, creating a plan, and consistently monitoring and evaluating that plan to ensure that it is in line with the client’s goals.
FINANCIAL PLANNERS HAVE EXCEPtIonAl Work EthICSBesides the standard technical requirements, we seek individuals with a high level of tenacity and an excellent work ethic. Trust is non-negotiable. Our financial planners adhere to strict client confidentiality requirements and put their clients first.
A dynAMIC EnVIronMEnt FOR SELF STARTERSMomentum offers exciting career prospects to self-starters with loads of self-belief. Through a range of innovative products, academy training, advanced financial advice software and support with regulations, you can have the life success and superior income you really deserve.
INmag | 201174
Bu
ild
ing
rel
atio
nshi
ps
INmag | 2011 75
MW
e spoke to a group
of talented young
men and women
who are rapidly
making their way
up through the
ranks at Mutual & Federal. They come
from different backgrounds, and joined
the short-term insurance company with a
variety of qualifications and expectations.
Attracting the best young people to our company
JOB SATISFACTION BY THE BUCKETFUL
mutual & FedeRal
INmag | 201176
Our business is to sell peace of mind and we do this by protecting our customers from financial loss through a range of short-term insurance products. We are committed to being a responsible corporate citizen and to transformation.
Through a number of service excellence initiatives, Mutual & Federal was placed second in the short-term industry category – ranked higher than other broker-based short-term insurance companies – in the 2010 Ask Afrika Orange Index. This service excellence benchmark is recognised as an independent reflection of the views of South African consumers on service delivery.
If you are interested and believe you have what it takes to join our 2 200-strong team, please visit www.mf.co.za.
Mutual & Federal offers a variety of FAIS accredited training courses for staff. There are also a number of skills development learnerships available at various times in the year. These cater for disabled as well as previously unemployed candidates. For more information visit our website.
want to work for a great
company? come work
for us
Looking for a company that offers real development opportunities; is a highly reputable brand; and truly dedicated to growing you as a person? Mutual & Federal is a leading southern African short-term insurer, with branches in South Africa, Botswana and Namibia, and is always on the look-out for motivated self-starters interested in the financial services sector. We try to attract the best young people to our company.
peace of mind
aboutMutual & Federal
team leader and assistant manager in the motor claims division
There are so many
opportunities here, and the
company fast-tracks people when it sees potential. If
you want to be part of a family,
of a winning company,
is the employer of choice.
islafredricks
team leader and assistant manager in the motor claims division
brettbrinkhuisacting team leader,claims division,personal lines call centre
Isla joined Mutual & Federal in 2006, having qualified in logistics. The company had centralised its motor salvaging operations and created a new head office position requiring someone with strong administrative and logistics skills. It was a match made in heaven. Isla was thrilled to be offered the job as she has always admired the Mutual & Federal brand and felt privileged to be joining the company.
While setting up new processes and running all the salvaging for the company, she worked to obtain accreditation in the insurance industry through the Mutual & Federal Insurance Academy (MFIA).
“I developed a real interest in insurance, and a hunger to learn more,” she said. She then applied for a claims negotiating position and moved from head office to a branch office.
“At branch level, you get to learn about all lines of insurance – commercial, personal and motor. Claims, underwriting and production are also all in one office so it’s a great way to gain experience.”
The company restructuring in 2008 saw her return to head office, to a different manager and more opportunity to prove herself.
“2008 was a year of adventure, and I was exposed to things I wouldn’t normally do at that level. It was exhausting, but exciting. The following year, when more positions opened up, I decided to apply for a much more senior position and was able to jump two levels. I had to prove myself, but I soared, and had my first real sense of achievement after my first big project; which involved winning back a chunk of business we were in danger of losing.”
“My five years with the company have been amazing as I have been given so many opportunities,” she says.
At only 29, Isla holds a leadership role which offers
the challenges and variety this go-getter needs.
“My career at Mutual & Federal has been one
big adventure,” she said. “I am given all the opportunities I need to prove myself. If I told my manager I felt like growing
wings and flying today, he would tell me to go for it; to knock
myself out. I get the opportunity to be me, to be passionate
about what I do. That’s awesome.”
“There’s a high-performance culture here, combined with a very personal touch. The
company is highly intuitive about its staff. If I have an idea, I get
the support to explore it. It’s such a privilege to work under
those conditions. We all bounce ideas around the whole time –
management invites us to come forward with our initiatives.”
Isla gets bored easily, and says management picks this up and
ensures she gets new projects to keep her challenged.
“They’re interested in developing me as a person,
and turning me into an asset for the company. I feel validated here. I get thanked, and I‘m
given new challenges.”
Brett joined Mutual & Federal in 2008 as an intern in Cape Town, having graduated from the university of the Western
Cape with a BCom (economics). He finished his internship as
the top student. Today, he is the youngest person in the history of the company to be appointed as a team leader, and the youngest
ever to have gone through the new management development
course run by the university of Stellenbosch at Mutual & Federal.
In his current role, Brett oversees and authorises everyday insurance
claims, ensures that the 10 call centre agents in his team handle
claims fairly, and assists with employee growth.
“Mutual & Federal is very big on training,” said Brett. My training
certainly didn’t stop with my internship, and every year I do at
least three courses.”
After his internship, Brett spent a year in Cape Town as a claims negotiator in the motor department, before moving to Johannesburg. Wanting to learn more, he joined the call centre which deals with all types of insurance.
“The call centre is vital, and there’s a huge focus on mentorship and training as we are the front line of the business. If we do badly, it impacts the entire company.” He describes his department as family. “Everyone here is willing to do something for the next person; we all help each other out.”
“There’s also a culture of information-sharing throughout Mutual & Federal. People are not shy to share what they know and I’m very grateful for that.”
Brett left university when the recession hit and there were no jobs. He then joined Mutual & Federal knowing nothing about insurance.
“Since then, Mutual & Federal has really invested in me, and I’ve grown so much.” He believes that among the key skills Mutual & Federal looks for are motivation and a ‘can-do’ attitude. Loyalty and determination are also important.
explore
If I were an
outsider looking
in, I would
definitely want my
job. I would
look in and
think: So cool – I want to be her.
Mutual & Federal
INmag | 2011 77
To work here you need to be a people’s person, very approachable, with high levels of integrity and honesty.
mpho khalema
business development consultant,sales division
renushkapillaybusiness development and sales consultant, marine department
excellence
I did most of my
qualifications during my
learnership, but skills
development is an ongoing process here. I probably did
four courses this year. I am also studying
through uNISA, paid
for by the company.
Renushka’s job involves building relationships with brokers and
much of her work is face to face with them. Now 27, she has
been in her current job for a year and believes that the culture at
Mutual & Federal is relaxed and one of integrity.
“We have amazing team spirit in our department, and our managers
are very approachable. Our colleagues are open-minded and
easy to get along with.
Renushka joined Mutual & Federal when she moved to Johannesburg
from Durban. She has worked her way up, starting as a cashier,
before going into underwriting and then becoming a business
development and sales consultant. She is currently completing the
programme in short-term insurance through uNISA.
“Mutual & Federal is highly reputable, and has built up trust with external stakeholders and clients. People can identify with the group.”
She added that the company has given her the opportunity to grow and learn. “It’s fun and exciting. I also really enjoy working for a big corporate, and was always drawn to that.”
“People my age tend to move around a lot, but I am happy with this company. Many have left and come back again. Mutual & Federal takes care of its staff and offers good benefits.”
“Vibey, happy, fast-paced and young.” That’s how Mpho describes the sales
division at Mutual & Federal, his home for the past two years.
Mpho joined Mutual & Federal on a year-long learnership programme, which covered theory and practical work in personal and commercial underwriting, straight after school.
“We spent three months studying personal lines insurance, then three months doing practical work in that
area, continuing along the same course for commercial underwriting.
After that year, I was FAIS-compliant.”
Mpho went straight into personal and commercial underwriting, which he describes as the basis of insurance.
“I then got too comfortable with underwriting and it was time for a new
challenge. I applied for a promotion to sales, with a recommendation from
my manager. I had all the necessary qualifications – but I did need to get a
driver’s licence!”
Mpho works with brokers, his job being to keep them happy and make sure
they understand the products provided by Mutual & Federal.
“The company is staffed by very skilled people because of the Mutual & Federal Insurance Academy,” he said. “I did most of my qualifications during my learnership, but skills development is an ongoing process here. I probably did four courses in 2010. I am also studying through uNISA, paid for by the company. I have finished the programme in short-term insurance, and will start on the advanced programme next year.
“The company has invested in me with education and training. It has also invested in me from a social aspect, teaching me about sales and human dynamics. My time here has really socially impacted my life.”
Mpho said that Mutual & Federal is on a big push to become the best short-term insurance company to work for. “This is very motivating. When they succeed, I want to be here.”
He added that those thinking of joining Mutual & Federal must be intelligent, friendly and have a good work ethic.
“You must be self-motivated, and constantly striving for excellence and honesty. Mutual & Federal really motivates its staff, and tries to up-skill and upgrade them. We are really taken care of.”
INmag | 201178
INmag | 201180
Push
ing
bo
unda
ries
INmag | 2011 81
OOld Mutual is a leading financial services organizationO
ld Mutual South
Africa is a
financial services
organisation that
has been in South
Africa for more than 165 years.
It forms part of the Old Mutual
Group of Companies with a head
office in London and businesses
in the uSA, uK, Europe, Latin
America, Africa and Asia. The
group employs about 50 000 staff
across its businesses. (Read more
at www.oldmutual.com)
old mutual south africa: where talent, passion and performance lead to great things
oldmutual
INmag | 201182
Our vision is to become the international long-term savings and investment provider of choice and the premier financial service provider in South Africa. We will achieve this through being our customers’ most trusted partner – passionate about helping them achieve their lifetime financial goals.
Our values form the foundation of how we operate as individuals and as an organisation: with integrity, respect, accountability and pushing beyond boundaries.
The group provides innovative life assurance, savings, protection, asset management, banking and general insurance products and services.
To achieve the above we need first choice staff – employees who are hard working, goal-directed and passionate about their field of expertise. Our employees continuously think about new and better ways of doing their work, servicing our clients and maintaining a healthy work life balance. They want South Africa to succeed.
As an employer, Old Mutual is a leading financial services organisation built on a proud heritage, the quality of its people and their passion for making a difference to the future of South Africa. Employees have access to a broad range of local and international career paths, competitive rewards and an opportunity to achieve great things.
First for our clients who want their needs to be understood and met. They expect choice, transparency and flexibility in the products available to them. Our primary objective is to preserve and grow the money that our customers entrust to us, either directly or through their advisers.
First for our shareholders to whom we deliver sustained and superior financial performance, adding value
to their investments and rewarding confidence placed in Old Mutual. In a recent international survey of corporate reputations, Old Mutual SA came out tops amongst all SA-listed companies.
First for South Africa by being involved in a number of initiatives that promote learning, growing and excellence in the field of education in SA. We are passionate about transforming our nation through our
involvement in retirement reform, black economic empowerment and workplace transformation initiatives. Old Mutual has been involved in corporate social investment initiatives since 1965. The Old Mutual Foundation was established in 1999 and focuses on enterprise development, skills capacity building, formal education and encourages staff to volunteer their personal and some work time in giving back to the community.
Career opportunities are offered to school leavers, graduates, young professionals and experienced specialists and managers in the following fields of work:
• Investment management• Actuarial• Finance• Audit • Law• IT• Marketing• Human resources• Sales and distribution• Client service and operations• Property development and management
To learn more about careers and life at Old Mutual, visit our careers website at www.oldmutual.co.za.
In South AfrICA WE STRIVE TO BE…
CArEEr OPPORTuNITIES
“Where talent, passion and performance lead to great things.”
The Old Mutual Learners’ Scholarship ProgrammeWelcome to the Old Mutual Learners’ Scholarship Programme
nurture gifted learners across South Africa who have the
potential and early interest to pursue an Actuarial or
Accounting career but who are not in a position to access
• Quality Maths education, extramural activities and life
skills from a top South African high school
• Individual support, encouragement and mentorship
• Funding for tuition and hostel fees
• An additional allowance for travel, stationery, books,
toiletries, school uniforms and clothes
• An interactive job shadow programme at Old Mutual for
learners exploring Accounting and Actuarial careers
• The chance to apply for Old Mutual Accounting and
Actuarial University bursaries after matriculating
successfully with the required grades
• The possibility of an Accounting or Actuarial career path
with Old Mutual after graduation
Dream big and earn yourself a scholarship!We’re on the lookout for dedicated, gifted and talented
learners in grades 8 and 9 who are academically inspired and
interested in pursuing an Accounting or Actuarial career. Your
special talents could earn you a scholarship at one of South
Africa’s top Model C or Independent schools for grade 10.
Scholarship application criteriaIn addition to being a dedicated and gifted grade 8 or 9
student, you must also meet the required scholarship criteria:
• You must have excellent ability and potential in Maths and
English (65% or more)
• Y
• You must be a South African citizen
• You must stand out as a talented all rounder with
leadership qualities
Think you’ve got what it takes? Then don’t waste any more
time – apply for you scholarship now!
www.oldmutual.co.za/jumpahead
The Old Mutual Learners’ Scholarship ProgrammeWelcome to the Old Mutual Learners’ Scholarship Programme
nurture gifted learners across South Africa who have the
potential and early interest to pursue an Actuarial or
Accounting career but who are not in a position to access
• Quality Maths education, extramural activities and life
skills from a top South African high school
• Individual support, encouragement and mentorship
• Funding for tuition and hostel fees
• An additional allowance for travel, stationery, books,
toiletries, school uniforms and clothes
• An interactive job shadow programme at Old Mutual for
learners exploring Accounting and Actuarial careers
• The chance to apply for Old Mutual Accounting and
Actuarial University bursaries after matriculating
successfully with the required grades
• The possibility of an Accounting or Actuarial career path
with Old Mutual after graduation
OLD MUTUAL LEARNERS’SCHOLARSHIPPROGRAMME
When did you know you wanted to be an actuary?
When I was in grade 10, my older sister told me about
actuarial science and how it requires application of
mathematical skills in business. I decided to study actuarial
science because of my love for mathematics and business
studies at the time.
Why do you think you got a bursary from old Mutual?
I think I got the bursary because of consistency in my
academic results and the fact that I am well rounded. My
results in high school were not necessarily the top in the
country, but they were consistently above the required level
for actuarial science.
What are the important things to do at school (and
straight after) to secure your career?
Continue to develop your specialist skill. In this way you will
always be ahead of changing trends. Read up on the latest
developments in the field you have selected, and update your
skills and knowledge.
If you could go back in time and tell your 17-year-old
self anything, what would it be?
Choose one thing and focus your attention on it. For
instance, I did a lot of part time work at varsity such as
tutoring and lecturing. All this is great for pocket money, but
can divert your attention from focusing on the studies and
mastering your skill.
take us through your qualifications/degrees, etc. What
did you enjoy about your studies?
I came to Cape Town in 2005 to study a bachelor’s in
business science (actuarial science) at the university
of Cape Town. I graduated in 2008, and stuck around
for a master’s in philosophy (mathematics of science). I
graduated in June 2010.
I enjoyed the final year of my first degree. It was challenging
in the sense that the actuarial science courses became more
application based instead of just number crunching, but
exciting because one could see the end in sight. It is such a
great feeling reaching the end of a long and tough journey.
describe yourself in three words.
Eager to learn.
tell us what you do in an average day.
I get up at five, and read whatever is of interest at the time.
At about seven, I get ready for work and get to the office at
about eight. The work I do depends on the project we are
working on at the time. The work changes depending on the
business need at the time.
What is your best studying tip and how do you cope
with stress?
The best study tip I received is to work with your rhythm.
Continue to do whatever works for you. If you are a morning
person like me, it won’t work forcing yourself to work late.
Rather get up early.
I cope with stress by planning well. If I am pressed for time for
instance, I will take about 30 minutes to an hour planning how to
deal with the situation and how I will go about things. By the time I
am done, I will have a road map and clear instructions for myself.
fill in the missing word(s). Actuaries are...
Passionate about what they do, and make an effort to act in
the best interest of all people affected by what they do.
What misconceptions do people have about actuaries
that you would like to set straight?
That being an actuary is an impossible task for the majority
of people, and that only exceptional people can qualify
as actuaries. I think actuarial science is tough just like any
profession, and with the right mindset and attitude, it is
possible to become an actuary.
What do you do for fun?
Outdoor activities, not quite the adventurous stuff, but going to
the beach with friends and picnic concerts.
What are your plans for the future?
I am really passionate about financial literacy. I think that financial
literacy is a tool everyone can use to improve their future.
All you have to do is plan and account for every cent that you
spend and be aware of products and services that are out
there to assist you. The Actuarial Society has a programme on
financial literacy, where they work with selected organisations
and I would like to get involved in that.
Otherwise, to continue to improve my skill and hopefully be
the best at what I do.
INTERVIEW WITH uP-AND-COMING ACTuARY
noMAthIBAnA MAtShoBA
“Where talent, passion and performance
lead to great things.”
What is your best studying tip and how do you cope
with stress?
The best study tip I received is to work with your rhythm.
Continue to do whatever works for you. If you are a morning
person like me, it won’t work forcing yourself to work late.
Rather get up early.
I cope with stress by planning well. If I am pressed for time for
instance, I will take about 30 minutes to an hour planning how to
deal with the situation and how I will go about things. By the time I
am done, I will have a road map and clear instructions for myself.
fill in the missing word(s). Actuaries are...
Passionate about what they do, and make an effort to act in
the best interest of all people affected by what they do.
What misconceptions do people have about actuaries
that you would like to set straight?
That being an actuary is an impossible task for the majority
of people, and that only exceptional people can qualify
as actuaries. I think actuarial science is tough just like any
profession, and with the right mindset and attitude, it is
possible to become an actuary.
What do you do for fun?
Outdoor activities, not quite the adventurous stuff, but going to
the beach with friends and picnic concerts.
What are your plans for the future?
I am really passionate about financial literacy. I think that financial
literacy is a tool everyone can use to improve their future.
All you have to do is plan and account for every cent that you
spend and be aware of products and services that are out
there to assist you. The Actuarial Society has a programme on
financial literacy, where they work with selected organisations
and I would like to get involved in that.
Otherwise, to continue to improve my skill and hopefully be
the best at what I do.
INTERVIEW WITH uP-AND-COMING ACTuARY
noMAthIBAnA MAtShoBA
What is your first memory of using numbers?
My first memory of using numbers goes all the back to my
primary school days. I enjoyed maths from a very young age.
I have fond memories of being taught addition, subtraction,
multiplication and division, in school and by my personal tutor.
My parents sent me for extra maths and English classes on
Saturdays.
When did you know you wanted to be a CA?
I decided in my matric year that I would like to pursue a career
in accountancy. We had a very good guidance counsellor in
high school that made a lot of information available to us. But
it was my mathematics teacher who recommended I pursue
a career in either actuarial studies or accountancy, as I had
passion for mathematics and solving problems.
Why do you think you got a bursary from old Mutual?
I was an A-Aggregate student and had (still have) potential
to achieve great things. Old Mutual invested in me, and
contributed significantly to the achievement of my goals.
What are the important things to do at school (and
straight after) to secure your future?
It is important to have set goals from an early age. Do
research and gain as much knowledge as possible about all
the possible career options available to you. Make a well-
informed decision about what you would like to pursue, based
on this research and more importantly what you are passionate
about. Work towards good grades and be well-rounded, get
involved in extra-curricular activities. This is important if you
would like to secure sponsorship/funding for university studies.
Have fun while you learn.
If you could go back in time and tell your 17-year-old
self anything, what would it be?
I would tell myself that knowledge is power; learn as much as
you can about anything and everything. Be curious. Be open to
new challenges and opportunities. Have fun while you learn,
but enjoy your youth (responsibly). Oh, and don’t fall in love
with the first boy you meet at university!
take us through your qualifications/degrees, etc. What
did you enjoy about your studies?
I completed a three year bachelor of commerce degree,
specialising in financial accounting at the university of Cape
Town in 2006. I then went on to complete a post graduate
diploma in accounting in 2007 also at uCT.
I started articles at Old Mutual in 2008 and passed the first
SAICA board exam in that year. I completed a specialist
certificate in financial management in 2009, sat for the final
qualifying exam in the same year but unfortunately did not
make it. I am in my third year of articles and will sit again
for FQE2 in November, getting it right this time around. I
complete my articles officially on 31 December 2010.
The courses I enjoyed most are financial management and
statistics (in first year only, but I would have loved to study
right through to third-year level).I have thoroughly enjoyed the
(long) journey since I started university in 2004. I have met
amazing people who have added value to my life.
Is the CA qualification a bit of a status symbol?
To some extent yes, I believe it is. The CA (SA) qualification
is highly regarded in the corporate world. Being a CA (SA) is
only the beginning. It’s the key that opens the doors – what
you do with that key is really up to you. Becoming a CA (SA)
is like being on a fast track to being a leader in your field of
business.
describe yourself in three words.
Analytical, sociable, confident.
tell us what you do in an average day.
I am currently working in the credit research team. First thing
in the morning, I check my calendar and e-mails and plan for
the day. Then I catch up on recent news. Afterwards, I work
on credit reviews, attending meetings in between as required.
After lunch I have more credit review work until I go home in
the evening.
tell us your best studying tip and how you cope with
stress. Plan in advance and do not panic. Confidence is key. Keep
the end goal in mind at all times and remember that the only
way to eat an elephant is bit by bit. I try not to do too much
all at once because that gets me confused and panicky. I take
breaks and reward myself when I meet my goals.
fill in the missing word(s). Chartered accountants are …
well-rounded, skilled professionals.
What are your plans for the future?
I am looking for opportunities within the Old Mutual business,
as I complete articles at the end of this year. I plan to grow my
career in the Old Mutual family, hopefully get involved in the
grooming and mentoring of young aspiring accountants.
(Reabetswe has since passed her final qualifying exams and is
now a qualified CA.)
(trainee accountant)
rEABEtSWE MoSAlAINTERVIEW WITH uP-AND-COMING
CHARTERED ACCOuNTANT
“Where talent, passion and performance
lead to great things.”
for FQE2 in November, getting it right this time around. I
complete my articles officially on 31 December 2010.
The courses I enjoyed most are financial management and
statistics (in first year only, but I would have loved to study
right through to third-year level).I have thoroughly enjoyed the
(long) journey since I started university in 2004. I have met
amazing people who have added value to my life.
Is the CA qualification a bit of a status symbol?
To some extent yes, I believe it is. The CA (SA) qualification
is highly regarded in the corporate world. Being a CA (SA) is
only the beginning. It’s the key that opens the doors – what
you do with that key is really up to you. Becoming a CA (SA)
is like being on a fast track to being a leader in your field of
business.
describe yourself in three words.
Analytical, sociable, confident.
tell us what you do in an average day.
I am currently working in the credit research team. First thing
in the morning, I check my calendar and e-mails and plan for
the day. Then I catch up on recent news. Afterwards, I work
on credit reviews, attending meetings in between as required.
After lunch I have more credit review work until I go home in
the evening.
tell us your best studying tip and how you cope with
stress. Plan in advance and do not panic. Confidence is key. Keep
the end goal in mind at all times and remember that the only
way to eat an elephant is bit by bit. I try not to do too much
all at once because that gets me confused and panicky. I take
breaks and reward myself when I meet my goals.
fill in the missing word(s). Chartered accountants are …
well-rounded, skilled professionals.
What are your plans for the future?
I am looking for opportunities within the Old Mutual business,
as I complete articles at the end of this year. I plan to grow my
career in the Old Mutual family, hopefully get involved in the
grooming and mentoring of young aspiring accountants.
(Reabetswe has since passed her final qualifying exams and is
now a qualified CA.)
INmag | 201188
Enjo
y th
e jo
urne
y
INmag | 2011 89
What happens when
someone goes
through a stop
street and crashes
into your car or it
rains and rains and eventually floods
your house? What happens when
your designer sunglasses get stolen?
What normally happens is that you
claim from your insurance company
and they replace what has been lost
or damaged. This is what we think
of as short-term insurance. But, it is
much more than that and at Santam
the innovative and creative thinkers
who work there are constantly look-
ing at ways to change and update
how we use and understand short-
term insurance.
Embrace, inspire, think big
santam at a glance SSaNtam
INmag | 201190
Santam at a glance
Life under the Yellow umbrella is warm and welcoming. The company is like
a huge extended family with strong values and great support structure.
Santam specialises in risk management. What that
means is that they are trying to put into place, with
the help of local governments and other industry
organisations such as the South African Insurance
Association (SAIA), strategies that protect us today
against what might happen tomorrow.
For example, Santam is very involved in
environmental issues and is a member of Climate
Wise. The idea here is that if we can start to undo
some of the environmental damage that is being
done to the planet, there will be fewer incidents of
extreme weather. There will be fewer floods which
means fewer houses will be destroyed and thus
less claims for insurance, and that when people do
claim, there is enough money for everyone to be
reimbursed for what they have lost.
As complicated as it sounds, it is really very simple:
each month you pay your insurance premium and
this goes into a big fund. You don’t claim every
month, but you know that when you need to there
are funds there to help you out. Now, if everyone
was affected by a huge flood and suddenly claimed
What happens when
someone goes
through a stop street
and crashes into your
car or it rains and
rains and eventually
floods your house?
What happens
when your designer
sunglasses get stolen?
What normally
happens is that you
claim from your
insurance company
and they replace what
has been lost
or damaged.
This is what we think of as short-term insurance.
life under the yellow umbrella
INmag | 2011 91
at the same time, there wouldn’t be enough in the
kitty for everyone because the scale of the disaster
would be too huge. What risk management does
is put measures in place that reduce the chance of
accidents, natural disasters and crime. In this case,
by joining Climate Wise and encouraging clients,
suppliers, government and employees to play an
active role in improving the environment, the risk of
disaster begins to lessen. If the environment, society
and individuals are managed and protected, we can
reduce the risk of bad things happening.
For over 90 years, Santammers have been working
towards creating a better, safer world for us to live in.
They manage our risks so we can get on with living
our lives. They’ve had plenty of experience keeping
us safe, and they plan to continue to do so for the
next 90 years, and for a long time after that. They
have built a reputation as industry leaders, and have
adapted and changed as things around them have
changed. They are on a journey of transformation, a
journey that South Africa as a whole is experiencing
and Santam is in it for the long haul. In order to stay
at the top of their game and continue to be the best,
Santammers work hard; they strive to ensure
that we don’t have to worry about what might
go wrong, and we can rest assured knowing
that the best and the brightest are on the
job. Santam prides itself on having the best
of the best working at the company. While
Santammers are hard at work for Santam,
Santam is hard at work creating a happy
working environment and making sure that the
right people are rewarded for their great work.
The average person spends the majority of
their adult life working to make a living – it is
something we all have to do if we want smart
cars, nice clothes and a good life for our families.
A lot of people go through this part of their life
unhappy and unsettled because they can’t find the
right job or the right people to work with. This is
not the case at Santam – the average Santammer
stays in the company for over 15 years. This is a
very good sign that the people who work under
the Yellow umbrella are there because it is a
good place to be, and they don’t want to leave.
What makes Santam such a great employer, I
hear you ask? First and foremost Santam believe
that their people are its brand. In other words, the
people who work at Santam are a reflection of the
kind of company Santam is. There is a culture of
creating a happy workforce with the well-being of
employees a strong focus.
There are reward and bonus systems in place.
Great work is recognised and celebrated both
by peers and management. Each member of the
team is acknowledged as a vital part of the chain.
Out-the-box thinking is rewarded. Santammers
aspire to greatness through a culture of co-
operation, incentives and recognition.
Yegs Ramiah, who is responsible for People and
Brand at Santam, explained that “to get the best
out of you we give you the best”.
One of the ways in which Santam gives back to
those who strive for excellence on its behalf is
Yell for Yellow. It is a concierge service available
to everyone who works there, regardless of rank.
Yell for Yellow will collect your dry cleaning,
help your kids with their homework, book your
holidays, arrange for your car to be serviced.
Your time is of value to Santam, which is why Yell
for Yellow provides a service to help you with the
things you don’t have the time to do. Yegs went
on to say that “life under the Yellow umbrella is
a very happy one”.
The focus is not just on work but also on
employee well-being. If you are having problems
at home, in a relationship, with work or any other
aspect of your life, Santam will provide you with
counselling and the help you need.
According to graduate Edmond Lee, “There
is a personal touch at work – its corporate but
personal. That’s why they are the employer of
choice.” Santam is not only recognised as the
employer of choice by its own employees, but
was given the Deloitte Best Company to Work for
award in 2009.
Life at Santam is governed by a strong set of
values, and these are carried through the entire
business, from senior management right the way
down the chain of command. As Yegs quite rightly
observed, “You can only inspire values if you live
them yourself.” These values are also passed on
to suppliers and clients. There is a strong sense of
corporate and social responsibility, transformation
and co-operation, as well as great emphasis
placed on environmental issues.
Working at Santam is not a job, it’s a career. It’s
a path that you can forge for yourself. There are
great opportunities waiting to be seized!
Hayfah Isaacs, who is currently in the graduate
programme and works in the marketing
department at Santam’s head offices in Cape
Town, said, “The Yellow umbrella is a symbol that
tells you this (Santam) is a safe haven, a place that
will look after you, and as a graduate (or school
leaver) that is what you are looking for.”
Embrace,inspire,think big
they need to adapt and change with the times, and this they are most
certainly doing.
Santam is the oldest and the largest insurance company in South Africa,
but don’t let that fool you into thinking that it is old fashioned or that
the people who work there are just drones working for a big corporate
company – it’s completely the opposite! Santam believes very strongly
in its staff – the people are the brand. New ideas are embraced and
implemented, young talent is nurtured and groomed to be the future of
the company, change and transformation are a way of life.
With a philosophy of ‘Embrace, Inspire, Think Big’, the sky’s the limit!
There are only 15 000 employees in
the South African short-term insurance
industry – this is a very small pool to
go fishing in for talent said Chantal
Syce, a manager in Talent Resourcing.
Santam have recognised the lack
of young talent, the lack of fresh
ideas and new thinking. To address
this, they have introduced a series of
programmes to grow talent for the
company, and the industry as a whole.
Santam employs more women than
men and 54 per cent of its employees
are black, Indian or coloured,
according to Yegs. The business is busy
filling the offices with young, innovative,
creative thinkers. The Santammers of
the 21st century are filled with energy
and passion. “They can look at an old
concept with fresh eyes and come up
with new solutions,” said Chantal.
The short-term insurance industry is
filled with opportunities for big thinkers;
for people who are looking to make
a difference and get involved in the
economy. As the oldest and largest
insurance company in South Africa,
Santam is a key player in the world of
finance, and for those looking to work
in a well established, well respected,
happy environment; Santam is the
place to be.
To attract the best possible talent out
there, to attract you, Santam offers a
variety of graduate and learnership
programmes. It is in these programmes
that the future leaders of Santam are
mentored and groomed and shaped
for tomorrow, according to Yegs. She
goes on to explain that Santam is
looking to develop people who will be
the company’s decision-makers in the
future. “These people are go-getters,
driven and motivated with a sense
of purpose. They have a sense of
knowing what they want and they stand
out from the crowd,” she added. These
people could be you.
young blood
and new talent
thesepeoplecouldbeyou
To find the best talent out there, to find you, Santam has embarked on a journey with Yegs
behind the wheel, ensuring that Santam remains true to its ethos that ‘our people are our
brand’. One of the ways that the company plans to achieve this is through its Graduate
Accelerate Programme, or GAP.
Yegs and her team have been travelling around South Africa, visiting all the major
universities during their careers week, speaking to learners. She has been actively
engaging with students to get them to understand Santam and the short-term insurance
industry, and to give them a better understanding of what fantastic career opportunities
are on offer within Santam, and what skills are required. From marketers to actuaries,
from law to human resources, the career choices are limitless both within the company
and the industry as a whole.
The last graduate programme that was run by Santam had over 2 000 applicants and,
of these, only six were offered places. But these places were not awarded purely based on
marks. “Applicants for the GAP must be degreed, but places are not mark dependent. We
are looking for someone who has had a balanced university life.”
The short-term insurance industry is part of the financial services sector, so Santam is
looking for people with numeracy skills. A bachelor of commerce or business science
degree is strongly recommended, as is a keen interest in finance.
To get into the GAP, applicants submit their CVs and take an online numeracy test. The
next step in the process is to shortlist those who passed the test and for them to take
part in national interviews. The interviewees are further short-listed. There is a final set
of interviews, after which the selections are made and places are offered. The GAP is a
new programme, but the hopes at Santam are that this will be a first step in creating new,
vibrant talent for the short-term insurance industry.
reaching out and getting in
The short-term
insurance industry
is filled with
opportunities for big
thinkers; for people
who are looking to
make a difference
and get involved in
the economy.
INmag | 2011 93
The Graduate Accelerate Programme has been
designed to make the transition between university
and the big wide working world an easier one. It
is a daunting thought being out there in the work
place after the safe secure environment of varsity,
but with this great programme you can make the
leap knowing that there are plenty of people to
catch you; in fact you are safe and secure under
the shade of the Yellow umbrella.
So, you’ve applied, you’re in the programme, now
what? This is where the learning really begins.
Graduates are exposed to “an abundant amount
of knowledge”, according to Hayfah. She added,
“When you leave university, you think you know it
all, but seeing what you’ve learnt put into practice
is much more valuable.” And this is what the GAP
is about. It is about taking all those things you
learnt in text books and lectures and applying them
to real life situations. The difference is that you are
guided and taught by a mentor: someone to steer
you in the right direction on this new and exciting
journey. However, there is no spoon feeding or
hand holding – this is your chance to shine, so
take it!
The Santam GAP is unique in that it offers you
the chance to move through the departments
and experience different working scenarios. “The
rotation system means that graduates are exposed
to experiences that they may not know about. This
is an extension of the learning process with the
flexibility to see different departments that will call
on a variety of core strengths,” said Yegs.
The rotation element of the programme allows you
to see the different areas of the business and to
try them all out. Just because you studied finance
or business, doesn’t necessarily mean you know
exactly what you want to do. Well, with the GAP
you don’t need to move from job to job trying to
figure that out. As part of the programme you get
to do just that, while you learn and earn. That’s a
great advantage – you will earn a market-related
salary. Santam will also give you any assistance it
can with your studies, from study leave to financial
assistance. All industry-related exams are taken
care of by the company and tutoring is provided
for these. The GAP not only focuses on the
technical skills that are involved in working in the
short-term insurance industry, but also on personal
skills such as team work. At Santam, being part
of a team is as important as operating as an
individual, and the company ensures that everyone
fits together.
Marks don’t always reflect your career choice, so
the graduate programme gives you a chance to try
things out first,” explained Yegs. “It is also about fit
and personality and about finding the department
where you gel. We believe our people are our
brand, so we invest in every individual.”
The GAP takes an holistic approach to developing
graduates. There is a structured learning
programme: graduates attend coaching sessions,
personal growth training and the development of
skills such as business writing. “The programme
is not only work related but adds to your personal
growth, too” said graduate Edmond. “What I’ve
learnt can be applied throughout my life. Thinking
ahead, planning, gathering information and giving
insight are all things I can take into my life and
apply on a daily basis,” he added.
mind the GAP
graduate accelerate programme
Santam offers two other programmes; the
Learnership and SBIDI.
The Learnership is aimed at matriculants and gives
them the chance to learn on the job skills straight
out of school.
The SBIDI, or Santam Black Intermediary
Development Initiative, was developed to address
the fact that the short-term insurance industry in
South Africa suffers from a severe shortage of black
brokers. This particularly affects the provision of
a brokerage service to non-traditional segments
of the population. The SBIDI is part of Santam’s
commitment to drive transformation both within the
company and within the industry. The programme
has been a great success, “not necessarily in
creating black brokers, but in diversifying the
industry – those who participate in the SBIDI don’t
necessarily go on to be brokers, but they have
gone on to be players in other areas of the short-
term insurance industry”, Chantal explained.
Part of the motivation behind the introduction of the
SBIDI is to grow the industry’s client demographic
– there is a huge emerging market in South Africa
and, in order to reach that market, the short-term
industry needs brokers who speak to this market.
Brokers who enter the programme are mentored
on all the areas of the short-term industry and
brokerage, including daily operational activities,
client service and relationship building. Once
again, Santam is working hard at ensuring that the
people who represent the company are the brand.
They have, to date, invested over a million Rand in
the programme.
Santam has realised that to be able to sustain
itself as a business, it needs to grow and branch
out – the company, its employees and its business
practices needs to change, adapt and transform as
South African society does in order to lead the way
in the industry.
other learnership programmes
The world economy is shifting, new markets are
emerging, and Santam has recognised this. To be
the leader of the pack, it is expanding its horizons
and moving into new territories. There are huge
opportunities in India and South East Asia, and the
company is growing its business in these regions.
There is a need for forward thinkers in these areas,
so there is great travel opportunity, too.
out of africa
INmag | 201194
survival of the fittest
In business in South Africa today, two key words
are transformation and sustainability. They are
everywhere, and the concept is a very simple
one: in order to sustain your business you need
to transform. But what does this mean? The
easiest way to explain this is to use Darwin’s
Theory of Evolution; survival of the fittest. But
the fittest is not necessarily the biggest or the
strongest, it is the one that is fastest to adapt
to its surroundings and any changes in that
surrounding. Simply speaking, this is what
transformation is – the process of adapting.
Sustainability is the survival.
Santam’s business principles are driven by the
process of transformation. The company is on a
journey that mirrors the journey that South Africa
is on. “The industry must continue to grow with
society,” said head of Strategy, Vanessa Otto-
Mentz. Santam is leading the industry in the
process of transformation, and a transforming
market is one of the driving forces behind this.
You need to adapt and change as the situation
around you does.
“It is a journey, not a destination, and the
journey is ongoing. There is a system of
constant re-evaluation. It is through change and
transformation that we can ensure sustainability
and relevance for the future,” according to Yegs.
“The transformation process is driven by
changing markets and is driven by being
representative of those markets,” she added.
Santam has realised that in order to continue
to be at the top of the game, it is vital to steer
the business and align it with the changes in the
country – to represent the everyman it needs
to adapt. A big part of this is employment
equity and diversity within the company, as
well as diversity in its clients and suppliers. The
process is ongoing, change is constant, so
transformation needs to be constant, too; but it
is important to “ensure that the pace at which
transformation occurs is sustainable,” said Yegs.
Sustainability, or survival, in the short-term
insurance industry is affected by outside
influences. In the risk management arena, one
of the biggest problems is the unpredictable
environmental impact that is ravaging the
planet as the result of global warming.
Working with the united Nation Environmental
Programme Insurance working group, Santam
has concluded that “instead of being reactive
to losses and claims, the industry can be
proactive and act as a catalyst for behaviour
changes which are much needed in building a
risk-resilient society,” explained Vanessa.
The devastation caused by drought, floods
and other extreme weather conditions affects
farmers, government, individuals and society
as a whole. “We need to be forward thinking
and start acting now to better prepare for
what is expected to come,” she said. Santam
provides seasonal weather forecasts to the
agriculture industry enabling farmers to
manage the realities of climate variability and
plan more effectively when to plant which
crop. This is risk management at work.
Another way that Santam is helping reduce
the environment impact of its clients through
reduced energy consumption is via solar water
heaters. “The goal here is to be champions in
assisting government in reducing the demand
on the national grid,” said John Lomberg, in
the stakeholder relations department. As an
example, when clients claim for a burst electric
water geyser, it is Santam’s policy to steer
them towards replacing it with a solar geyser.
The aim is to have installed one million solar
geysers in homes by the end of 2014.
Santam is also working with local government
and the Department of Corporate Governance
to assist the local municipalities with climate
change initiatives. They are educating and
up-skilling councillors so that they take
environmental issues up as part of their political
portfolio – this is now an everyday issue
affecting everyone.
It is Santam’s belief that we all have a part
to play in reducing the risk to ourselves
and society, and lead by example. The
implementation of programmes such as these is
a clear sign that Santam cares.
climate control
Sticking to the
brand promise
that prevention is
better than cure,
Santam is investing
in the youth now
to ensure that
they are strong,
healthy contributing
members of society
in the future.
INmag | 2011 95
portfolio – this is now an everyday issue
affecting everyone.
It is Santam’s belief that we all have a part
to play in reducing the risk to ourselves
and society, and lead by example. The
implementation of programmes such as these is
a clear sign that Santam cares.
It is a journey, not a destination, and the journey is ongoing
Santam has developed a culture of corporate social
investment and has developed the reputation of
being a socially responsible corporate citizen.
The company has recognised the growing
challenges that face the youth of South Africa
today – studies show that over 17 million young
people live in conditions of poverty, disease,
substance abuse and violence and many
struggle to stay at school and matriculate under
these circumstances.
Part of the risk management process at Santam
involves making the youth – the future of the
country – the focus of corporate social investment
programmes. Sticking to the brand promise that
prevention is better than cure, Santam is investing in
the youth now to ensure that they are strong, healthy
contributing members of society in the future. There
are three vital areas that are being focused on –
development, security and opportunity. It is Santam’s
aim to create and manage programmes that fulfil
these needs to grow society in the future.
One of the initiatives that Santam launched is in
partnership with NICRO (National Institute for Crime
Prevention and the Reintegration of Offenders) is
the School Safety Ambassador Programme. Over
the next five years, Santam will invest R2,5 million
in areas such as Mpumalanga, KwaZulu-Natal, the
Western Cape and the Eastern Cape.
The project is aimed at high schools where young
ambassadors are chosen and given the skills,
knowledge, experience and motivation to act as
positive role models to other students. The project
also aims to teach students about things that could
deter them from reaching their goals and how to
avoid these.
Santam cares
it’s up to you
This partnership is just one
of the ways that Santam
is reducing risk and
creating a safer future for
individuals who will impact
on society as whole.
Santam recognises that a
stable society, a growing
economy and a healthy
natural environment are
essential for its business to
sustain the level of success
that it has enjoyed until
now. It strives to create a
more prosperous South
Africa where reduced
levels of crime, poverty
and environmental
damage lead to the
greater good of society
and a wider market place.
In the risk
management
arena, one of the
biggest problems is
the unpredictable
environmental
impact that is
ravaging the planet
as the result of
global warming.
If you want to make a difference in the world, risk
management insurance is the best place to start.
Santam is looking for people who will ask questions,
challenge old ideas and bring them into the future.
As Ghandi said, “Be the change you want to see.”
Help manage society’s risk and be part of the safe
haven that is offered under the Yellow umbrella.
Santam believes in you enough to invest in your future,
shouldn’t you? Be part of tomorrow’s solutions today!
If you have any questions, please contact
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INmag | 201198
da
ma
ge
co
ntro
l
INmag | 2011 99
Special risks is the
term given to the
types of extraordinary
risk conventional
insurers are unable
or reluctant to cover.
This has included
damages arising from civil unrest,
terrorism and labour action
(strikes, lockouts, etc.)
This is where we come in. Truly,
Sasria is an extraordinary company.
Covering the extraordinary
africa’s foremost special risks insurer for over 30 yearsSSaSRia
INmag | 2011100
Sasria was founded in 1979 as a political risks insurer as a result of civil unrest at the time. As riots, violence and protests are not uncommon in an emerging democracy, Sasria has played an important role in securing the country’s socio-economic stability and prosperity since then. Over time, Sasria’s product offering has extended to cover non-political risks such as strikes, public disorder and terrorism.
Currently enjoying its 30th year of successful business, the organisation was originally established by a collective of South African short-term insurers, in consultation with the government of the day, to act as an extension of the short-term insurance industry. The collective was converted to a limited company in 1998 with the South African Government as its sole shareholder and, in 1999, the acronym Sasria was officially adopted, derived from the South African Special Risk Insurance Association.
aboutusWe strive to • Provide quality customer service. • Develop the skills and capacity of its own employees. • Maintain current strategic partnerships and establish new ones.• Provide innovative and relevant products to the market.• Optimise shareholder value.
vision
Meaningful transformation remains a challenge in South Africa, especially in the financial services sector. Sasria has, however, taken the lead in this regard, with all levels of the company reflecting the country’s demographics, and with both the board and executive management showing an equal split in gender.
Training, skills transfer and mentorship support this effort, and are designed to ensure that Sasria will continue to represent all of the country’s people in both its structure and functioning.
transformation
The South African Actuaries Development Programme is a programme that seeks to address the problem of the acute shortage of actuarial skills in the black community in South Africa. After careful selection, students receive a comprehensive bursary and support for their studies over a four-year period.
The South African Actuaries Development Programme (SAADP) is an independent, non-profit organisation that was established with the backing of Sasria. Its primary aim is to unearth and harness mathematical and analytical skills amongst black students in order to expose them to career opportunities in the field of
actuarial science. The programme is geared towards creating greater awareness, understanding and appreciation of actuarial science as a field of study.
The programme provides potential actuaries with academic and financial support as well as life skills, workshops and training.
find out more at www.saadp.co.za
SAADP
INmag | 2011 101
SA
AD
Psuccessstory
When did you know you wanted to be an actuary?I was first introduced to the actuarial profession by one of my grade 9 teachers. At that time, I wasn’t really interested but as I learnt more about actuaries, my interest grew. I made up my mind about it in my matric year. It just seemed to be the best option for someone who was really good at maths.
how did you get a SAAdP bursary to study? My dad was on a state pension so he was never going to afford to pay for my studies. I approached several companies and funders but couldn’t secure a sponsor for my first year of study. I managed to get a NSFAS loan though. Wits also offered a tuition bursary for students who performed well in their matric year. So in the first year, the Wits bursary covered my tuition and NSFAS covered my meals and accommodation.
When I started my second year, I was approached and offered a full bursary by the South African Actuaries Development Programme. It was quite a relief because that was the year that NSFAS stopped offering 100 per cent loans at Wits.
Why do you think you got the bursary (i.e. what qualities are needed)?I think they looked at my first year results. They were only starting out so they took anyone with good marks. It has become much more competitive since then because the number of students seeking the bursary has increased substantially. Because of the high levels of competition, they no longer just rely on your marks. I think they look for confident people who are also very disciplined and ambitious.
Can you tell us a bit more about what the programme of-fered you and how it worked? did you have to get certain marks to stay in the programme? They pay for tuition, accommodation and meals. They also offer a living allowance. What sets the programme apart though is the non-financial support. They have fulltime co-ordinators and tutors at each of the universities who provide a support base for the students. They also encourage students to form a support network among themselves. You need to pass to retain your bursary. If you pass but with very low marks, you will probably lose part of the bursary.
If you could go back in time and tell your 17-year-old self anything, what would it be?If I met 17-year-old me, I would tell him that he has greater potential to excel than he thinks. Also that he should work harder, be more confident, and stop acting shy. He should speak up in class and not sit there like a bag.
What advice do you have for the 17-year olds of today?Work hard and play hard, but work first. Avoid TV and video games, pick a sport instead. Read lots of books, especially during holidays. Teach yourself discipline and persistence. Be good to people without expecting anything back. Make lots of friends, especially with your university classmates. They are your initial set of contacts, and in the business world, contacts are highly valuable enablers.
What qualifications do you have?I completed a BSc honours in actuarial science in 2005 and continued to write exams with the Faculty of Actuaries until I qualified as an actuary in 2008. I enjoyed the non-academic side of my life at Wits quite a lot. I was involved with several student organisations and had good times with good friends.
describe yourself in three words. Humble, humorous, disciplined.
What makes you successful?I am always setting goals, achieving them, and setting new ones that are more daring than the previous. For that reason I never consider myself successful, because as soon as I achieve something I forget about it and look for the next goal.
tell us what you do in an average day. Wake up between 5h30 and 6h00, shower, have a quick breakfast, and leave the house. I love getting to work before 7h00. It gives me time to check e-mails and Facebook, read the news and stuff.
At around 8h00 I start working. There’s lots of number crunching and lots of meetings to discuss past, current and future projects. My responsibilities in any given day vary a lot; I could be assisting in the design of a new product one moment and drafting a paper for publication in an international journal the next.
I always take 30 minutes to an hour for lunch. It’s a good refresher. I leave work mostly between 17h00 and 18h00. After work I go straight home, go to gym or go for golf practice. I love cooking so some days I’ll cook for myself and my wife. After dinner I read, relax or work some more. I’m usually in bed by 23h00.
What is your best studying tip and how do you cope with stress? When I was at university, I used to spend the few weeks during the year-end holidays (especially in January) revising some of the more difficult topics from the previous year. It would be much easier to understand them since stress levels would be much lower. It worked miracles. I would recommend that to anyone who wants to get As for a particular course.
I’m still trying to find ways to deal with stress. Exercise helps quite a lot, so does going out and having fun with friends. I also avoid worrying about stuff that I can’t control.
fill in the missing word(s). Actuaries are... ...experts in financial modelling and risk management. Some also make good business leaders, especially in financial services.
What misconceptions do people have about actuaries that you would like to set straight?The most common misconception that I know of is that actuaries are boring nerds. That’s based on an old-fashioned generalisation that smart people are social misfits. There’s also the belief that all actuaries are millionaires. I genuinely wish the latter was true.
What do you do for fun?I enjoy going out for movies and live shows, especially stand-up comedy. A Saturday night at Parker’s Comedy & Jive in Montecasino is one of my favourite treats. I also love kart racing and have recently started playing golf. I call friends over for a braai whenever I find an excuse. During long weekends and other breaks, I prefer to travel to interesting places with my wife and close friends.
What is your favourite thing about the financial services landscape in South Africa?The financial services industry is one of the few industries in South Africa that are truly world class. You can take any professional and stick them in an equivalent position anywhere in the world and they would hold their own with commendation. Also, our companies are much more willing to embrace young talent than many in the First World. Young professionals in South Africa are generally allowed to take on greater responsibilities than their international counterparts. They thus tend to have more challenging roles and become mature leaders much earlier.
What are your plans for the future?My main focus in the short to medium term will be my job. I will be working hard to establish my credibility and to learn as much as I can as quickly as I can. I would like to grow in my role and participate and lead larger and larger projects. There are also some projects on the side that I have been working on with some close friends and associates that I am very determined to make a success of.
josiasemaroba actuary at Discovery
INmag | 2011102
macheke“
”Keep your head high, find your niche and work hard. The world is your oyster.
steeringthe
ship
BCom Marketing and Finance (university of Natal), Honours Investment Management (RAu), Diploma Commercial Administration (CATS – Germany).
collinmacheke
INmag | 2011 103
executivemanagerbusinessdevelopmentsasria Specialising in marketing and finance at university means you have the unique combo of people skills and number-crunching abilities. did you always know that insurance/financial services would be your ‘thing’? I have always been fascinated by complex financial instruments dynamics. Having done a BCom (marketing and finance), I knew that I wanted to play a part in the marketing of finance, particularly within corporations. If you are just a marketer, you won’t know much about financial dynamics and therefore it would be difficult to market complex financial products. This is why I decided to do finance as well as marketing at university.
Because I took maths at school and was good at it, I knew I could broaden my choice of studies at a later stage. Maths opens up a whole lot of possibilities, and I knew studying a BCom would help me develop my talents and acquire the skills I wanted.
What should learners do at school to secure their career success? Study hard and enjoy life, but without being irresponsible.
If you could go back in time and tell your 17-year-old self anything, what would it be?My best advice would be: keep your head high, find your niche and work hard. The world is your oyster. And as Shakespeare said: “All the world’s a stage.”
What did you enjoy about your studies? When I studied for my honours in investment management (part time), I was already a channel manager of franchising and new market development at Standard Bank, but this course took my knowledge to the next level. I learned about all the aspects of finance and investment: corporate finance, foreign exchange management, derivatives, interest-bearing instruments, property finance, share evaluation as well as insurance. This positioned me to continue my career at a high level.
The diploma in commercial administration utilised a duel system of learning – I spent time doing my apprenticeship at a company, and I also learned the theoretical aspects. A degree doesn’t necessarily give you the practical skills to go out there and work, but this diploma meant I was qualified as a certified commercial administrator and able to proceed into the job market.
With all my studies I enjoyed being able to attain a higher level of understanding of complex financial instruments, and the skills to analyse the markets. In business development, one needs to come up with new products and new initiatives, so it is necessary to have an understanding of what’s out there and what would be profitable.
tell us what you do in an average day. It’s a combination of things. My role involves research and talking to people. I need to meet with internal departments – especially the underwriters. As part of my marketing role, I regularly have meetings with media as the official spokesperson for the company. I ensure I am in touch with my staff, as my role requires managing people who have similar objectives. I would say I spend half my time in the office and the other half visiting clients and attending seminars and events.
For business development, especially in financial services, one really needs to have the heart for it. You have to love meeting and engaging with people, and be able to build on opportunities for the company. I am like a bridge between the actuarial scientists, underwriters and the public. In my marketing capacity, I need to translate what the underwriters say (they have their own language) so that the public can understand it.
What are the perks of your job?I don’t need to sit at a desk for the whole day; I can go out there and interact with different people. I am right at the coal face of the industry and I delight in it. It’s a really dynamic area in which to work. If you have the right skills and personality, it can be extremely rewarding. Business development is results-orientated and you can see the effects of your hard work. I do work hard: my days usually start early and end late.
describe yourself in three words. Exciting, dynamic and people-orientated.
What misconceptions do people have about insurance that you would like to set straight?The public does not engage too much, and they see insurance as a nuisance – they sometimes don’t realise its value. Policies may seem complicated with all the fine print and contracts, but cover is so important.
When 9/11 happened in New York, the payout was $32 billion. If a catastrophic event were to occur in South Africa, it is the insurance industry that will guarantee that the country can pick itself up, redevelop and move on. Sasria’s role in this scenario, as a large government reinsurer of extraordinary risks, would be fundamental. What hobbies do you have? I enjoy golf, jogging, watching and playing tennis. (At school I represented my province on the court.) Attending jazz music shows and watching movies are also favourite pastimes, as well as reading a good book. I am a master at braaing and love to cook, too. What issues are close to your heart?What’s close to my heart is making sure that we collectively work hard to transform the industry – I feel Sasria leads the way in this mission. Also, in terms of corporate social investment (CSI), I strongly believe we need to attract the people of South Africa, from all fronts, to industries such as insurance. The education of our young people is key – they are the future of the country.
INmag | 2011104
BJuris (uNISA), HCiI (uNISA), MDP (GIBS)thokozilemahlangu
“Policies may seem
complicated with all the fine print and
contracts, but cover is so important.
mahlangu
INmag | 2011 105
mahlangusteering
theship
”
executivemanagerbusinessoperationssasria When did you first know that you wanted to study law?When I was in standard eight (as we used to call it), I realised that I had a passion for law. My dad was a magistrate at that time and my brother also studied law so I was exposed to the profession at quite a young age. It wasn’t actually my first choice – I wanted to study dentistry. However, in matric I did more research and once I got the details, I realised that dentistry wasn’t for me. I like to talk quite a bit and I enjoy negotiation, so law seemed to suit my personality. At school I did science, maths, biology and accounting so my options were wide open. Even though I didn’t end up needing these subjects for my degree, they all helped my thinking capacity to develop quicker and exposed me to different ideas. Studying law gave me the option to venture into a number of fields.
how did you end up in the insurance industry (and graduating with a higher certificate in insurance)?In the final year of my law degree, I realised that I had lost interest in practice, but thought I would be happy as a legal adviser; someone behind the scenes somewhere, but not in court. Once I graduated, I began job-hunting and the opportunity to move into insurance presented itself. Fortunately my law degree was extremely useful for the contractual interpretation that is needed in insurance and it remains relevant today.
What are the important things to do at school (and straight after) to secure a career?Study very hard. Learners should stay focussed, and take the time to engage with teachers and people who work in different fields. Read, get exposure to a number of careers, and make sure you pay attention in life orientation when you learn about the options in the job market.
If you could go back in time and tell your 17-year-old self anything, what would it be?Discipline yourself. Focus is so easy to lose when you are that age. It’s an exciting time; your body is doing exciting things, so you tend to miss the goal. So keep disciplined, but also have fun.
What did you enjoy about your studies? I loved so many things. Law really built up my interest in reading. We are all forced to read at school, but law made me absolutely love it. I like to think of new perspectives and interpret what the writer is saying. Insurance taught me about risk management, and identifying risks as they come along. My management diploma showed me different management styles, how to manage transformation and about financial management.
I am currently doing my masters in business leadership. In this course, I enjoy conversing with people from different backgrounds, learning to accommodate them and their view. I thoroughly enjoy team work – working together as a group, discussing various angles and agreeing on a final decision. The support and the trust I have experienced is so motivating.
Describe yourself in one sentence. I’m a born learner, vibrant and analytical.
tell us what you do in an average day. A bit of everything. Days are always different. I do spend a lot of time in meetings and managing relations. I have to be an all-rounder. Stakeholder relationship management is important for my position so I am in meetings often. I read, write and appreciate these skills that studying law gave me: to express, interpret and negotiate. I have to make difficult decisions and understand stakeholders’ interests and needs before trying to meet those needs.
how do you cope with stress? I like walking in the rain and I do a lot of self-talk, too. My brother recently gave me advice which I have been trying to follow: The function of the heart is to pump blood. It means never allow the heart to be affected by anything else. Follow your brain, take emotions out of the equation, and think logically about the situation.
Complete the sentence: insurance professionals are... ...good at building sustainable relationships, and are equipped to provide advice and management of insurable risks.
What misconceptions do people have about insurance that you would like to set straight?The insurance industry is sometimes seen as purposely hiding the fine print. However, we need to educate consumers with the necessary information, making it real and relevant. This is a challenge that all players in the industry need to address.
Do you think there are enough women in the insurance industry? On one hand, there are a lot of clerks and such, but at senior level women are scarce. I think this is mainly due to historical reasons; men have been more involved in the business world while women were at home. But in the next few years, this will change. Slowly but surely there will be more role models for young girls.
What issues are close to your heart? Empowerment, in two forms:1) Skills development in general, and mobilising people to work. I would be happy to be able to offer opportunities to the less fortunate. 2) South Africa needs effective leaders in government and in the corporate world. This is vital for an effective economy. There is debate about whether a leader is born or made, but I think an effective leader has empathy while remain-ing goal-driven. It’s important for leaders not to forget the people.
What do you do for fun?I like to dance and sing, but only when I am alone or with close friends! I enjoy reading, as well as mingling with people. I’m quite a socialite. Either having challenging academic/intellectual discussions or just chatting about nothing is really a pleasure for me.
INmag | 2011106
madondosteering
theship
“”
Life doesn’t always go according to plan and has its ups and downs, but it’s important to stay positive
and keep trying.
BCom Economics & Business Economics (university of Durban-Westville), FIISA.
cedricmasondo
INmag | 2011 107
cedricmasondo
executiveunderwriting sasria Cedric, why would you recommend working in the insurance industry to young South Africans? Insurance is such a misunderstood field. It’s probably the only industry where there are such a great number of people with different skills all working together. As a youngster, it doesn’t matter what you enjoy or what your personality is, you will find something to suit you in insurance. It is such a diverse field that can offer you so much for your career. An underwriter is a jack of all trades, really. You come across risks from aviation and transport to manufacturing and even small coffee shops. It’s a wide industry and you come into contact with every sector of the economy.
And why have you chosen to work at Sasria?Sasria traditionally wrote only one type of business, but the company has a new vision. I would like to grow with the company – we have increasing premiums and the type of business that we write is very exciting. I also wanted the opportunity to deal with overseas reinsurers.
If you could go back to when you were 17 and change anything, what would it be?Looking back at my career, I think I would change my attitude towards school work as a teenager, and my attitude towards to life. I was like most teenagers at that age – just okay with getting average results. So I would tell myself to aim high and excel!
Was it easy deciding on your course at university? Well, I went to a normal government school and, back then, career guidance was not as advanced. I took maths and science as well as commercial subjects for matric, but then faced a dilemma about whether to study engineering or go into commerce. All my friends were going to a technikon, so I wanted to join them, but I was really confused. My mom then sent me for a psychometric test. I discovered that engineering and sciences were actually not for me, so I applied for a BCom.
Should everyone go for a psychometric test?I would say there are three groups of learners:1) Those who know what they want to study and are ready.2) Those who know what they want, but they can’t do it due to their personality and/or skills.3) Those who are not sure what to study and who need a little guidance. I think psychometric tests can really help with the second and third group to help them realise their options. It’s not always the case that if you have great results, you should go into the expected fields of medicine or engineering. Your personality is really important.
describe yourself in three words. Calm, hard-working, private (I wouldn’t want to be a DJ or or TV presenter!).
What does an underwriter do in an average day? Well, it changes at an executive level. Now I do more reading and writing. But the average underwriter spends most of his time reading submissions from brokers, analysing, calculating and deciding on risks. underwriters deal with different accounts and spend a lot of time making decisions. They need to read a lot and do research. I would say underwriters spend most of their time in front of the computer and on the phone. There is a lot of negotiation between an underwriter and brokers.
fill in the missing word(s). underwriters... …analyse a risk and decide on whether or not to take it. underwriters look at the terms of the insurance contract, the premium, the value and the conditions of the policy. It becomes more sophisticated as an account becomes bigger, so corporate accounts are much more complex than personal lines insurance. Obviously, underwriters also need to look at whether or not a contract will be financially viable.
What misconceptions do people have about insurance that you would like to set straight?I think there are two:1) Many members of the public think that insurance companies are there to rob people and avoid paying claims. But what the public doesn’t know is that there are fraudulent claims made to insurers every day. It’s our duty to ensure that only legitimate claims are paid – it’s in everybody’s best interest. Otherwise premiums would be inflated and everybody would suffer. 2) School learners may have the misconception that if you work in insurance, you will be a sales rep. That can be a great job, but there are many other career paths. In insurance you can do claims analysing, marketing and loss adjusting; there are HR people, lawyers, scientists and actuaries. It’s so much bigger than just selling the products. What do you do to relax? I watch TV. I love TV! I have a wife and two boys though so I do fight a lot for the remote. I enjoy documentaries and listen to the news often. You have to with the business that we are doing – if there are floods in Australia it might affect us indirectly. The insurance industry is one worldwide industry – everything is linked. I love watching sport and am an excellent coach (from the comfort of my living room). I should win trophies for my coaching.
What message do you have for South African school-leavers?There is no such thing as luck in life. You must work hard, and study throughout your schooling career, not just in grade 12. Also, stay positive. Life doesn’t always go according to plan and has its ups and downs, but it’s important to stay positive and keep trying. To secure your future, practice safe sex.
for more information, visit www.sasria.com, send an e-mail to [email protected] or phone
+27 (0)11 881 1300/086 172 7742.
INmag | 2011108
ACtuAryA person who uses mathematical skills to
define, analyse and solve complex business
and social problems involving insurance and
employee benefit programmes. The work of
actuaries involves the various possibilities that
face human beings: birth, marriage, sickness,
accident, loss of property, legal liability,
retirement and death, and the financial
effects which these have on various insurance
and benefit programmes.
ASSEtSAll the property and resources of a business
or individual.
AudItorOne who checks the accuracy of figures,
either the company’s or those of its
policyholders who are insured by policies
calling for audits.
BEnEfItSIn life, health and accident insurance, the
money to be paid or services given under
the policy.
BrokErA licensed, legal representative of the insured
client who negotiates with underwriters and
insurance companies.
BrokErAgE
Refers to a broker’s business or group of
brokers. Also called brokerage house or
brokerage firm.
BurSAryMoney given to a student to help pay for
their studies.
CAndIdAtE
A person applying for a position or selected
by others.
ClErkA person employed to keep records and
perform routine tasks.
ClIEntThe customer (person or entity) who buys
insurance through an agent or other
intermediary.
CoMMErCIAl lInES
Types of insurance written for businesses
instead of individuals (for which the term
personal lines applies).
CorPorAtE
Pertaining to corporations. Corporations
are the most common form of business
organisation, and one which is given many
legal rights as an entity separate from
its owners.
CoVEr1. To protect with insurance.
2. The insurance itself. The same as
coverage.
EntrEPrEnEur
A person who organises and manages any
enterprise, especially a business, using
their initiative.
EXPErIEntIAl lEArnIng
Learning relating to or gained from
experience.
frAudDishonesty.
fInAnCIAl PlAnnEr
An entity that offers direction and advice
regarding finances, investments, retirement
income and various other aspects in handling
the overall finances of a person.
fEEA charge or payment for professional services.
grAduAtE
A person who has received a degree or
diploma on completing a course of study, as
in a university, college or school.
InCEntIVE
A reward offered for certain behaviour.
IndEMnIfy
To protect against damage or loss.
IndEMnIty
Protection or security against damage or loss.
OF TERMSGLOSSARY
INmag | 2011 109
Once you are on the first rung of that ladder, don’t be content to just sit there; reach out for more, grasp opportunities to grow and move in new directions and embrace the working world and its many benefits.
IndEPEndEnt BrokEr
An insurance producer who sells
insurance as an independent
contractor while representing one
or more insurers of the broker’s
choosing, and who owns the
expiration records of customers
served. The independent status
is further illustrated by the selling
functions performed, which are not
directed by the insurer, as would
be the case if the agent were an
employee. Those functions include
contacting prospective insureds,
effecting insurance, issuing policies,
collecting premiums (in many or
most cases), settling some losses
of small amounts, and generally
representing the insurers in the
broker’s community. By contrast,
the direct writing insurer directs
the selling functions of its brokers,
known as exclusive brokers, and
owns the expiration records.
InSurAnCE
The transfer of risk, or chance of
loss from one party (the insured)
to another party (the insurer), in
which the insurer promises, usually
in a written contract, to pay the
insured an amount of money for an
unexpected event.
InSurAnCE BrokEr
A licensed, legal representative of
the insured who negotiates with
underwriters on behalf of the insured.
The broker receives a commission
from the insurer (underwriter).
InSurEdThe person or parties protected by
an insurance policy.
InSurErThe insurance company or other
organisation providing insurance
coverage and services. (See insurance.)
IntErnA person who is or has been
interned. (See internship.)
IntErnShIP
An official or formal programme
to give practical experience for
beginners in an occupation
or profession.
InVEStMEnt InCoME
That part of a company’s income
made from its invested assets before
realised capital gain or loss, as
opposed to its underwriting activities.
lEArnErShIP
A learnership is a training
programme that combines theory
at a college or training centre with
relevant practice on-the-job.
lIABlE Legally responsible.
lIABIlItyThe state of being liable.
lIfE InSurAnCE
The promise to pay out a sum at
the death of the insured, or at
another determined time if earlier.
The amount is larger than the total
value of the premiums paid by the
insurer for the promise.
MEntorShIP
A formal relationship between a
student and a professional adult or
organisation to further the student’s
knowledge, skills or career.
MultI-lInE
Dealing in multiple types of insurance.
nIChEA distinct and separate part of a market.
PErSonAl lInES
Types of insurance written for individuals
rather than businesses, for which the
term commercial lines applies.
PolICyThe formal written contract of insurance.
PolICyholdEr
The person or party who has a contract
and who pays a premium to an
insurer for them to provide insurance
protection. (Same as insured.)
PortfolIo
A group of insurance policies
or investments.
PrEMIuMThe amount of money an insurance
company charges (monthly) to
provide insurance coverage.
rECruItTo find or attract new employees
or graduates.
rEInSurAnCE
1. The transaction whereby an
insurance company (the reinsurer),
for a fee, agrees to indemnify
another insurance company against
all or part of a loss under a policy.
2. When referred to as ‘a
reinsurance’, the term means the
relationship between reinsured(s)
and reinsurer(s).
rEVEnuEIncome.
rISk1. uncertainty of loss or chance
of loss. Its existence is the reason
people buy insurance.
2. The subject matter of an
insurance contract such as the
building, vehicle or cargo insured.
rISk MAnAgEMEnt
The identification, evaluation and
management of all of the possible
dangers and chances of loss.
SuBSIdyA grant or contribution of money.
undErWrItEr
One who accepts or rejects risks for
an insurer (originally, by writing the
person’s name under the contract
of insurance being issued).
http://www.ahtins.com/glossary/index.html
INmag | 2011110
contactscon·tact/ˈkɒntækt/
–noun 1. the act or state of
touching; a touch-
ing or meeting, as
of two things or
people. 2. immediate prox-
imity or association.
3. an acquaintance,
colleague, or rela-
tive through whom
a person can gain
access to informa-
tion, favors, influ-
ential people, and
the like. 4. Electricity . a
junction of electric
conductors, usually
metal, that controls
current flow, often
completing or inter-
rupting a circuit.
5. Geology . the
interface, generally
a planar surface,
between strata that
differ in lithology
or age. 6. Medicine/Medi-
cal . a person who
has lately been ex-
posed to an infected
person. 7. Sociology . a
condition in which
two or more indi-
viduals or groups
CONTACTS
Etana +27 (0)11 351 2500 www.etana.co.za
FIA +27 (0)12 665 0085 www.fia.org.za
Financial planning Institute 0860 1000 374 www.fpi.co.za
Hollard +27 (0)11 351 5000 www.hollard.co.za
IISA 0861 00 4472 www.iisa.co.za
INSETA 0860 113 0013 www.inseta.org.za
Lion of Africa +27 (0)11 645 1900 www.lionsure.com
Masthead +27 (0)21 940 5911 www.masthead.co.za
Momentum +27 (0)12 671 8911 www.momentum.co.za
Mutual & Federal +27 (0)11 374 9111 www.mf.co.za
National Student Financial Aid Scheme +27 (0)21 763 3232 www.nsfas.org.za
Old Mutual 0860 50 60 70 www.oldmutual.co.za
SAIA +27 (0)11 726 5381 www.saia.co.za
Santam +27 (0)12 915 7000 www.santam.co.za
Sasria +27 (0)11 881 1300 www.sasria.com
Swiss Re +27 (0)11 502 5000 www.swissre.com
contactscon·tact/ˈkɒntækt/
–noun 1. the act or state of
touching; a touch-
ing or meeting, as
of two things or
people. 2. immediate prox-
imity or association.
3. an acquaintance,
colleague, or rela-
tive through whom
a person can gain
access to informa-
tion, favors, influ-
ential people, and
the like. 4. Electricity . a
junction of electric
conductors, usually
metal, that controls
current flow, often
completing or inter-
rupting a circuit.
5. Geology . the
interface, generally
a planar surface,
between strata that
differ in lithology
or age. 6. Medicine/Medi-
cal . a person who
has lately been ex-
posed to an infected
person. 7. Sociology . a
condition in which
two or more indi-
viduals or groups