INmag 2010 by COSA Media

Dear reader ‘Show me the money’ is top of mind whenever careers are discussed. Another famous saying goes, ‘I have been rich and I have been poor … and it’s better to be rich!’ As you read through this guide, I urge you to expect more. What is more important than the money, I hear you ask. Well, the answer to that lies in a simple observation I have made over the years. Some of the wealthiest people I have met have also been the most miserable. Some of the most miserable folk I have met have been those eking out a living in dead-end jobs with little spare cash. So if money – or the lack of it – can’t make you happy, what is that elusive ingredient that makes the lives of those inspiring people who seem to have it all? How does one get a dream career, wealth and time enough to travel and pursue exotic hobbies? The answer is in a saying attributed to Confucius: “Choose a job you love, and you will never have to work a day in your life.” There are few careers that offer as much diversity as that offered in our financial services sector. Browse through this issue of INmag and open your mind to the opportunities it contains. Stay updated with learnerships and employment opportunities after you graduate by visiting the INmag site at w³.comms.co.za.

COSA Communications PO Box 60320, Table View, 7439

INmag is your guide to the world of potential offered by the insurance and finance industries in South Africa. INmag is a single source of the best employment possibilities, bursaries, internships and career paths waiting for you in the financial services industry.

Suite 31, Frazzitta Business Park, Cnr Freedom Way & Koeberg Road, Milnerton, 7441 Tel: 0861 555 COSA (2672) | Fax: 021 555 3569

Yours sincerely Andy Mark Editor of INmag

E-mail: info@comms.co.za | Website: www.comms.co.za Copyright cosa communications 2008/2010. 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 | 2010

contents p7

career centre

p12

fits like a glove - Finding the career for you

p16

Looking ahead

Associations (A-Z) p27

FIA

p30

iisa

p34

INSETA

p41

SAIA

A-Z Intro p48

Alexander Forbes

p55

Hollard

p65

Lion of Africa

p71

Metropolitan

p77

Mutual & Federal

p85

Old Mutual South Africa

p93

sanlam

p101

Santam

p109

Swiss Re Life & Health Africa Ltd

p65

p114 Glossary p116 contacts

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p12

INmag | 2010

Why insurance and investments as a career? by Andy Mark

Our sector of the financial services industry offers a very cool career choice. Not for us the dreary routine of our number crunching cousins in banking and auditing (although those disciplines also play their role in what we do). For it is in insurance, investments and the underwriting of risk that real job satisfaction can be found for many candidates.

INmag | 2010

hen you think of crises, doctors, police and rescue services personnel immediately spring to mind. What about the aftermath? Who picks up the shattered dreams of a family bereft of a breadwinner after sudden illness or accident? When the flowers have wilted and family and friends have spent their condolences, it is often the stranger from the insurance company who helps in the most practical way. It is this stranger who could ensure that the family keeps not just their home, but also their dream of an education for their children. Crisis does not always come in the form of death or disability. Sometimes it is as a result of just bad luck. Somebody flies an aeroplane into the roof of your house; the pin holding your watchstrap in place breaks and your grandpa’s Rolex slides off your wrist never to be seen again; or you are a farmer and El Niño, made more vicious by global warming, wipes out your crops; or perhaps you are the organiser of World Cup event which is cancelled and you have to refund hundreds of thousands of spectators. Perhaps no crisis occurs. You live a healthy life; too healthy in fact. Your life expectancy outstrips your ability to fund your retirement. With people living longer due to improved medical care, sixty is not deemed old anymore and many folk embark on exciting travel and other pursuits well into their twilight years. Where will the money come from to finance the fun? Astute investments, that’s where. But will it be interesting, I hear you ask. Let me put it this way: ever since Chinese traders divvied up their cargo between several boats to reduce their risk of total loss in the event of a single boat coming to grief in the 2nd millennia BC, insurance has existed. Over the ages, insurance has become ever more sophisticated and today scientific underwriting principles have seen the birth of specialist insurance policies. These insurance solutions are developed by highly skilled actuaries who calculate thousands of bits of information to arrive – with surprising accuracy – at the odds of calamity striking. They calculate the odds of an entrant striking it lucky in a win-a-million competition (yes, competition organisers can even indemnify themselves against someone winning their prize), or the odds of you living to age seventy-five without succumbing to any of the dread diseases. This specialisation is what ensures that there is a place inside our financial services for someone with nearly any interest under the sun.

INmag | 2010

Show me the money It’s no secret, top insurance and investment execs do earn good cash. The industry attracts an abnormally large number of engineers, doctors and other professionals who seem to have stumbled onto the career choice of a lifetime, sometimes completely by accident. They certainly wouldn’t be in it if it weren’t a lucrative and fulfilling career path. As you read through this year’s copy of INmag, take a few moments to immerse yourself in an industry that offers the right candidates unsurpassed freedom of choice to find that dream job, regardless of sex, race or religion. Not for nothing are the companies in this sector regular contenders for SA’s Best Company To Work For surveys.

Where it all began Can you think of another business category that stretches back 3000 years before Christ was born? I can’t. Historians will tell you that Chinese and Babylonian traders used to hedge their bets against whose boats would sink by splitting their cargo amongst several different vessels. This way, as their goods were transported down river, if one boat overturned due to bad weather, flood or rapids only a portion of the cargo would be lost. This form of insurance became more sophisticated with the advent of the first ‘credit guarantee’ policies. Some traders borrowed money to purchase their goods. They would pay the lender an additional fee to cancel the loan should the goods be lost in transit.

to Lombard Street but it was only after his death in 1713 that a group of underwriters established the New Lloyd’s Coffee House in Popes Head Alley. Two years later, underwriters and brokers subscribed £100 to new premises and Lloyd’s ceased to be a coffee shop and became the property of the subscribers. These subscribers eventually formed a committee and moved to the Royal Exchange as The Society of Lloyd’s. Lloyd’s is not an insurance company, rather a sort of marketplace (the largest in the world) where insurance risks are traded by syndicates of members. It is the oldest continuously active insurance marketplace in existence. Starting out all those years ago from the provision of shipping news, Lloyd’s used to facilitate marine cover only, a far cry from the Lloyd’s of today where deals in all classes of insurance are struck and it is a major player in the reinsurance market, too.

A few thousand years later, the process grew more sophisticated when the principle of ‘average’ first came about: back in the day vessels were loaded to the brim to maximise freight efficiency. The only problem with this system was that when bad weather struck, the vessel’s captain would often order his crew to throw cargo overboard to lighten the ship. The cargo owners would calculate the average value of the shipment and divide a premium amongst them. It was from this fund that owners whose cargo was jettisoned would be reimbursed for their loss. The Greeks and Romans invented the first medical and life insurance when they set up stokvels or guilds which acted as benevolent societies to provide for families and pay for funeral expenses of members at death.

The amazing story of Lloyd’s London developed into a bustling centre for world trade back in the 17th century. Large volumes of shipping moved in and out of the port. These vessels carried freight to and from the far corners of the world. Around this time, ship owners, traders and even the captains of the various trading vessels began to frequent a coffee shop owned by Edward Lloyd. Lloyd’s quickly became the spot to gather information on shipping news and Edward started publishing a newsletter detailing the movement of shipping and causalities and other commercial information. In 1691, Edward Lloyd moved his business

INmag | 2010

career centre

The secret to success is doing the thing you think you cannot do

f the big question of â&#x20AC;&#x2DC;what to do when you leave schoolâ&#x20AC;&#x2122; seems like too much to deal with, this section will help you out. Tips for the working world out there, how to handle aptitude and personality tests, and a guide to career fields and qualifications will help you decide on a suitable career within the insurance industry.

INmag | 2010

Fits like a glove Finding the career for you L

ife’s tough. But by making sound decisions early on, you can find a niche in an industry that suits you. The most successful people in life are those who are passionate about their jobs and for whom ‘work’ doesn’t feel like work.

INmag | 2010

Research, explore your options. Plan your future and make the educated choice First things first You need to decide where and what to study, which qualifications you need, how to get some valuable experience and where exactly you can fit in. Don’t make the mistake of thinking that your good marks are going to secure you a position. Your interests, personal attributes, strengths and skills are as, if not more, important. Later on in this piece we will explain exactly how these aspects of your ‘youness’ can be measured. In the meantime, while you are searching for career options, it is important that you get the facts about: • The type of work in different jobs. Will you be at a desk all day? Will you be dealing with people, words, figures, machines or all of the above? Will you be on the move in your car, or settled into one work space? • The salary and benefits of different careers. • The type of person who will fit the occupation. Outgoing? Serious? Motivational? A talker or a thinker? • Subjects required. • Length of studying time and the qualifications required.

New trends Medicine, law and the arts were previously the careers of choice for those who chose to study towards a professional qualification. However, these vocations are now decidedly uncool, according to a comprehensive career study conducted in Australia. The study, which polled school-going students across that continent, wanted to

judge what 16 to 18-year olds thought of different industries. They wanted to understand a part of the decisionmaking process in deciding on a career path. The results showcased Generation Y (that’s you) were most attracted to cool, sexy careers, mostly within the creative industry. The students in the poll were gunning for careers in television (25 per cent), the music industry (24 per cent), film (23 per cent) and digital media (22 per cent), with over 65 per cent of respondents rating acting as a job which attracts the sexiest people. We’ve got a thing to show these Aussies though: in SA many of the country’s bright young things are moving towards careers in the financial services industry.

Useful in the real world The survey also showed that 83 per cent of those wanting to study were looking at qualifications that would give them practical skills which are ‘useful in the real world’, instead of mostly theoretical knowledge. How convenient then that the skills you will learn while studying for a career in the financial services industry will stand you in good stead for your professional and personal life. Respondents also felt that their chosen careers should align with their skills and

interests. Sixty-seven per cent actively search for careers that ‘fit their interests and talents’, allowing them creativity and the opportunity to be innovative in the workplace. But how can you measure your skills and talents?

Put to the test There are two main types of psychometric tests used by employers as part of their selection processes: aptitude tests and personality questionnaires.

Aptitude tests Aptitude tests measure your verbal and numerical abilities, and/or abstract reasoning. They are usually presented in a multiple-choice format and the questions have definite right and wrong answers. They are strictly timed, so to be successful you need to work through them as quickly and accurately as possible. There are more than 5 000 different aptitude tests which employers can use in the selection process, and new tests are continually being developed. All of the tests you are likely to come across when applying for a job can be classified into six types: • Verbal reasoning. • Numeric reasoning. • Abstract reasoning. • Spatial reasoning. • Mechanical reasoning. • Data checking.

INmag | 2010

rs, en o o d ny hem op a m pen t keep t o o t er er mus w o p s the t charact a h ty bu onali

s Per Personality tests

Personality tests are used to determine how you are likely to behave under various conditions. There are no right or wrong answers, although your prospective employer will most likely have some idea of what he is looking for. The questionnaires are usually completed without a strict time limit. They may test any or all of the following: • Interpersonal style, conflict style and leadership style. • Ways of thinking and behaving in different situations. • Stress coping mechanisms. • Interest and how the individual likes to carry out their tasks and duties. • Motivations, including energy levels and drivers. • Work values: what the individual deems worthwhile in the workplace and job. • The interpretation of the individual’s and others’ emotions. • Management style or communication skills.

Example of a personality type theory One of the common tests uses the DISC theory. DISC is the four quadrant behavioral model based on the work of William Moulton Marston PhD. to examine the behaviour of people within a specific situation. The assessments classify four aspects of behavior by using word associations.

DISC is an acronym for: • Dominance – relating to control, power and assertiveness. • Influence – relating to social situations and communication. • Steadiness – relating to patience, persistence and thoughtfulness. • Conscientiousness – relating to structure and organisation.

INmag | 2010

Each of these types has its own unique value, ideal environment, general characteristics and motivations. All people have all four of these personality types, but some types are more dominant than others. For most people, these types are seen in shades of grey rather than black or white. Understanding the differences between these grey blends makes it possible to match team members together.

Dominance People who score high in the intensity of the D styles factor are very active in dealing with problems and challenges, while low D scores are people who want to do more research before committing to a decision. High D people are described as demanding, forceful, egocentric, strong willed, driving, determined, ambitious, aggressive and pioneering. Low D scores describe those who are conservative, low keyed, co-operative, calculating, undemanding, cautious, mild, agreeable, modest and peaceful.

Influence People with high I scores influence others through talking and activity and tend to be emotional. They are described as convincing, magnetic, political, enthusiastic, persuasive, warm, demonstrative, trusting and optimistic. Those with low I scores influence more by data and facts, and not with feelings. They are described as reflective, factual, calculating, skeptical, logical, suspicious, matter of fact, pessimistic and critical.

Steadiness People with high S styles scores want a steady pace, security and do not like sudden change. High S individuals are calm, relaxed, patient, possessive, predictable, deliberate, stable, consistent and tend

to be unemotional and poker faced. Low S intensity scores are those who like change and variety. People with low S scores are described as restless, impatient, eager or even impulsive.

Conscientious People with high C styles adhere to rules, regulations and structure. They like to do quality work and do it right the first time. High C people are careful, cautious, exacting, neat, systematic, diplomatic, accurate and tactful. Those with low C scores challenge the rules and want independence and are described as selfwilled, stubborn, opinionated, unsystematic, arbitrary and careless with details. Generally, the employer will be asking themselves: does the applicant have the required skills and experience; enthusiasm and motivation; personality and attitude? Visit http://www.psychometric-success. com for more information and tips.

Keep it simple

But why?

Keep your answers short, simple and to the point. Don’t ramble on when a question is asked; you might give away certain information that might be turned into more probing questions. If your interviewer does delve a bit deeper and hit a nerve, try to focus on the positive. Stay clear from blame.

If done properly, the psychometric test will determine many things about your personality. Be honest, because if you are hiding some trait that will prevent you from getting the job, chances are you wouldn’t fit in that position anyway. Do you like to work late at the office to catch up on some work, or go in early? Can you work as part of a team, or do you like doing things solo? What gives you job satisfaction? The psychologist needs to assess all these things, what your reaction would be to a company’s corporate culture, and what kind of management styles would work for you, in order to make sure the job fits you ... and vice-versa.

If I were a ... what? You might be asked some very strange and confusing questions during the course of the interview, such as ‘If you were an insect, what type of insect would you be?’ Try to give very simple but logical answers. Don’t ever say ‘Erm... I don’t know!’ The interviewer wants to know how you see yourself. For example, you could say something about being a like a bee (good team worker), spider (clever and quick) or beetle (hardworking and determined).

The interview Here are a few pointers on what to expect when you go for an interview or psychologist’s evaluation, and how to keep cool during the grilling.

Breathe You have to relax. If you go into the psychologist’s office shiny with sweat and fear you’ll look like you’re hiding something. Try to breathe normally and relax throughout the proceedings. The interview is an evaluation of your personality in general, so just be yourself and you’ll do fine.

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INmag | 2010

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Looking ahead

he subjects you choose at the end of grade 9 will determine what you can study, where you can study and even what job you will ultimately have in later life. Choosing subjects is therefore something that must be done after careful thought.

University entrance

ublication / ezine: INmag

The government requirement for a pass in the NSC with university entrance is a pass in a minimum of four recognised NSC 20-credit subjects. These four subjects must include English with an achievement rating of 3 or better; not exceed two official languages; and have an achievement rating of 3 or better. However, each university and higher educawhat you can study, where you tion institution will have its own requirements ife. Choosing subjects is therefore for different courses based on points. To get more information, go to the universities’ individual websites found on www.gostudy.co.za.

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16 INmag | 2010 ble. However, it is better to It does not help to choose

your choice

One should always try to keep as many options open as possible. However, it is better to choose a subject combination in which you can perform well. It does not help to choose subjects that appear to keep your options open but in which you perform poorly. You may not meet the minimum entry requirements for the tertiary institution or course you wish to do after school. A good subject choice combination is often a balance between the subjects that learners are interested in and perform well in.

Career fields within the insurance industry

A common mistake in subject choice selection is to choose subjects based on a career. It is not necessary to settle on a final career in grade 9. Rather look at choosing a career field which has a range of related careers. It is more practical to select a career field rather than to choose from thousands of careers. What if you don’t get into that career? Where is the fallback option?

If you want to go into a business or commercial field, such as marketing, business management or human resources, the entry requirements are dependent at the level of study. For a certificate or diploma study there are no requirements for entry. However, for a BCom at university, mathematics is a prerequisite at most universities. It may be recommended that you also take one or two commercial subjects such as accountancy, business science or economics. For entry into social-type careers such as psychology, law, communications, etc. there are no prerequisite subjects for entry. To study these for entry into a BA degree at a university, you will need a good university pass. Mathematics and science are not required.

Let’s look at some of the career fields and their related careers. Many degrees, diplomas and certificates will be relevant for the various fields under the great umbrella of the insurance and financial services industries.

Entry into social service careers such as hospitality, health, and travel and tourism, require no compulsory subjects at school. However, subjects such as hospitality, consumer studies, visual art, design and tourism will be beneficial.

Career in the sciences include chemist, biochemist, entomologist, food scientist, geneticist, geologist, physicist, zoologist, microbiologist, etc. Mathematics and science are compulsory subjects. This field requires an interest in science as well as an analytical mind. Biology may also be recommended for the biological sciences and geography for the geological sciences. For entry into the engineering field, mathematics (not mathematical literacy) is compulsory. Careers in the artistic field require an interest and passion in the arts. These include careers such as artist, graphic designer, interior design, photographer, desktop publisher, clothing designer, cartoonist, film production, etc. Entrance into these careers requires that you have a portfolio which includes drawings, photographs and design work that you may have done over the years. Visual art or design at school is recommended. Related subjects like consumer science may also be useful. For careers in the dramatic arts, it may be useful to take subjects dramatic art or dance at school. For more information on your career interests, go to www.gostudy.co.za and www.pacecareers.com.

Grab the opportunity to study

For entry into health sciences, ensure that you have mathematics (not mathematical literacy) and science. Preferably also have biology as a subject because this is an indication of your interest in human anatomy. Selection standards for health science professions are very high and you will need good marks as well as a passion for this field. Occupations in health services, such a nursing, dental technician, clinical technology, optical technician, veterinary nursing, reflexologist, speech therapist, etc. have their own requirements for entry. Check the entry requirements at selected universities.

Any young person should try to study further after leaving school. The chances of employment are generally higher for a person who has studied further. The second is that a person does not always get the opportunity to study later in life due to responsibilities that accumulate with age. Having a base of study provides a stepping stone for post-graduate studies down the line. A person may, for instance, do an engineering diploma after school and then at a later stage push on to do a management degree or an MBA.

Study vs. work

There is a counter argument to studying further after school. Many will say that it is not what you have studied that makes for success, it is determination and hard work. This is true if you look at some examples: Richard Branson never had the opportunity to finish grade 8, and if Bill Gates had not dropped out of Harvard, Microsoft may never have been born. The more experience you acquire over time, the less important what you studied becomes. The reason for this is that experience that is evident by a personâ&#x20AC;&#x2122;s ability to perform on the job counts a lot more than a piece of paper with a gold stamp mounted on a wall. However, you will need qualifications in order to move up into higher management positions, for example.

Types of qualification

Universities of technology, or technikons as they were known, offer a more practical education than universities. Graduates come out with knowledge that is career-focused and immediately relevant in the workplace. Universities of technology offer degree, diploma and certificate programmes in applied

engineering, biological, chemical and physical sciences, applied commercial sciences; humanities, arts and teacher education. Universities that have merged with technikons are now called comprehensive institutions. The University of Johannesburg is one such institution which offers a range of degree and diploma programmes. FET colleges provide academic and hands-on skills-based programmes designed in cooperation with industry. FETâ&#x20AC;&#x2122;s offer engineering, general services, business studies, visual arts, agricultural studies and practical skills programmes in a variety of fields. The minimum entry requirement for an FET college is usually a grade 9 certificate. Private colleges offer degree, diploma and certificate programmes that vary considerably in credibility and price. This makes it difficult to choose which private college to attend. Ensure that the qualification you are registering for is accredited by the South African Qualifications Authority or by the Council on Higher Education. Distance education (home study) provides education by means of post, fax, telephone and computer. Sometimes course material is offered on various media including video, tape, CD, radio, TV or the Internet. In most cases, exams are written at exam centres. Because distance study requires a lot of self-motivation, there is often a high drop-out rate.

Where vs. what

Often learners choose where they are going to study before choosing what to study. It may be more practical to do this the other way round. Choose a field of study and then select the base of study based on the reputation of the faculty or programme offered at a specific institution. The reason for this is that an institution becomes known for the quality of education within a specific academic field of study. The credibility of the institution should not be confused with the credibility of the profession. A chartered accountant is a chartered accountant by virtue of the board examination, not by merit of the university at which you study. The same goes for engineers, doctors, lawyers, psychologists, quantity surveyors, architects or any profession that is governed by an approved accredited professional body. It is important to apply to more than one institution so that you have a fall back if you are not accepted into that institution. It is okay to apply to two or three institutions at the same time. Apply early.

INmag | 2010

What are your skills?

Young people find it difficult to identify their own personal skills. This is because young people have less experience in life and have had less time to develop skills. Learners at school are still finding their feet and learning about their interests, abilities, strengths and weaknesses.

How do I develop skills?

School is a good learning ground for developing new skills. Participation with friends or in group activities such as sport gives us skills. Speaking in front of the class teaches publicspeaking skills and gives us confidence. Life science subjects give an understanding of the make-up of people, animals and plants and the way in which they work and interact. The paramedic would never develop real skills in dealing with an injury if he did not first understand how the body works. Attitude plays an important role in developing skills. People who are willing to learn, generally grow and develop faster than those who are negative and resistant to try new things. People who are more determined than others generally go the extra mile to conquer a difficulty and to learn. Further study after school provides more specific skills in a special field of study.

Your personal skills profile

Ask yourself: what do I enjoy doing? What are my interests? What would my parents, family or friends say are my skills? (Ask them.) Would I like to develop these skills further? When you find out what your skills are, it will help you determine what career options in the insurance industry you could investigate. Read each of the descriptions in the profile below to learn more about your own skills. Self-knowledge will help you choose the right path and find a place within the insurance industry.

INmag | 2010

test yourself SKILL

DESCRIPTION

Artistic ability

Ability to do creative work using art, music, design, desktop publishing or other media. Artistic skills can be used formally or informally in a variety of jobs.

Investigative fact finding

The need to understand why and how things work. Also the ability to gather information to solve a problem, conduct a research project or make a decision.

Creativity

Ability to come up with original ideas, find new ways to solve problems, and put thoughts together in new and different ways. Creativity is important in everyday business planning and problem-solving as well as in artistic and creative careers.

Leadership

The ability to lead requires that others want you to lead them. Others look up to you and you are able to influence others to do things and to delegate tasks.

Computer technology

This includes the ability to learn new software and computer languages, manage files on a computer, and use computers to do research, manage data, and produce a variety of products.

Interpersonal skills

The ability to get on with other people, work in groups, exchange ideas and resolve conflicts.

Mechanical skills

The ability to understand the way machines and equipment work; the ability to assemble, use, repair or design machines and equipment. This skill area includes the ability to work with one's hands, tools and equipment to produce or repair products or structures. These skills are used in carpentry, cooking, computer repair and other trades and professions.

Logical thinking

The ability to analyse information and use it

I have this skill right now

I use this skill regularly

I would like to develop this skill

INmag | 2010

Enrol now for

UNISA’s

PROGRAMMES IN INSURANCE 2010 For all people employed in the insurance industry who are serious about building a career and achieving a professional qualification and status.

Registration opens on 01 December 2009 and closes on 22 January 2010,

for all first-time registrations in the Programmes, as well as existing students who wish to enrol for additional modules to be taken in the first semester of 2010 (with examinations during May 2010)

NB This may be one of your last chances to enrol for any courses and/or modules that can contribute to the FAIS compliance requirements that you may need to meet if you have been awarded ‘Part-Qualification Recognition’ and you need to achieve full compliance in a limited period. The Programmes continue to be available in the three main disciplines: • Short Term Insurance • Life Insurance • Retirement Funds Management In each Discipline the studies are offered in the following 2009 Revised Courses and Programmes: • Introductory Short Course (NQF5) - 12 credits/120 notional hours • Introductory Programme (NQF5) - 60 credits/600 notional hours • Programme in (NQF5) - 60 credits/600 notional hours

Short Term Insurance/ Life Insurance or Retirement Funds

• Introductory Programme in Advanced Insurance Practice • Programme in Advanced Insurance Practice (2009) A full brochure, detailed module syllabuses and registration forms can be obtained from: www.unisa.ac.za/iisa or requested from iisa@unisa.ac.za or cbm19@unisa.ac.za The Administration Office: • Tel: 012 429 4037

• Fax: 086 643 7933

• Email: iisa@unisa.ac.za / cbm19@unisa.ac.za

Learning Material: Produced by and obtainable from the IISA from R180 per module, while the material is also available on CD. For full details and an order form, visit www.iisa.co.za

NB Unisa now also offers a study route to Fellowship of the IISA, for existing, practising Associates, using the Programme

in Risk Management (75949). Details are available under ‘Financial Management’ at www.unisa.ac.za/cbm and then programme in risk management. Any additional requirements for election to Fellowship can be obtained from IISA

Learn without limits.

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Fees: NQF5 Courses/Programmes: R800* per module NQF6 Programmes: R850* per module *Levy for students in foreign countries: R360 if in Africa and R720 for the rest of the world.

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Despite a rapidly changing environment in which competition among tertiary educational institutions is growing, the Centre for Business Management again demonstrated its teaching excellence in 2008/2009. A total of 83 certificate programmes were offered to approximately 30 183 candidates.

• to enhance educational distance e-learning delivery systems to further improve access to our courses for students around the country and the world. Some milestones …..

Not only were the objectives for 2008/9 fully realised, but in some respects they were also surpassed. As far as the first objective noted above is concerned, namely that the Centre be an institution of excellence, the demand for the Centre’s programmes and feedback from clients and external parties indicate that it continues to enjoy considerable prestige in the academic and business world. With regard to the second objective, namely that new short learning programmes be carefully selected and implemented, the Centre introduced the following short learning programmes in 2008 and 2009: IISA Programme in Life Insurance; IISA Programme in Life Insurance Servicing; IISA Programme in Retirement Fund Management; Short Course in SMME Management; Course in Knowledge Management; Course in Strategic Management; Course in Basics of Project Management; Course in Safety & Risk Management; Programme in Customer Service Management; Institute of Bankers (IOB) programmes were also offered. This product group comprises 13 qualifications with a total of 59 modules. We are connected to our communities……

The Centre for Business Management has played a pivotal role in the unearthing of music talent in Tshwane. We have been involved in this project for six years. We are also participating in entrepreneurship training initiative for small scale projects in the Limpopo province. We offer bursaries for students who run community projects and want to study part-time for short-term certificates. We conduct an annual book drive for selected schools in our community and have conducted ad hoc workshops for school principals and staff in areas of school management. These are just few of the many community projects we are engaged in. Join us………………..and change your world

Our future plans

The Management Committee of the Centre for Business Management has the following objectives for the future2009: • to build on the success and experience of the previous years so that the Centre for Business Management can become an institution of excellence within the academic environment in South Africa • to continue to identify and develop short learning programmes to meet the current requirements of the business world and to replace existing which are being phased out.

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Brian Naicker Head: Centre for Business Management, University of South Africa Tel: +27 (0) 12 429 4586 / 4212 | Fax 2 Email: +27 (0) 866 417 260 Email: bussen@unisa.ac.za | Web: www.unisa.ac.za/cbm

Building a learning society CENTRE FOR

BUSINESS MANAGEMENT Programmes offered over periods of 3, 6 and 12 months in the following areas: Business Communication Financial Management, Banking & Insurance Human Resource Management General Management and Entrepreneurship Production & Operations Management Marketing Management Purchasing & Supply Chain Management Retail Management Tel: (012) 429-4586 / 4212 Fax to E-mail: 086 641 7260 E-mail: bussen@unisa.ac.za · www.unisa.ac.za/cbm PO Box 392, Unisa · South Africa, 0003

The African University In the service of humanity.

centre for business management

UNISA CBM INMAG 061009

• • • • • • • •

IISA PROGRAMMES IN INSURANCE

o build a successful career in the insurance industry, you must have knowledge, values and skills to perform your role effectively, both now and as your career progresses.

Especially in a regulated market, it is vital that companies invest in training to help their people achieve the required skill levels. This investment should also result in improved performance, service and profitability.

The benefit of these insurance qualifications is that in addition to showing your educational achievement, they encourage technical understanding at all levels. The insurance industry has in recent years gone through a period of challenges and change. Technology has had a major impact on the structure of the market and the way business is conducted. New forms of risk continue to emerge. Competition is intense. Gone are the ‘jobs for life’ that people once relied on in the sector. Individuals are moving more freely between disciplines. And, for the first time, organisations and individuals have to adapt to regulations. The impact of legal regulation is huge. The Financial Services Board requires employees within the industry to demonstrate that they are competent for the work they do and to give the advice they give. They have to keep this up, too. In addition, the make-up of the workforce is changing rapidly, both as a result of the golden oldies (who know everything) retiring, as well as the need to reflect the dynamics of the country we live in and its population. The known shortage of skilled people, knowledgeable in the business of insurance, in an industry that is highly regarded as a knowledge industry, can be sorted out only with intense and concentrated development of the people. The insurance programmes offered by Unisa’s Centre for Business Management are designed to reflect and embrace the massive changes that have taken place. They provide individuals, and their employer organisations, with a way to gain technical knowledge and understanding, and in doing so help ensure individuals get the skills

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they need to work effectively and efficiently. Benefits of Unisa’s insurance programmes The programmes have been developed to deliver the following benefits: • Progressive qualification structure. • Formal recognition on completion of a qualification. • Choice of subjects. • Industry-recognised designation available on completion. • Flexible qualification content. • Portability of qualifications. • System allows progress at different speeds. • Facilitates lifelong learning. • Recognition of prior learning. • Supports competence and compliance activity. • Aligns with National Qualifications Framework. • Qualifies for skills levy rebates if on WSP. • Qualifications comply with and support FAIS compliance requirements. These programmes are technical and supervisory qualifications for insurance staff working across the various sectors of the insurance industry at practitioner level. They will provide you with a firm grounding in insurance basics and will enable you to build your technical knowledge, thereby ensuring that you have the means to succeed in the challenging environment.

The programmes normally concentrate on a specific discipline in the insurance industry/ market, including short-term insurance, life insurance servicing, life insurance marketing and retirement fund management. However, students are allowed to build a qualification using subjects from the different disciplines. The Programmes in Insurance offered by Unisa’s Centre for Business Management were developed for and by the insurance industry over a number of years and were previously offered by the IISA (Insurance Institute of South Africa). In 2005, they were transferred to Unisa. As with all Unisa’s offerings, these programmes are at higher education level, i.e. post-matric.

Associations (A-Z)

Life is a sum of all your choices

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 itâ&#x20AC;&#x2122;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.

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Prepared for the future

FINANCIAL INTERMEDIARIES ASSOCIATION OF SOUTHERN AFRICA

The starting point of all achievement is desire

he FIA enjoys a large and steadily increasing membership nationally. Members contribute to the importance and stature of South Africaâ&#x20AC;&#x2122;s intermediaries as an established and respected part of South Africaâ&#x20AC;&#x2122;s financial community. Intermediaries have an increasingly important role to play. The need is growing for independent and professional advice in an environment that is becoming increasingly complex. As the demand for professional and knowledgeable intermediaries increases, the need for an organisation to provide a support base for such brokers becomes more relevant and significant.

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FINANCIAL INTERMEDIARIES ASSOCIATION OF SOUTHERN AFRICA Find your niche as a financial intermediary Some 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. The insurance industry in SA is a multi-billion Rand sector which offers jobs requiring a range of skills: 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. Intermediaries in South Africa work in diverse areas of the insurance industry including: • Short-term insurance, which includes motor 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.

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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-todoor 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 traumatic 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.

So where could I work? 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.

What training is needed? The specific professional requirements needed to become an intermediary include a period of work under supervision, relevant tertiary qualification 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 recognised 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.

Official industry representation 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 license 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.

iisa

Success is not so much what we have as it is what we are.

ver considered a career in insurance and wondered where to start? This article explains the different lines of insurance; the main types of jobs you could do; and what you would have to study to work in these professions.

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The insurance market The insurance market consists of different lines of insurance, such as: • Short-term personal – this includes your house and car insurance. • Short-term commercial – business and car insurance for companies. • Long-term insurance – life and disability insurance (financial planning). • Pension funds – savings for retirement. • Investments – a means of saving money for profit. • Health benefits – hospital savings and medical aid insurance.

Insurance careers In all of the different lines of insurance, there are different job functions. There are insurance sales staff members: the people who identify a person or business’s insurance need, and provide advice on which insurance policy would cover that insurance need. There are people who provide an administration function: they check that the right documents are completed for policies to be issued, and make changes to client details when needed. Some people decide what the rules of insurance policies should be (the underwriters). They decide whether a person or business’s insurance risk can be covered with an insurance policy and what the terms and conditions of the policy will be. There are those who help clients when things go wrong (the claims staff). They will send

t success,

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a client claim forms, let them know what evidence and documents they need, and possibly negotiate a settlement for the claim to be paid. In some cases, they could also reject a claim.

You can choose whether you would like to study first before you start working, or you could study while earning an income. The choice is yours! Last but not least, there are people who specialise in identifying risks to a person or business, and help to make sure that those risks are managed. This could be through making suggestions on how to minimise the risk, or advising the sales staff on whether an insurance policy can cover the risk. They are called risk managers.

Insurance role players All of these functions above appear in three main different types of companies. These are: • Insurers – the people who supply different insurance products. The staff members of insurers deal with policies only from that one company. • Brokers – the people who act as a go-

e it as wel

between the public and the insurers. They could deal with products from more than one insurer. • Underwriting managers – the people who specialise in specific types of insurance products.

So where do I start? It is important to note that the insurance industry regulations require new people coming into the industry to have a minimum of a matric qualification. After matric, you need to study an insurancerelated qualification. These qualifications could be one of the following: • from a university, such as a BComm Degree in Risk and Insurance, • From an accreditated training provider which offers skills programs or full SAQA (South African Qualifications Authority) qualifications, that are recognised/ endorsed by IISA or the FPI (Financial Planning Institute), or • a qualification which carries the approval of the relevant SETA (Sector Education Training Authority) such as INSETA (Insurance Sector Education Training Authority). Information on IISA accredited providers is available from the IISA web site. You can choose whether you would like to study first before you start working, or you could study while earning an income. The choice is yours! Still interested? Visit www.iisa.co.za for more info – and start planning your career in insurance today!

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INSETA

It sometimes seems that intense desire creates not only its own opportunities, but its own talents

Working together for a skilled tomorrow

INmag | 2010

he insurance sector forms part of a large and rapidly growing financial and business service sector in South Africa. Insurance companies provide over 10 per cent of the employment opportunities in South Africa. Last year, the industry contributed over 20 per cent to the national GDP. How could you afford not to get a piece of this pie?

ld n what we are wor betwee he ce ome eren uld bec o

The greatest va is thlue in and wha e di t t w ff ec

Something for everyone The insurance sector is a rapidly evolving, growing and developing major player in the South African economy. It offers limitless career potential across a wide spectrum of related fields. Over 4 000 employers have registered with the South African Revenue Services as levy payers within the insurance sector, and over 100 000 people are employed in the industry. There is a very wide range of employers to suit everyone’s tastes: the majority are brokerages and small organisations that employ about 10 to 20 employees; and some very large employers have more than 12 000 employees on their payroll. The majority of the workforce represents skilled and highly skilled employees. This is where you will fit in.

SETAs – filling the gaps Unique to South Africa, Services Sector Education and Training Authorities (SETAs) have been set up to make sure that the

skill needs for every sector of our economy are identified and that training is available to provide for these skill needs.

governs the affairs of the INSETA. The INSETA represents the following areas within the insurance sector:

SETAs, made up of equal numbers of employer and worker representatives, ensure that people learn the skills that are needed by employers and communities and that the training is to agreed and registered standards. SETAs are registered as public entities and comply with the Public Finance Management Act.

• Short-term insurance • Life insurance • Short term insurance • Insurance and pension funding • Risk management • Health care benefits administration • Unit trusts • Funeral insurance • Reinsurance • Pension funding • Activities auxiliary to financial intermediation.

Insurance SETA – that’s us In essence, INSETA provides quality skills development for sustainable business growth in the insurance and related financial sector. The Insurance SETA (INSETA) promotes and enables quality skills development through funding education and training. Our aim is to meet the national skills agenda and work towards transformation. A council, which comprises of business, labour and the state,

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 strong young, dynamic, energetic and creative people. You!

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How do I activate

my career with INSETA Matric is regarded as a minimum requirement for entry into the sector. Minimum requirements change at higher occupational levels, such as that of manager and professional, where a business and commercerelated qualification plus sector experience are typically required. In high school, 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 in the sector by providing new venture creation training.

Which niche fits you? Banks and finance Car hire Catering Death Disability Economics Electronic equipment Engineering Fire Funeral Group personal accident Guarantees Hospitals and healthcare Investment and savings Liability Life assurance Marketing Marine and aviation

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Medical aid Medical insurance Motor Personal/health services Preservation funds Property Retirement annuities Reinsurance Retrocession Risk management consulting Roadside/breakdown assistance Salvage recoveries Security Training and development Transportation Travel assistance/vehicle tracking

Your name on the door Accountant Actuary Asset/fund manager Appraisers and valuer Auditor Broker consultant Building contractor Business consultant Claims manager Corporate communication manager Financial planner Human resources Insurance administrators Insurance brokers Lawyer Legal expert Life claims technician Life underwriter Long-term insurance ombudsman Loss adjuster Medical claims technician Medical practitioner Motor assessor Panel beater Procurement specialist Risk manager Secretarial Short-term insurance ombudsman Surveyor System analysis/IT Technician Underwriter Underwriting manager

Explore your options, find the fit that suits you

Employment rThe insurance sector in South Africa employs more than 100 000 people, most of whom are employed by the large insurers. Most workers in the sector are employed in clerical and administrative positions. Service and sales workers, professionals and managers also constitute a sizeable portion of the workforce. Before you find your niche, you will need to find out which role suits you the best. Have a look at these options:

Financial planner A financial planner provides expertise and advice to clients on all the components of financial planning, including personal savings, personal and family insurance cover, health insurance, investments, asset and wealth management, retirement and estate planning, and tax liability. Financial planners use their business, economic, legal and quantitative skills to analyse and interpret their clients’ short-term needs and long-term goals and assist them to make informed investment and risk management decisions.

Insurance broker or agent An insurance broker or insurance sales agent sells insurance policies and products to individuals, families and business to safeguard them against future losses and possible financial risks arising from death, injury accidents, natural disasters, fire and theft. Insurance brokers have to analyse the needs of their clients and assist them to acquire the protection than best meets their needs. Insurance covers houses and property, vehicles, personal accident and

trauma, disability, income, personal and family health, hospital and medical costs, life cover for breadwinners, product liability and professional indemnity.

are accordingly often the main link between the insurer and the broker.

Portfolio manager

An actuary applies analytical, statistical and mathematical skills to financial and business problems, especially those that involve uncertain future events and call for life insurance, general insurance, risk management, healthcare financing, investment, corporate finance, banking, pensions and social security. The projections of actuaries help individuals and businesses to safeguard their future at a fair price in an ever-changing world. Actuaries use their mathematical and statistical skills to analyse past events, assess present risks and model what could happen in the future.

Portfolio managers make investment decisions and buy and sell shares on behalf of clients. They choose and monitor appropriate investments and allocate funds accordingly. Sometimes referred to as money managers, portfolio managers strive for the highest return on clients’ portfolios while minimising risks as far as possible. Pension funds or money management firms usually hire portfolio managers to oversee investing for clients such as institutions or groups of individuals with specific investment aims. The portfolio manager has to understand the investment goals of the client and ensure that the investments he/she oversees meet those goals.

Underwriter

Insurance administrator

An insurance underwriter indentifies and calculates the chance of loss under an insurance policy and enables an insurance company to charge an appropriate monthly premium to cover those risks. Since insurance companies are in business to make profits, underwriters use their analytical, technical and insurance industry knowledge to assess the likelihood of claims being made by policyholders and prospective clients. Once the risks are determined, underwriters help insurance companies to set appropriate premium rates, write policies that cover the risks or exclude parts of the risks and impose additional conditions of cover or charges to policies. Underwriters

Insurance administrators work with the administration of insurance programmes such as issuing new policies, dealing with changes and renewal of policies, liaising with insurance companies and policyholders, handling queries and any other ad hoc administrative tasks. Their duties also include

Actuary

• Collection of charges or premiums from clients. • Acting as resource and technical support specialists on insurance matters. • Administering all accounting-related functions and insurance administration. • Controlling, collecting and maintaining insurance-related records and data.

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Learnerships in insurance A learnership provides a learner with an excellent opportunity to gain experience in the labour market while studying towards a qualification.

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 Qualifications Framework (NQF). A learnership provides a learner with an excellent opportunity to gain experience in the labour market while studying towards a qualification. A learnership is regulated by a formal contract (learnership agreement) between an employer, a learner and a training provider. An employer can enter into learnership agreements with existing employees or with learners who are not employees. If the latter, the employer is not obliged to employ the learner when the learnerships ends. There are 46 learnership categories that have been developed and registered in the insurance sector. The most popular learnerships are those for Financial Services Administrator (NQF level 3) and Insurance Administrator (NQF Level 3).

What is expected? A learner who enters into a learnership agreement is expected to: • Participate in induction programmes. • Work for the employer as a part of the learning process. • Register with a training provider for the course material. • Participate in all learning and work experience required by the learnership. • Comply with the employer’s workplace policies and procedures. • Complete any timesheets/log books or written assessment tools supplied by the employer or the training provider. • Attend all study periods and theoretical learning sessions with the training provider. • Undertake all learning conscientiously and set aside sufficient time for self-study. • Undergo all practical and theoretical assessments for the learnership.

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the choice

Making

Although most people make several career changes in their lifetime, the first career 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 or organisation in which you will work and the income that you will earn. When choosing a career, we recommend following these simple steps:

Step 1: Know yourself 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 thinking about yourself and your future, and talking with relatives, friends and contacts, and psychometric tests conducted by a psychologist.

much younger and takes into account your experiences, dreams and interests. It is an ongoing investment in who you are and how you will fit into the world.

Remember to: Do your own research â&#x20AC;&#x201C; donâ&#x20AC;&#x2122;t just rely on what your friends, teachers and parents say. Match your characteristics to a specific career. Make sure your path has many opportunities and options. Try to get exposure and experience in the occupation by doing vacation work or an internship. Ensure there is a need for this type of work. Make a second choice.

Ask yourself: What are my skills and abilities? What are my strengths and weaknesses? What school subjects and qualifications do I have? What am I interested in? What kind of work do I dislike? What kind of people would I like to work with? What kind of job environment would I enjoy? In what ways would I like to be challenged and rewarded in the job that I do? What kind of a personality do I have?

Step 2: Identify and evaluate career knowledge You need to find out what your studying options are. Also, you need to familiarise yourself with the type of work in different jobs and careers, their types of salaries and benefits.

Things to do: Read career magazines, books, supplements in newspapers. Attend career exhibitions. Visit workplaces, talk to employers and employees. Contact professional societies. Browse the Internet.

Career choice is a process Choosing a career is not necessarily an overnight decision. It begins when you are

INmag | 2010

“ When I’m big I want to be...”

SAIA

The future depends on what we do in the present

A look at life at the South African Insurance Association (SAIA)

he South African Insurance Association (SAIA) is the representative body of the short-term insurance industry. The SAIA promotes the shortterm insurance industry by creating a positive awareness and understanding of the industry, and to add value to all stakeholders.

A day in the life of Barry Scott | SAIA Chief Executive Refilwe Moletsane | SAIA Deputy Chief Executive Charles Hitchcock | SAIA Manager: Finance Viviene Pearson | SAIA Manager: Image and Reputation

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A day in the life of Barry Scott SAIA Chief Executive 06h30

Chief executive of SAIA, Barry Scott, arrives at his office and spends some time on his e-mails and documents in his in-tray to ensure that he knows about everything that goes on at the SAIA, and the world the SAIA operates in.

07h30

Barry participates in a conference call that was booked because the CEOs of the Trade Associations in the Financial Services Sector need to discuss a trade association position on certain aspects of the negotiation within the Financial Sector Charter. The different constituents of the charter process include the trade associations (the financial services sector), government and community and labour. Currently, a difference of opinion exists between the position of business and community and labour, and a compromise needs to be sought in order for the Minister of Trade and Industry to start the gazetting process for the Financial Sector Charter to become law. Ultimately, the charter will assist in transforming the industry and addressing Black Economic Empowerment issues in the sector and outside the sector. The trade associations agree on a position and now need to seek the mandates of their industries before going into the next Charter Council meeting tomorrow when final negotiations will take place, after which all parties will meet with the Minister of Trade and Industry to relay the end result of negotiations.

09h00

Barry writes an e-mail to the SAIA Board detailing the talks with the other trade associations and asking for a mandate to support the joint position. He needs input before tomorrow! The SAIA Board consists of the chief executives of the short-term insurance companies.

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10h00 – 14h00

Barry attends a media conference on the SAIA donation to Business Against Crime South Africa. He is the main speaker at this media conference. In his speech, Barry explains that the SAIA has donated more than a million Rand per year to Business Against Crime SA to fight vehicle crime since 2002. Because of this, vehicle crime has decreased in South Africa by an average of 30 per cent overall. It makes sense for the insurance industry to become involved in the fight against vehicle crime, because if a vehicle is stolen, broken into or even hijacked, the owner of the vehicle will claim against his insurance. The more claims the insurance industry gets, the more providing motor insurance will cost the industry and the higher the premiums to be paid by consumers will be. But, Barry added in his speech, vehicle crime does not form the biggest part of insurance claims anymore. Road accidents have overtaken vehicle crime as the main driver of motor insurance claims. Road safety has therefore been identified by the SAIA as a new focus area and Barry announces that part of the SAIA 2009 donation to Business Against Crime SA will be spend on a road safety project. After the media conference, Barry gives several interviews to journalists from newspapers, as well as from the radio and television on these issues. He invites the media and other attendees to join him for lunch during which he needs to build relationships with the journalists and other stakeholders.

14h30

Barry is back at the office, just in time for a SAIA Exco meeting, where the budget for the SAIA for the next financial year is discussed. Fortunately, the budget is approved by Exco and Barry will submit the budget to the SAIA Board at its next meeting.

15h30

SAIA staff members are queuing up outside Barry’s office to talk to him about various issues. The accountant needs authorisation for urgent payments, the transformation manager needs to update him on certain issues that are going to be discussed at the Charter Council meeting tomorrow, and the office manager needs to get his approval for expenditure on new computers.

16h30

Barry gets a chance to read his e-mails in order to make sure he has a mandate for the important Charter Council meeting tomorrow. Fortunately, enough chief executives were available to give him their mandates. Barry goes home well prepared for the next day.

Barry ’s qualifications

BSc Electrical Engineering. Barry is registered with the Engineering Council of South Africa as a professional engineer.

Career path

Barry started out as an electrical engineer, a stint during which he was seconded to the United Kingdom (ICI) for a year. He then became the managing director of a computer company, after which he was employed by the SAIA where he became chief executive.

Other interests

Golf, motor racing (Barry races historic race cars and is usually in the top three places on the log), bird watching and photography.

A day in the life of Refilwe Moletsane SAIA Deputy Chief Executive

Refilwe is in Cape Town for a day filled with important duties on behalf of the industry. She travelled from Johannesburg yesterday.

08h30

Refilwe meets the chairperson of the Portfolio Committee for Finance in the Parliamentary system for breakfast to strengthen her relationship with him, and to talk of issues that are important for the insurance industry which will be discussed by the Portfolio Committee during the following parliamentary period.

10h00

Refilwe finds herself in Parliament. The topic of discussion today is the amendment to the Shortterm Insurance Act. It is Refilwe’s task to present the case of the insurance industry to ensure that the new sections of the Act take into account the current structures of the insurance industry while it still keeps consumer protection into consideration. The SAIA supports the new changes to the Act but has the responsibility to ensure that the regulations dovetail with the insurance structures that have developed over many years so that insurance business can continue to the benefit of the industry as well as consumers.

12h00

Refilwe arrives at the head office of the biggest short-term insurance company in South Africa. She has an appointment with the CEO of this company, to discuss the needs of the insurance industry and his company as member of the SAIA. Member visits to CEOs of companies form part of Refilwe’s duties as the deputy CEO. Management of member relationships is one of the key focus areas in the SAIA stakeholder relationship plan.

13h00

Refilwe joins the CEO of the big insurance company for a light finger lunch and relationship building with some of his senior management members.

13h30

Refilwe is on her way back to Cape Town central business district for her next appointment with the South African Plumbing Association. On her way, she calls her office to find out if all the documents for all her meetings for the rest of the week and next week had been distributed to members, including the documents for the SAIA board meeting, for which Refilwe’s office is also responsible. In addition, she needs to find out if there are any urgent messages that she needs to attend to, and generally if everything is in place. She responds to a message from SABC News, and quickly assists a journalist with information on the SAIA’s reaction to some aspects of the National Land Act. She arranges to be interviewed on the issue the next afternoon.

14h00

Refilwe meets with the Plumbing Association. They discuss standards and explore proposals that relate to the installation of solar geysers when existing geysers need to be replaced by insurers. This is an issue of great importance as this will assist South Africa to decrease the carbon footprint of our society. However, the cost of solar geysers vs. electric geysers is an issue, and there may be capacity challenges, so the issue is not a straightforward one at all.

16h00

Refilwe meets the editor of an important insurance industry magazine and his wife for an early dinner. Relationship building with key industry journalists is very much a part of her portfolio.

Refilwe’s qualifications

Refilwe has a Bachelor of Jurisprudence, and attended a management advancement programme, as well as a leadership advancement programme. She also has an Insurance Institute of South Africa (COP) qualification.

Career path

Refilwe has experience in underwriting, product management, account management and project management at two different insurance companies.

Other interests

Reading, attending workshops, cooking (Refilwe really loves cooking and is the main cook and organiser at family functions and other events in her circle of friends and family), movies and athletics.

INmag | 2010

A day in the life of Viviene Pearson

Viviene Pearson SAIA Manager: Image and Reputation 07h30

Viviene attends the Violent and Organised Crime Workgroup Meeting. This workgroup is facilitated by Business Against Crime as part of the Big Business Work Group activities, and addresses areas related to violent and organised crime. Crime is so high in South Africa that business believes all South Africans, individuals, businesses and industries, should do what they can to assist government in implementing projects that can make a difference to the crime levels in South Africa. The SAIA believes that they have a role to play as this workgroup deals with various issues including hijacking, and house and business robberies which are all relevant to an industry that deals with the claims that follow these crime types.

10h00

Viviene arrives at the South Africa Insurance Crime Bureau’s (SAICB) office. The SAICB fights organised insurance crime and fraud and works closely with its members (insurance companies), the authorities (police and prosecuting authorities), as well as other role players to achieve its goals. The SAICB is the SAIA’s solution to insurance fraud, and the success of the SAICB is close to the SAIA’s heart. Today, the SAICB Board is meeting to discuss the focus areas the SAICB must concentrate on in order to reach the strategic goals of the industry. Viviene is the SAIA representative on this board.

12h00

Viviene steps into her own office for the first time today. She has a quick meeting with the staff members of the image and reputation department who are on their way to the Johannesburg Country Club to get ready for the SAIA stakeholder event of the year, the industry annual cocktail function. Three-hundred and sixty people are expected and everything must be just so. She has a quick telephone chat with the chair of the SAIA Board about the speech that he will be giving at this event. She puts aside her own speaker’s notes (she will be the programme director) to take with her to the function. She also checks the media release that was written earlier in the week to make sure that it is correct.

13h00 – 15h00

Viviene has a series of meetings with service providers in the consumer education arena. The SAIA consumer education strategy enables all its 55 member companies to pool funds for the purpose of implementing financial literacy projects in the lower income groups. Since 2004, the SAIA has implemented consumer financial literacy projects that changed the lives of many people. They have implemented workshops in rural and township areas for mainly unemployed people, showing them how to work

INmag | 2010

with their money, save and stay out of debt. They have implemented multimedia campaigns at taxi ranks and train stations to increase the understanding of finances amongst millions of commuters across South Africa. They have developed material (linked to the curriculum) for maths literacy using financial literacy concepts in order to increase financial literacy levels amongst school leavers, and have shown teachers how to use this material in the classroom in teacher development workshops.

15h15

Viviene receives a call from a popular radio station in Cape Town, asking for a sound bite on insurance fraud. She quickly prepares a few sentences on the issue, receives their next phone call as arranged, and records the interview to be used later in the news bulletins of the radio station.

15h30 – 10h30

Viviene arrives at the venue for the function. She checks that all the arrangements for the function are in place, welcomes guests and starts with the proceedings. After all the formalities are over, the real work begins. Networking with guests, who are all important in the everyday work lives of the SAIA staff and management, is invaluable to ensure that the SAIA can meet its objectives on behalf of the industry.

Viviene’s qualifications

BA Communications; BA Honours (Political Science and Journalism).

Career path

Junior diplomat at foreign affairs, journalist at Department of Information, public relations officer, journalist and deputy editor at insurance magazine, manager of image and reputation at the SAIA.

Other interests

Metal music. (Viviene is very involved in her two sons’ metal music careers, and enjoys sport and reading.)

A day in the life of Charles Hitchcock SAIA Manager: Finance Charles arrives at work just after 7h00. He seems to be an early bird who prefers to get things done early in the day.

07h30

His day starts with a quick look at his e-mails, documents from the previous day and messages he did not get to the day before.

09h00

Charles meets with an insurance broker. He is the SAIA person responsible for the Insurance Guarantee Facility (IGF), which is administrated by the SAIA. The reason for this meeting is that the broker collects insurance premiums on behalf of the insurance companies it places business with, and then pays over the premiums into the bank accounts of the insurance companies involved after it has collected all the premiums. If something happens to the policyholder, his claim will be paid even though his insurance company may yet be paid the premium collected by the broker. It is law that all insurance brokers, who collect premiums on behalf of insurance companies, must have an insurance guarantee facility that insures them against the unexpected loss of the premium it collected. This protects the policyholder. Charles asks the broker how much premium he collects over the period of a year, and he calculates the correct amount that the broker must pay to have the correct IGF guarantee. He works out what the broker’s premium for this amount will be and gives instructions to the IGF supervisor, who will put all the paperwork in place for this guarantee.

11h30

Charles is also the SAIA’s company secretary and responsible for making sure that the SAIA follows all the rules in terms of ethical and best practice business principles. He needs to assess the SAIA’s performance against the expectations of the King III internationally recognised rules for good corporate citizenship and ethics. Charles talks with all the relevant SAIA managers about their portfolios, in order to make an assessment of the SAIA’s performance in terms of the King III recommendations. After these talks, he puts together a PowerPoint presentation on the risks he perceives, as well as the strong points, which he will present to the SAIA management team at their next strategic session planned in two weeks’ time.

loose association and it is Charles’ proposal that this should be changed to encourage good corporate governance and risk management. The SANP is a group of South African insurers that share the insurance cover provision for the Koeberg nuclear power station, and with the nuclear pools of other countries including England, Japan, Germany, Spain, Croatia, Slovakia, France and others. Should something happen at Koeberg, the amount of money needed for the resultant claim will be huge, which is why the local and international insurers are sharing the risk. Should something happen at a nuclear station in one of the other countries, the South African insurers will reciprocate by sharing in the payment of that particular loss.

15h30

Charles phones the chair of the SAIA Finance Committee, for which he is responsible. They agree on a date for a meeting of SAIA member representatives to discuss the new developments in financial condition reporting, a new corporate reporting structure expected to be implemented in the next few years. This committee needs to consider the potential impact of this new piece of regulation on SAIA members and the industry in order to see whether the SAIA needs to lobby the Financial Services Board (the regulator for insurance in South Africa) for changes.

Charles’ qualifications

BA Honours: BCompt (this is a bachelor’s degree in accounting sciences as well as an honours degree in the same subject).

Career path

Articles in accounting, working in the accounting department of an insurance company, finance manager at the SAIA.

Other interests

Charles loves the sea, reading, tennis (he supports and plays with his sons) and being ruled by his kids.

14h00

Charles is responsible for the administration of the South African Nuclear Pools (SANP), which is another entity administrated by the SAIA. The SA Nuclear Pools is meeting to discuss the formation of a new administration company to run its affairs. Up to now, the SANP was just an unincorporated

INmag | 2010

Safe construction

A-Z Intro

There are always two choices. Two paths to take. One is easy. And its only reward is that it's easy.

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 (thatâ&#x20AC;&#x2122;s you) to take the financial services sector to new heights and build a successful, sustainable insurance industry in South Africa.

INmag | 2010

Services

Alexander Forbes Risk and Insurance

The starting point of all achievement is desire

lexander Forbes Risk and Insurance Services has developed a culture of business excellence through learning and development. In fact “it is our hands-on approach to learning, combined with the practical achievement of success, that lends AFRIS its reputation for being South Africa’s University of Insurance,” said Jurie Erwee CEO Alexander Forbes Risk and Insurance Services.

an authorised financial services provider

INmag | 2010

It’s time to book your first class ticket

to the world of insurance The University of Insurance Alexander Forbes Risk and Insurance Services has developed a culture of business excellence through learning and development. In fact, it is our hands-on approach to learning, combined with the practical achievement of success that lends AFRIS its reputation for being South Africa’s University of Insurance.

Moving up in the world The centrality of this culture of development through learning is demonstrated by recent senior management appointments. Jurie Erwee, previously managing director of Alexander Forbes Risk Services (AFRS), was recently appointed CEO of Alexander Forbes Risk and Insurance Services (AFRIS). Erwee joined Alexander Forbes as a graduate trainee over 20 years ago. Similarly, Erwee’s successor as managing director of AFRS, Tutu Madungandaba, joined Alexander Forbes as a graduate trainee after qualifying as an attorney in 1987. Greg Wattam, recently appointed deputy managing director of Risk Services, also joined AFRS as a graduate trainee in 1993.

contracting, liabilities, stated benefits and other insurance-related topics. Combined with training in negotiations and customer servicing, employees acquire the full range of skills enabling them to drive business strategy. Thirdly, employees are encouraged and assisted to study towards formal qualifications, especially where these are required by FAIS or other legislation.

Qualifications Finally, AFRIS’ learnership pool, consisting largely of female learners from previously disadvantaged communities, contributes to the broader industry and economy by providing learners with an extensive 12-month theoretical and practical training programme covering business, computer, communication and administrative skills in addition to insurance training.

AFRIS’ Learnership Programme attracts high-potential young people to the industry, advancing the organisation’s skills development and transformation agendas while assisting more South Africans find employment in line with INSETA’s skills development objectives. Call 0860 746 242 or 0860 111 233 or visit www.afi.co.za for more information.

Each learner is provided with a mentor for the duration of the programme who assists them and helps them achieve their formal qualifications. In fact, the concept of mentorship is something that AFRIS applies throughout the organisation and at all stages of development.

Making these kinds of senior management appointments from within would not have been possible without the learning, development and support that AFRIS provides to its employees at all stages of their development. In fact, skills development is the corner-stone of our strategy to drive business success through excellence. This is achieved through a range of employee development and support initiatives.

Support and development Firstly, Alexander Forbes’s well-established training academy provides world-class technical, business, computer, leadership and management development, along with soft and interpersonal skills training. Secondly, Alexander Forbes’s technical training addresses specific business needs like

INmag | 2010

A day in the life of…

Gcobani Tunyiswa, Executive Leader Alexander Forbes Risk Services, Cape Town 07h30

15h30

I attend a meeting with various divisional leaders to discuss business opportunities within our existing client base. Alexander Forbes Group believes that there is more that we can offer our clients and the divisions needs to interact and communicate more.

Financial forecast discussion with our financial manager. The end of our current financial year is only five months away. We need to review our income and expenses and compare that to what is in the budget and provide the necessary commentary. This information must be submitted to head office by the end of the week.

09h00 Meet with my PA to discuss matters that need my attention in the day ahead.

09h30 I attend an internal strategy meeting to discuss our approach to the insurance renewal for a major financial institution client. The purpose of the meeting is to review the client profile and perform an insurance Needs Analysis. We discuss how we are going to market the risk to the insurance companies in order for us to obtain the best price for our client; which insurance companies to approach; as well as the cost for our services.

11h00 Meeting with a major client to discuss a 2010 Soccer World Cup Construction Project business opportunity and how Alexander Forbes Risk Services can add value. The client wants Alexander Forbes to arrange insurance cover for the construction activities as well as review the liability exposure during the World Cup Soccer event.

12h30 Client lunch. The purpose of the lunch is to build business relationships and catch up on various matters.

14h30 I meet with our attorneys to discuss a major complex claim for one of our strategic clients. We need to obtain legal opinion on policy coverage so that we can prepare ourselves for the upcoming meeting with insurers.

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16h30 The next day I have a Coastal Forum meeting for the whole day with our chief executive office, together with other executive leaders from other coastal regions. I must prepare for my presentation. I have a very interesting topic to present which will influence how we do business in the future.

17h15 Take a call from a wholesale insurance broker in London. We discuss his pending visit. He wants to meet with various members of staff to discuss client-specific issues and also wants to visit clients. We are finalising the itinerary for his business trip.

17h30 Continue with my presentation and preparation for the next day’s work.

Gcobani’s qualifications Bachelor of Social Science (majoring in Economics); Associateship of the Insurance Institute of South Africa (AIISA); Leadership Advancement Programme (LAP).

Career path Graduate trainee; claims administrator; account executive; business unit leader; executive leader in Cape Town and a member of Alexander Forbes Risk Services Executive team.

Other interests Travelling and golf.

INmag | 2010

Shattered glass

The way we look at it, you have a choice to make. You either prepare yourself to meet great opportunities, or you spend your life wondering when something good is ever going to happenâ&#x20AC;Ś

Luck is what happens when preparation meets opportunity Seneca

Compass is in the business of creating opportunities. We partner with people who have specialist expertise in the specialist insurance market. Our unique business model creates opportunities between brokers, niche underwriting agencies and entrepreneurs across a variety of industries - from marine insurance to medical malpractice insurance. If you are serious about gaining expertise, and if you are â&#x20AC;&#x2DC;preparedâ&#x20AC;&#x2122; to make new things happen in the specialist insurance market - we should meet. Contact us on talent@compass.co.za, (011) 745 8333 or visit www.compass.co.za

INmag | 2010

Planning for a changing climate

Hollard

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ou want a totally full life and you’re brimming with energy, dreams and ideas that few have ever guessed are in your head.

Come and be our inspiration — and we’ll be yours because … We Get You!

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INmag | 2010

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INmag | 2010

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INmag | 2010

G N I T A R B CELE S U O L U B OUR FA PEOPLE us who r those among Hollard votes fo at perne gh yo hi er d ev an ach year traordinary values. Those ex scar Awards Ho ive ce re live the Hollard d d an is le are celebrate ard ceremony formance peop scar ’s. The aw O ’s od wo lly e ways the tiv ea cr us rio –inspired by Ho In va al conference. party goes into part of our annu d and the after ise gn co re e ar lebration winners high energy ce group’s Hoscar mpany enjoys a co e tir en e th high gear when p Pantsula rappers Hip Ho that rocks. award winning s a’ orks lit up ric ew Af fir h ut as So e party rocking In 2009 it was th t go o wh m onderboo town. and rockers W Campus in Park over the Hollard y sk g ur ’b Jo e th

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INmag | 2010

Building a career

Lion of Africa

Bite off more than you can chew, then chew it

o many people, insurance is a service that is accessed over a phone without much thought about what makes the business tick. To the person working within the industry, however, insurance is a career that offers good opportunities for development and growth over many years.

Risk business is Lion of Africaâ&#x20AC;&#x2122;s business

INmag | 2010

Building a solid career Claudia Yung Fah, executive: HR and IT of the Lion of Africa Insurance company 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.

Who are we? Lion of Africa is a 100 per cent black-owned corporate and commercial insurer with yearly revenue of more than R700 million. The company marked its tenth anniversary during August 2009. Lion of Africa is the largest insurer to local authorities, the third-largest specialist underwriter for engineering business, one of the top ten 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 lots of opportunities to earn while you learn,” said Claudia. “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 INSETA, the Insurance Sector Education and Training Authority.

Qualify and comply These learners, through gaining the qualifica-

INmag | 2010

tion, 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, noted Claudia, a former banker who made the move to insurance a few years ago. The SETA 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, and eventually to a generic degree such as a BCom or a financial services-related degree.

Work experience In 2008, Lion of Africa embarked on its first in-house learnership which afforded 14 learners with not only the opportunity to gain a formal short-term insurance qualification, designed by and therefore well-recognised by the industry, but to gain one year’s working experience in various areas of the business. Out of these 14 learners, four learners received extended contracts. In this industry the key to growth is experience. “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,” said Claudia. Effectively, this means that people who, for one reason or another, cannot afford to leave school and attend university full-time, do not have to sit back and watch while their friends who can afford university 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 SETA studies is that the courses are shorter – the longest being about 12 months and that they can be undertaken at company expense, if approved, while you are gaining practical experience.

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. 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,” noted Claudia. “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. 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, are essential and have one aim – making customers happy. “Ultimately it is dealing with people that make this business what it is – challenging, rewarding and always interesting,” concluded Claudia.

Who says the sky has to be your limit

Lion of Africa Commercial Who would associate short-term insurance with gold mines, car assembly plants, aircraft and ships amongst other things? Probably not many, said Michael Dash, senior commercial manager 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.

Not what you’d expect Debunking the theory that insurance is a boring business, Michael said that he entered the short-term industry after finding initial employment after university was not what he expected it to be.

than a kilometre underground in a gold mine, visited major industrial installations and enjoyed a career that has offered more variety than most.

shipping and insure ships as well as the cargoes they carry. Yachts and pleasure craft also fall under their particular risk assessment portfolios.”

Keeping it fresh

The demands of the business have been recognised by tertiary institutions, 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.

“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 adapting to its environment,” said Michael.

“After university I become an articled clerk, involved in auditing at the Johannesburg Stock Exchange. I found it boring and frustrating. Luckily, I moved to the insurance industry and found my niche.” Now with 20 years in the industry, and occupying a senior position at Lion of Africa, Michael added that he can look back at a career which has offered opportunities that would never have otherwise come his way.

For example, people working within Lion of Africa were involved in developing 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, customised solutions. People involved in engineering and construction want coverage that can cover everything from building works to losses incurred caused by machinery breakdowns.

As he has climbed the corporate ladder, he has visited many industries, been more

“At the coast and in Johannesburg we have specialists who are involved in

INmag | 2010

I have the simplest tastes. I am always satisfied with the best.

Is it for you?

Go for the challenge

But, added Michael, there is a lot more to being successful in the short-term insurance industry than just a tertiary qualification.

Turning to prospects for personal growth in the industry, Michael said there were numerous opportunities available for new entrants looking for challenging, interesting careers.

“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. “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 was the recipe for success, Michael said. The call of the insurance industry could also be measured by the fact that many people who, like him, had qualified at universities for specific professions were now working at companies like Lion of Africa.

“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,” Michael said. “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.”

“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.

INmag | 2010

Protecting what matters

Metropolitan

Every day is an opportunity to make a new happy ending

early every family in South Africa has at least one of these. They can help you save for your future, protect you and create wealth. Having one keeps families and communities cared for, making the country and the economy stronger. It forms an integral part of the financial services landscape, and any citizenâ&#x20AC;&#x2122;s life. It is an insurance policy.

Together we can What we do Careers at Metropolitan Salaries Bursaries

INmag | 2010

Insurance is one of those things that usually goes on behind the scenes and may not sound like a particularly cool subject, but the spread of insurance to ordinary people over the past hundred years has transformed society. Previously, only extremely wealthy people could afford to insure their lives and their businesses. Nowadays, the security that affordable insurance brings makes it possible for ordinary people to reach for their dreams without risking losing everything they have in the process. And that’s really pretty cool!

Who

are

Metropolitan is made up of a fascinating group of unique individuals, who each bring their own opinions, ideas and values to the company. It is this wide diversity of people that makes Metropolitan so special, and so able to work out what it is that will help overcome common problems faced by millions of people – building wealth for our clients and our staff. Early on, Metropolitan’s leaders learned that the best ideas spring from free thought, and so employees are encouraged to make suggestions, speak their mind, and keep studying to expand their knowledge and skills.

INmag | 2010

How it’s

Metropolitan provides people with a wide range of services to help them deal with any financial situation – whether it’s an educational policy to ensure that when you go to university your fees will be covered, or whether it’s an investment package that helps you to create wealth over the years.

Perseverance is the hard work you do after you get tired of doing the hard work you already did

What

We do

done

Metropolitan has created a range of affordable savings and insurance products that work for a wide range of people. By encouraging people to put part of their monthly salaries into these kinds of insurance products, we have not only helped them to save for their futures in a structured way, but have also ensured that their savings cannot be wiped out by an unexpected emergency. In this way, over the last 111 years, Metropolitan has helped to increase the wealth of millions of South Africans, as well as people living in Ghana, Nigeria, Botswana, Namibia, Kenya, Swaziland and Lesotho, where we also do business.

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Careers

Metropolitan All kinds of people

A company of Metropolitan’s size is like a small town and needs people with all kinds of skills to keep it going, including:

The essence of the beautiful is unity in variety

• A legal team to draft contracts. • Actuaries to help develop new products. • A sales force to sell policies. • Claims clerks to process claims. • A forensic team to investigate fraudulent claims. • A human resources division to hire and manage staff. • A marketing, brand management and communications team to promote the company and protect its image through activities like advertising and sponsorships. • A tax department to make sure it understands and abides by all the tax laws. • A training division to keep staff up to date with the latest developments in the industry. • Computer experts to create, maintain and constantly update the company’s software and hardware. • Accountants to manage finances. • Social practitioners, employment equity experts, black empowerment experts and medical professionals to provide support for staff while ensuring the company’s compliance with government transformation objectives. • Reception, catering, cleaning and security staff. • A management team to keep the whole company running productively and profitably.

Salaries

A newly qualified Bachelor of Business Science (Actuarial) graduate can earn R18 000 a month to start, with their salary rising dramatically within as little as five years, depending on how many additional actuarial subjects they pass while they’re working.

If you want to earn a guaranteed big salary you’re going to need maths – there’s just no avoiding it. 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 qualified as actuaries or auditors. So don’t drop maths! A newly qualified Bachelor of Business Science (Actuarial) graduate can earn R18 000 a month to start, with their salary rising dramatically within as little as five years, depending on how many additional actuarial subjects they pass while they’re working. A newly qualified B Comm (Accounts) graduate with Honours can earn around R14 000 per month to start, with significant increases over the next few years. The biggest earners of all in the industry are the top insurance sales people, who could take home up to R150 000 in an exceptional month – but they reap these kinds of rewards after only many years of experience in the business, because they receive no basic salary and work purely on commission. So if they don’t sell any policies, they don’t earn any money. Most sales people in South Africa earn less than R15 000 a month. Call centre agents earn around R7 500 with incentives for performance, which may sound like quite a lot when you’re starting out, but there is limited potential for career development and income growth in the long term.

INmag | 2010

Metropolitan offers a number of learnerships to promising matriculants who will receive a monthly allowance while they gain valuable work experience in our different business units.

Learnerships for matriculants:

• Information Technology learner programme (one place per year). • Financial Sector Charter learnerships (20 per year across different business units). • Three-month development programme specialising in claims, premium management and client services (must have two years’ working experience). We also offer valuable university bursaries to students who obtain top academic results at school.

Bursaries

• Bachelor of Business Science (Actuarial) – (three per year). Includes tuition, books, accommodation, transport and pocket money. • B.Comm (Accounts/Auditing) (one or two per year). Includes tuition and books. • Honours year of Computer Science studies (three per year).

Graduate development programme

Difficult things take a long time, impossible things a little longer

Financial help for studies

Metropolitan has a dedicated two-year Graduate Development Programme that gives graduates exposure to different areas of our business, and develops them for a career in the industry. Metropolitan employees benefit from access to interest-free student loans and bonus incentives designed to help them keep upgrading their skills and knowledge.

International in Africa

Metropolitan offers a number of learnerships to promising matriculants who will receive a monthly allowance while they gain valuable work experience in our different business units.

Because Metropolitan operates in seven other African countries apart from South Africa, there is the opportunity to either get involved with international projects or with the expansion of the company into new countries.

More than just salaries

Yes, Metropolitan staff members earn market-related salaries, but they also get lots of benefits that only a large company can offer. Pension funds, housing subsidies and maternity benefits may not seem very important to you now, but later on these things can really make a difference in your life. There’s also extra cash in the form of thirteenth cheques, performance bonuses and more.

Facts and figures

Number of staff (throughout Africa): about 9 800. Number of branches and offices (throughout Africa): more than 250. Percentage of black staff: 77 per cent. Annual turnover in Rands for 2008 (RSA only): R12 927 billion. For more information about working at Metropolitan, please call Luan McArthur Grill on (021) 940 5766 or e-mail Luan on lmcarthur-grill@metropolitan.co.za.

Metropolitan has a comprehensive wellness programme to support employees and their families with health, work and home-related problems.

Looking after the community

Metropolitan runs all kinds of community projects which help with things such as life skills, HIV/Aids prevention and treatment, and education. The goal is to help communities set up sustainable programmes that can help people for a long time to come, and improve self-reliance.

Transforming society

Metropolitan is currently the financial services company with the best black empowerment track record in South Africa – and we haven’t stopped transforming yet. Need we say more?

INmag | 2010

Running smoothly

Mutual & Federal

A career designed for success

s a young South African with a world of opportunity spread out before you, you need to make sure that you choose a career designed for success. If you’re considering getting into the insurance industry, you should make sure that you choose the company that will look after you. Mutual & Federal, one of South Africa’s largest and most trusted short-term insurance companies, is a prime example of a company that looks after its staff. Not only does it offer market related salaries and superior support, the company offers you the opportunity to learn while working. But that’s not all, Mutual & Federal also pays its staff to gain more knowledge.

INmag | 2010

Talent management

Learn while you earn Yes, you heard correctly: Mutual & Federal pays you to learn while you work there. The Mutual & Federal Insurance Academy (MFIA) was launched on 1 June 2006. Since inception, all staff working for the short-term insurer have had access to further education in the short-term insurance industry, and best of all, once you’ve completed a course you will be awarded a monetary incentive accordingly. Mutual & Federal prides itself on being fully compliant with the standard education practices of the National Qualification Framework (NQF). This means that all learning material is outcomes based and specific goals need to be reached before the learners complete and receive their qualification. The MFIA is also registered with SETA and complies with their learning criteria and specific assessment tools. All these educational achievements enable Mutual & Federal to offer its staff qualifications recognised by the Financial Advisory and Intermediary Services Act (FAIS). Basetsana Magano, executive general manager of Group Human Resources for Mutual & Federal said, “The learnership programmes and qualifications offered by the MFIA can compete with the best tertiary educational institutions in the country. We encourage all our staff to take part, from the ground level up, because the short-term insurance environment we work in is skills driven. We want to see our staff succeed and offer them all the tools they need to get there.” That’s not the only thing that sets Mutual & Federal apart from so many other

INmag | 2010

short-term insurers in the country. Another initiative, the Job Competency Curriculum (JCC) has been designed and implemented by the Human Resources department to guide Mutual & Federal staff in making the right decision when choosing their career paths. The JCC consists of four learning corridors which focus in the areas of Personal Claims, Personal Underwriting, Commercial Claims and Commercial Underwriting. The short-term insurance industry is fast paced and ever changing, especially in a competitive environment and you must stay on top of the game to ensure that you succeed. Mutual & Federal ensures that staff keep up to date with new developments in the short-term insurance industry by providing in-depth training. The Mutual & Federal Insurance Academy has a significant footprint across all branches in South Africa. This means that employees are given the opportunity to receive the best education with state-of-theart technology, no matter where they are in the country. The company understands the importance of uplifting the people of South Africa by offering them top class knowledge and education. Not only does the MFIA add to the knowledge base at Mutual & Federal, it also creates a bigger pool of educated individuals in SA.

Staff support Another way in which Mutual & Federal solidifies its reputation as one of the country’s most trusted short-term insurers is by looking

after the well-being of its staff. The global economic downturn has had a negative effect on almost every aspect of the global economy. In an effort to combat the impact of the economic crisis on the personal and professional lives of its staff, Mutual & Federal is placing additional emphasis on staff retention and growth. By implementing various strategies to improve the mental and physical well-being of employees, Mutual & Federal is able to maintain a productive and happy staff complement. “The well-being of our staff and their immediate families is at the top of our priority list. We believe it is important to take care of the people who constantly work on building our brand and the success of our business, while at the same time ensuring that productivity remains at an optimum level,” said Magano. One of the ways Mutual & Federal ensures staff satisfaction is by offering exclusive access to an internal health and wellness website called Life Assist. Life Assist is one of South Africa’s leading counselling networks, providing a specialist, comprehensive, proactive employee assistance programme. Employees who face any type of trauma or stress from hijacking, divorce, retrenchments, financial pressure or any other personal or work-related issue can call a 24-hour, toll-free number. A trained counsellor will be available to offer them the guidance they need. Mutual & Federal has seen the benefit of providing a spectrum of trauma, work and family counselling services to all of its valued employees as part of a healthy future for both staff and business security.

the Firehouse 2411

A Member of the Old Mutual Group

Visit www.mf.co.za or call 0860 22 55 63

Choose a career that will take you to the top. Become a part of our professional team and climb the career ladder even faster. Check out www.mf.co.za and select the â&#x20AC;&#x2DC;Join our Workplaceâ&#x20AC;&#x2122; link for more info.

So, what do you want to do?

Authorised Financial Services Provider

Even though the essence of Mutual & Federal is still strongly focused on tradition, the short-term insurer is happy to adapt to change and remain a relevant entity in the eyes of young professionals. By keeping a finger on the pulse of the market and finding a balance between tradition and contemporary vibrancy, Mutual & Federal has established itself as a leader in the short-term insurance industry without compromising any of its values and aspirations.

Growing talent “Our talent management and retention programme ensures that we maintain and monitor our skills and talent base. We do talent and skills reviews regularly and this gives us a fair indication of where we need to focus on developing and growing our knowledge base,” said Magano. “Most of the employees at Mutual & Federal start at the bottom and grow within the company structure. Regular career conversations assist us in identifying how we can help our staff grow; after all we are making an investment in our people. This provides us with constructive feedback when offering employees the relevant training needed to advance them in their chosen career path,” added Magano.

Values The Mutual & Federal values are Accountability, Respect, Pushing beyond boundaries, Integrity and Passion. Anyone working at Mutual & Federal at any level should relate to these values and carry them close to their hearts. By fulfilling this objective, Mutual & Federal portrays itself as providing an attractive working environment for young professionals in the short-term insurance industry. Even though the essence of the Company is still strongly focused on tradition, the short-term insurer is happy to adapt to change and remain a relevant entity in the eyes of young professionals. By keeping a finger on the pulse of the market and finding a balance between tradition and contemporary vibrancy, Mutual & Federal has established itself as a leader in the shortterm insurance industry without compromising any of its values and aspirations.

INmag | 2010

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Its own university “I like to think of Mutual & Federal as the university of the short-term insurance industry,” said Magano. “You don’t have to look very far to find someone who has worked here for a considerable period of time.” The average tenure of service is eight years and Magano admits that she is reluctant to shred old staff files as many ex-employees find themselves back at Mutual & Federal after testing the market. Mutual & Federal is one of the leading short-term insurance companies in the country. If Mutual & Federal makes sure that the staff across the country are constantly mentored, engaged and protected, then it’s making an excellent investment in its people.

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“Departments and branches countrywide have staff committees that arrange various activities for staff and brokers such as social days, participating in local sports events or contributing to local charity projects. These events are very popular and encourage healthy staff morale,” said Magano. Mutual & Federal has always focused on the medium to long-term benefits of growing its knowledge base. If you’re considering looking for a job in the short-term insurance industry, Mutual & Federal is definitely one of the best places for you to be.

Cutting edge

Mutual & Federal is in the process of running various voluntary stress management workshops to help its staff cope with the increasing physical and emotional stress related to the current recessionary environment.

Technological advances such as the implementation of an entirely new IT system have ensured that Mutual & Federal remains competitive in this tough market. This new system, supported by a powerful online facility will result in superior service to both brokers and policyholders.

Play time

Contact

It’s not all work and no play with this dynamic short-term insurer. The FIFA Confederations Cup gave the country a taste of what is coming when the 2010 FIFA World Cup finally reaches our local stadiums and TV sets. Mutual & Federal ran a set of competitions for staff in preparation for this prestigious event. Various Mutual & Federal branches across the country have been getting into the spirit. Each regional manager is tasked with the responsibility of conducting activities that will improve staff morale at a local level to ensure that all staff are happy in the working environment.

Visit www.mf.co.za to find out more about the company, and CareerJunction for all vacant positions at Mutual & Federal.

INmag | 2010

Nuts and bolts 82

INmag | 2010

High flyers 84

INmag | 2010

Old Mutual South Africa

The future belongs to those who believe in the beauty of their dreams

MSA is a financial services company that has been in South Africa for more than 160 years. It forms part of the Old Mutual Group of Companies with its head office in London and businesses in the USA, UK, Europe Africa and Asia.

INmag | 2010

The group provi des innov ative life assurance, asset mana geme nt, banki ng and gener al insura nce produ cts and servic es. Our focus is to becom e the intern ation al long- term savin gs and inves tment provi der of choic e and the prem ier finan cial servic e provi der in South Africa .

We strive to be first…

... for our clients, who 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 throu gh their advisers. … for our shareholders to whom we deliver sustained and superior financial performan ce. We add value to their investments and rewar d the confidence they place in Old Mutual. ... for South Africa by being involved in a number of initiatives that promote learning, growing and excellence in education. We are passionate about transforming our nation through our involvement in retirement reform , black economic empowerment and workplace transformation initiatives.

This means you

To achieve the above, we need employees who are hard-working, goal- directed, passionate about their field of expertise, innovative, client-oriented, balanced and invested in South Africa’s success.

INmag | 2010

We offer our employees competitive remuneration packages and productive work environments. Our employees can make choices about their careers whether they want to become specialists in their field or managers of people, and ultimately, businesses. A range of career development training and education opportunities are offered to enhance skills, improve knowledge and align to the OMSA’s way of dealing with clients, colleagues and staff. Career opportunities are offered to school leavers, graduates, young professionals and experienced specialists and managers in the following fields of work: • Sales and distribution • Client service and operations • Property development and management • Investment management • Actuarial • Audit • Law • IT • Marketing • Human resources • Finance To learn more about joining a first class company to invest in your career success, visit our careers website @ www.oldmutual.co.za

Greenroom 05.2009 JB15334

How awesome are you really? The Old Mutual opportunity You get support from the day you matriculate, throughout your actuarial studies to qualification and beyond. Our South African Managing Director, Paul Hanratty, began his journey as a bursary student – if YOU think you have what it takes, use the Old Mutual opportunity to SHINE!

The bursary covers

The Old Mutual edge to keep you going

■

Fees

■

Guaranteed employment after university

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Accommodation with meals

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One-on-one mentoring by an experienced

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Travel and book allowance

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Incentives for good performance

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Academic and emotional support

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Good networking opportunities

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Vacation work from second year

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opportunities and support (e.g. MBA or CFA qualification)

qualified actuary ■

The chance to gain experience internationally (e.g. India, US, UK, China)

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For the best of the best – further study

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Working with acknowledged industryleading experts in different fields, shaping South Africa’s financial future.

In-house rotation programme exposing you to various aspects of our business

The challenge

The reward

Being an Actuary requires

■

At the end of the journey you will join an elite, talented

■

Sacrifice, dedication and hard work

■

Proven numeracy skills (Mathematics)

■

Communication skills (English)

with specialised skills in risk management across a range of

■

An appetite for challenge

financial arenas – finance, fund management, investment

■

Drive, energy and initiative

product design, solution development and consulting, and

■

That special x-factor that proves you’re a cut above the rest!

retirement and risk planning – among others.

For more information, contact 021 509 4861 (om28064@oldmutual.com) 021 504 7285 (sncube@oldmutual.com) www.oldmutual.co.za/careers

pool. ■

You will be recognised as a top-earning niche professional

Accountancy bursaries and TOPP

Well-trained and qualified accountants are important to the success of Old Mutual and South Africa. To become an accountant, you need to complete an internship when you have finished your academic training. You can choose to go the traditional route and do articles with a firm of chartered accountants, or do training at approved organisations, known as Training Outside of Public Practice (TOPP).

Diana, why did you choose to study accounting? It’s actually funny: I wanted to become a doctor when I was growing up. However, when I went to high school, my teachers chose commercial subjects for me. I guess they knew better! Despite them choosing accounting for me, instead of the other way around, I really enjoyed it. I knew I wanted to study something to do with accounting.

Diana Moloto

is a third-year trainee who has passed board two exams. She will be qualifying as a chartered accountant at the end of 2009. Diana joined OM TOPP as a bursary student.

You will qualify as a chartered accountant at the end of 2009. Is this a dream come true? Definitely! It has not been an easy road, and when you pass the last qualifying exam it’s a relief, but it has not sunk in yet that I am nearly a CA. What are the benefits of qualifying as a chartered accountant? The qualification opens doors. Being a chartered accountant means you can do many things; you do not have to be just an auditor or a financial accountant; there are other exciting things that you can do when you have the qualification. I am looking forward to enjoying the benefits. The board exams can be real nightmares. Tell us your best studying tip and how you cope with stress. The key is studying very hard and continuously, and not leaving the studies until the last minute. If you could go back in time and tell your 17-year-old self anything, what would it be?

INmag | 2010

Never ever underestimate your potential. If you want something bad enough, you can get it. The sky isn’t the limit; you can do more if you can just have faith in God; believe that you can. What are your plans for the future? I would like to go overseas and gain international experience working as a CA and also start writing the CFA (Chartered Financial Analyst) exams, which I believe will help me as an analyst. After that I will definitely come back to South Africa.

Small opportunities are often the beginning of great enterprises

Chanine, why did you choose to study accounting? Accounting was my favourite subject at high school and we had a very inspiring accounting teacher, who always took the time to ensure that we were as prepared as we could be for exams, etc. What qualities do you think Old Mutual saw in you when they offered you a bursary?

Chanine Gabriels

is a chartered accountant who qualified through TOPP in 2008. She joined OM TOPP as a trainee accountant in 2006. She is currently working for Mac Quarie (an OMIGSA subsidiary) as an analyst.

They saw a candidate who aspired to become a CA and who knew what she wanted and was willing to do what needed to be done to achieve that goal. Tell us what you do in an average day. I get to work around 08h30 and start the day by reading the newspaper and my e-mails. I then get on with whatever work needs to be done – usually according to my daily to-do list, which never seems to come to an end. There are various ad-hoc activities which get thrown my way. I am responsible for fund administration activities, such as reporting to the various stakeholders of the funds which we manage. I am also responsible for any analyses which the asset and portfolio managers request, with regard to the assets under management and any valuations we need to do. My main task involves the administration activities relating to the new fund which we are currently raising.

who I am and the social things I do, but I am now able to afford the purchase of a house. The board exams can be real nightmares. Tell us your best studying tip and how you cope with stress. The only advice I can give someone is to start preparing when you get the material, even if that means two hours of reading every evening. Keep abreast of developments in the business world, as this could be the difference between a pass and a fail. Board exams are not only trying to test your theoretical knowledge, but also your real-world perspective and your ability to apply the theory in practice. If you could go back in time and tell your 17-year-old self anything, what would it be? Keep your head in the books and don’t stop dreaming. It will all happen in good time! What are your plans for the future? I intend on growing within the team I’m in now. There is so much scope for growth and development within the infrastructure investment arena. Watch this space.

You qualified as a chartered accountant in 2008. How has your life/career changed since then? My work life has changed significantly in terms of the increased level of responsibility and strict deadlines. My personal life has not changed much in terms of

INmag | 2010

A new generation Old Mutual Academy for Financial Planners One of the hottest topics on everyone’s lips at the moment is the need for qualified financial planners. As the largest financial services provider in Southern Africa, Old Mutual has a leading role to play in finding a long-term solution to the skills shortage.

The academy The Old Mutual Academy for Financial Planners was established to train young, aspirant EE men and women into professional financial advisers. The recognised qualification equips them with business skills required to effectively address the financial planning needs of the growing black middle and upper incoming markets.

Be in demand Statistics show that there is a high demand for black brokers offering more diverse professional financial services. The academy has generated a great interest in the market, and many companies visit the academy to recruit graduates. Matlodi Leteane, currently employed at Africa Vukani investment management services as a financial planner, said, “I wouldn’t be where I am today if it were not for the academy. Both the qualification and experience I gained are highly regarded by the industry. I found the staff members passionate about what they do, approachable and very friendly. Above all, they were very knowledgeable about industry issues and they were great mentors.” One of the learners, 29-year-old top student Thembalisizwe Sindane, who graduated in June 2007 said, “My dad is a chartered account and I’ve been interested in the world of finance since my school days. After I got my BCom in economics and financial management, I wanted some practical knowledge to supplement the theory. I spotted the academy’s recruitment ad in the Pretoria News and applied. It wasn’t easy to get accepted – I went through a tough three-week recruitment process. It turned out to be worth it. The practical experience is invaluable and the quali-

INmag | 2010

fication will definitely make it easier for me to find a good job, hopefully in asset management!” Our structured 12-month programme encompasses both theoretical and practical training aspects. You’ll enjoy a fantastic support system through coaching and mentoring, a monthly living allowance and great earning potential through sales and become fully empowered to be a financial planner. If you are financially astute and businessminded with a real passion for sales, people and client service, the academy offers you the stepping stone to an exciting future. For more about the academy, visit http://www.oldmutualacademy.co.za or contact us directly at (011) 731 6900.

r e n e G w A Ne

ration

INmag | 2010

Navigating around the storms

sanlam

To accomplish great things, we must not only act, but also dream; not only plan, but also believe

An employer of choice

ince its inception almost a hundred years ago, Sanlam has grown into one of our countryâ&#x20AC;&#x2122;s leading financial services companies. Through our products, services and people, we help South Africans to save, invest and grow their money, as well as protect themselves, their businesses and families. Wouldnâ&#x20AC;&#x2122;t you want to be a part of this engaging, innovative, inspiring and empowering environment?

Fast facts about Sanlam How can Sanlam help me achieve my career goals? Training and development Working for Sanlam

INmag | 2010

First say to yourself what you would be; and then do what you have to do

FAST FACTS ABOUT SANLAM - Sanlam, established in 1918 as an insur-

ance company, has grown into one of South Africaâ&#x20AC;&#x2122;s leading financial services companies, offering clients a journey for life for their financial needs. - Sanlam helps people from all walks of life to invest and grow money, to save for a rainy day, and to protect themselves, their businesses and their families financially when they need it most. - The Groupâ&#x20AC;&#x2122;s products include personal and business insurance, estate planning, trusts, home and personal loans, savings and linked products, investment, asset management, property asset management, stock broking, risk management and capital market activities. - Based in Belville near Cape Town, the Sanlam Group has offices throughout South Africa and business interests elsewhere in Africa, Europe, India, Australia and the USA. - The Group employs about 9 000 people and has more than 2 300 accredited brokers and 3 300 advisers with 1 760 advisers in the rest of Africa and 19 000 in India.

INmag | 2010

HOW CAN SANLAM HELP ME ACHIEVE MY CAREER GOALS? Growth: Sanlam offers challenging work,

coaching and mentoring, training and development programmes, performancebased study loans and bursaries for further studies for staff. Reward: Sanlam offers competitive salaries and performance-driven incentives and awards. Balance: Sanlam offers flexible work hours, employee wellness initiatives and fair expectations regarding workload. Leadership: The leadership philosophy within Sanlam is aimed at encouraging an engaging, innovative, inspiring and empowering environment. Reputation: Working for Sanlam offers an opportunity to work for a market leader, with a focus on sustainability, respect, company ethics and contributing to society. Success: Through support and guidance in your career path, Sanlam strives to help each employee achieve their professional goals.

TRAINING AND DEVELOPMENT Staff: Sanlam offers a formal coaching programme for executive managers as well as learnerships, on-the-job training and formal training interventions to all staff members. Development discussions take place with all staff which results in an individual development plan. Non-staff: Sanlam offers learnerships to study towards a one-year SAQA-accredited course in insurance administration to young people who show passion, commitment and potential.

Vukile

Sodlongwana

WORKING FOR SANLAM

Independent financial adviser

What does my job entail?

I help clients make good financial decisions. I find out what their needs and goals are, what their financial situation is, and lots of other details about them – and based on this, I help them decide what they need to do to ensure they reach their financial goals. This involves the whole spectrum of financial planning from helping businesses and individuals protect themselves through insurance, to helping people plan for retirement. I also help people with estate planning and investing. How did I become interested in this?

After working in a bank for five years, my passion for people and the industry led me to the insurance business. I like living on the edge and being challenged on a continuous basis. This business is very challenging as is it commission-based and therefore ‘no work no pay’. I like the fact that I have a potential of earning any amount I want depending on how smart I work, but my first priority is to ensure my clients’ needs come first. What are the important subjects to study at school and what tertiary qualifications do students need to do this?

Maths is always an advantage and a BCom in finance or accounting gives you that edge. Damelin offers a course in insurance, UWC has a BCom investment degree, and the University of the Free State and University of Stellenbosch offer a postgraduate diploma in insurance/ financial planning.

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What are the characteristics of a person who would excel in the field of market intelligence/research?

Networking is key and an outgoing personality helps. Honesty and integrity is also crucial – your clients must trust you. What is the best advice you can give to a young person who would like to embark on a career in market intelligence/ research?

First ask yourself if you want to work for a salary or for yourself? In this job, you determine your own income so how much you earn is up to you. Are you ready to take other people’s interests before yours? Are you willing to work under constant pressure? If your answer to these questions is yes, then this career is for you.

Danielle Fortune

Brand manager

What does my job entail?

Developing the marketing strategy, based on Sanlam’s business strategy and objectives. I am also responsible for maintaining brand consistency, meeting and implementing communication objectives and managing marketing budgets and projects. We work with PR, media placement and advertising agencies and it is my responsibility to liaise with and oversee relationships with them and ensure they are adequately briefed. How did I become interested in marketing?

I didn’t intend to study marketing and started with a degree called a Bachelor of Business Science. We did subjects from all commercial disciplines including marketing during the first year and once I had done my first marketing course, I was hooked – I was fascinated by consumer behaviour and the power of a brand.

What are the characteristics of a person who would excel in the field of marketing?

Someone who can see the big picture, but doesn’t lose sight of the detail. And someone who enjoys project management – a big part of a marketer’s job is tying many threads together to get a campaign off the ground. What is the best advice you can give to a young person who would like to embark on a career in marketing?

Never stop reading and learning about new consumer, marketing and media trends. In order to do your job well, you must understand the consumer as it is a marketer’s job to represent the consumer in an organisation.

What are the important subjects to study at school and what tertiary qualifications do students need to do this?

If you study marketing by doing a BBusSci (Hons) or BCom, then you will need to do maths and English at school. There are various ways of getting a marketing qualification. You could study a BCom or BBusSci with a marketing major at university, or you can study any undergraduate course and then do a post graduate diploma in marketing at university. Most technikons offer marketing diplomas and degrees. Alternatively, there are specialist tertiary education institutions like IMM Graduate School of Marketing, Vega The Brand Communications School and the AAA School of Advertising.

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Jacqui

Mckeown

Head of Market Intelligence

What does my job entail?

It is my job to help Sanlam understand what people want, to identify risks and opportunities, to learn about competitors and to use the findings to determine the best marketing strategy. We collect and analyse information using very technical and scientific methods. This is how we ensure we are actually providing services and products that clients really need – and that help them in their lives. How did I become interested in this?

I didn’t plan on becoming a market researcher – in fact many researchers I know didn’t. But in hindsight, it fits me like a glove. To me the greatest joy in being involved in market intelligence is that I continue to learn new things. Every new project brings a new angle to life, new insights and allows me to look at the world through new eyes. What are the important subjects to study at school and what tertiary qualifications do students need to do this?

Many market intelligence specialists studied business science and marketing. If numbers are your thing, quantitative research will provide plenty of opportunity to apply statistical models and analysis. If you are more interested in understanding people’s behaviour, studying social sciences provides an entry into the qualitative research field. Typical qualifications include BCom (Marketing), BSc/BCom (Statistics), BA Social Sciences majoring in psychology or a diploma in marketing research. Many tertiary education institutions

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offer diploma course to enhance market intelligence skills. Two good sources for additional information are the websites for Southern African Market Research Association (www.samra.co.za) and Society for Competitive Intelligence Professional (www. Scip.org). What are the characteristics of a person who would excel in the field of market intelligence/research?

Financial acumen, good networking, analysis and interviewing skills combined with an interest in understanding and predicting strategy. In addition, a keen interest in understanding how things happen and why, associated with an interest in people’s behaviour, is helpful. What is the best advice you can give to a young person who would like to embark on a career in market intelligence/ research?

Market intelligence offers the opportunity to quickly learn how the business works. Do not be afraid to start ‘at the bottom’. The better you understand each research and business process, the greater the insights you are likely to uncover and, ultimately, the more you contribute to that business.

Lizelle Nel

Strategic Business Development: Solutions Actuary

What does my job entail?

Actuarial work involves technical actuarial calculations to work out the financial impact of risk and uncertainty. Over the last few years, Iâ&#x20AC;&#x2122;ve moved away from the technical side, to the more strategic side and am involved in developing and implementing sustainable business models, but the skills I learnt as an actuary help me to do this. How did I become interested in actuarial science?

At school, I excelled at maths and science, and enjoyed numbers and problem solving. There were only two female actuaries in South Africa at the time. The prospect of being one of the few female actuaries and a professional with an internationally recognised qualification and a very attractive salary helped sway my decision!

What are the characteristics of a person who would excel in the field of actuarial?

Dedication, self-discipline and persistence. Actuaries often form part of management and executive committees. You should therefore be a balanced person to be successful. You need to be technically strong, have good people skills, a team player and be able to understand and relate to clients. What is the best advice you can give to a young person who would like to embark on a career in actuarial?

Learn as much as you can about the job. Try job-shadowing or talk to people who have experience in the career you are considering. Remember, the hard work is really worth the effort.

What are the important subjects to study at school and what tertiary qualifications do students need to do this?

At least 80 per cent for mathematics and an overall result of 70 per cent is required. English is recommended. You could apply for membership from the Institute of Actuaries (London), the Faculty of Actuaries (Scotland) or the Actuarial Society of South Africa (ASSA) and complete their courses via correspondence. Or you can get an actuarial degree at a South African university and get credits towards the institute, faculty or ASSA courses. More info: www.actuarialsociety.org.za.

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Building relationships

Santam

At Santam people are our biggest investment and our biggest asset

ou have finished your studies, passed all your exams and you are ready to start a career, but youâ&#x20AC;&#x2122;ve got nowhere to go. Most companies want years of experience and are not prepared to give you a chance. Sound familiar? Fortunately these days the picture is less grim. Thanks to Santamâ&#x20AC;&#x2122;s new Graduate Programme, graduates can now embark on a bright career with many prospects at Santam.

Great career opportunities for you under the Yellow Umbrella

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Get noticed

New blood

Feedback from our first graduates

“We realised that in order to address the scarcity of certain skills in Santam and to transform our workforce, we had to implement a strategic recruitment programme to recruit graduates from all the main universities in South Africa. Added to that is the constant need for new blood in the business,” says Michael Brand from Santam, who spends a great deal of his time boarding planes to recruit graduates from all over the country for Santam’s future employee base.

“Santam is a very interesting company to work for. There is so much that a person can gain in terms of career and self development. I’m very honoured to be working for this organisation.” - Ziyanda Motile, HR graduate.

This year, Santam will be participating in six career fairs around the country targeting the universities of Cape Town, Stellenbosch, Western Cape, Johannesburg, Witwatersrand and Pretoria for our 2010 graduate programme. The graduates are chosen according to the specific need within the company. “At the moment the top three types of skills required at Santam are underwriting, managerial and global diversity competencies.” says Michael. Once the top candidates are chosen, they are assessed, followed by interviews from a shortlist of potential candidates. Santam’s Graduation Programme runs over two years where each chosen graduate is placed on a fixed-term contract with Santam. During this time, they receive technical training relating to their job functions and other training, covering issues such as emotional intelligence (EQ), report writing, presentation skills and basic leadership and management development. The idea is to, where possible, rotate the graduates across various job functions to expose them to as many aspects of our business as possible.

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“Santam is a nice company to work for and it is a good starting point for someone who wants to learn a lot about the industry – they insure a broad repertoire of risks. In addition, there is a wealth of knowledge that one can draw from, given that the majority of the staff have been in the company for a long time.” - Thato Phukuile, Actuarial Graduate. “To be the best, you must associate yourself with the best; so working for Santam has been one of the best experiences I’ve had so far. The culture of the organisation is great and there is a lot of team effectiveness which makes you eager to learn more. I have learned to be a Santammer and be Best of the Best.” - Khutso Sello. If you think you have what it takes, please send us your details on www.santam.co.za.

Santam's first recruits from the 2009 Graduation Programme: Back: Phoko Masha (Underwriting), Ziyanda Motile (HR) and Edmond Lee (Strategy Unit). Front: Khutso Sello (Broker Distribution), Kabelo Paile (Broker Distribution) and Thato Phukuile (Actuarial).

There is some place where your specialties can shine. Somewhere that difference can be expressed.

On-the-job training Gone are the days when a matric certificate guaranteed you a job. Entrepreneurial skills and the ability to create work for yourself are what will set young job seekers apart from the rest. In partnership with the education department, Santam established the Santam Young Entrepreneurs project six years ago. The project has made a remarkable difference in the lives of young learners at over 3 000 schools nationwide by teaching the learners on-the-job skills at Santam. The 12-month programme comprises a weekâ&#x20AC;&#x2122;s training out of each month, after which candidates are placed in various departments across the business. They also receive a monthly salary during this time. Students are recruited according to the needs of the business to ensure that the programme remains strategic. Depending on numbers, the programme runs in Cape Town, Johannesburg and/or Durban and can accommodate up to 25 learners at a time. After completion, the learners receive a full qualification in short-term insurance. Last year, nine learners with disabilities graduated of which seven found employment at Santam. This year, we have a further 23 learners who joined us and we wish them all the best of luck on their learnership. Interested? Visit www.santam.co.za for more information

We all have ability. The difference is how we use it.

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Life is good under the Yellow Umbrella At Santam people are our biggest investment and our biggest asset, that’s why we need young and aspiring individuals like you to join us. As a Santam employee, you can further your work-related, managerial and postgraduate studies. Santam will support you 100 % financially and give you access to external coaches and internal mentors. We want to recognise and celebrate success in our company and give staff the opportunity to grow on a personal and professional level, while living our values. You can give and receive Seed awards by acknowledging peers and colleagues through our new Recognition Award Programme. Our Employee Value Proposition (EVP) offers staff safer and more rewarding experiences, benefits and opportunities – ranging from life tools and financial rewards to leadership and development opportunities. Imagine having access to a full-time concierge service to pick up your dry cleaning, drop off DVDs or assist with school projects. Our Yell for Yellow concierge service is at your service to do just that and more, such as offering you special discounts and savings on a variety of products and services.

The top insurance brand The best part about Santam is that we have been around for 90 years and we are the proud market leader in the short-term insurance industry. With assets totalling more than R17 billion, a countrywide infrastructure and broker network, and more than 750 000 policyholders, our yellow umbrella is truly covering South Africa. We offer our clients a variety of highly specialised products and services in the corporate, commercial and personal markets through our national broker network. As a service delivery business, we focus on what our clients want, by giving them peace of mind so that they can rest assured that their risks are adequately covered. One of the reasons why so many people choose to work for Santam is because Santam cares about tomorrow. It’s an organisation where you are free to Think Big, be innovative and creative; a place where people care about each other, the community and the environment; and a company that recognises people like you and me as their biggest asset. The fact that the average time any Santammer works at Santam is about 15 years speaks volumes. You may be thinking that while this all sounds good, you are so not into finances and accounting stuff, or whatever it is they do at short-term insurance companies. Probably one of the best kept secrets in town is that Santam has one of the most diverse groups of people working for them. At any given time, you will find lawyers, accountants, graphic designers, marketing gurus, brand managers, engineers and even psychologists working for Santam. You could be the next Santammer!

Probably one of the best kept secrets in town is that Santam has one of the most diverse groups of people working for them. At any given time, you will find lawyers, accountants, graphic designers, marketing gurus, brand managers, engineers and even psychologists.

Rest insured your risks are covered The only certainty in life is that nothing is certain. When it comes to insurance, whether it’s life or short-term insurance, most consumers view it as a necessary evil. Have you ever wondered what would happen if your car is damaged in an accident or if someone steals your furniture and all your personal possessions? You could be the victim of theft, or unforeseen events like fires or natural disasters such as floods, storms and lightning. How will you be able to replace the stolen or damaged goods? With Santam’s home and motor insurance policies, you will be able to protect your assets, such as your house and car, as well as the contents of your house. If your assets are lost, stolen or damaged, you can claim the money (what it is worth) and replace those goods. You are insured from the day your Santam home insurance starts and for as long as you pay your monthly premiums. If a disaster strikes or if your belongings have been stolen, you can put in a claim. Santam will settle the claim, by either repairing the damage, replacing the contents or simply by paying cash out to you.

Be legal wise So your assets and car may be covered, but have you ever wished you could talk to a lawyer, but felt you could not do so because of the cost and because it is too complicated? You could have an unexpected legal dispute with an employer, landlord, suppliers, car dealers, banks, insurance, retailers, motor accidents, neighbours or someone trespassing on your property. Santam’s Legal Expense Insurance covers the legal costs involved in pursuing or defending a claim such as the appointment of attorneys or advocates. Our products have been designed with you in mind. Our products cover your house, your belongings, your car and even potential legal action against you. With over 90 years’ experience, we are the best at what we do. Shouldn’t you be part of this winning team?

Did you know? Santam currently insures: 39 Ferraris 22 Maseratis 18 Lamborghinis 17 Aston Martins • Santam has over 2 700 employees. • Santam became the first short-term insurer in 1957 to use a computer-based accounting system. • Santam’s Child Art Project was launched in 1963 – making it the oldest CSI project in SA. • Santam won The Best Company To Work For in Deloitte’s survey of 2009.

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a bright future for black brokers

at santam

antam recently honoured trainees who have successfully completed the first pilot programme of Santam’s Black Intermediary Development Initiative (SBIDI). The ten-month course – which was developed with the aim of increasing the number of black brokers in the insurance industry – was successfully completed by 59 candidates in Johannesburg and Cape Town. This is the first time that Santam, South Africa’s leading short-term insurance company, ran this initiative.

In keeping with Santam’s corporate values of Thinking Big, Inspiring and Embracing, SBIDI was launched in March 2008 and aims to develop and support approximately 500 black brokers by the year 2012, to increase the number of new and existing black brokers doing business with Santam. Ray-ann Sedres, Santam’s head of Integrated Sustainability says that this initiative provides the company with an opportunity to positively influence the transformation of the short-term insurance industry as well as to grow the emerging market. “In addition to the tailor-made course material, we provided effective mentoring

and coaching support to ensure that these interns and brokers could develop and grow their clientele at their own pace. Ultimately, Santam strives to help develop and create access for black brokers so as to diversify the short-term insurance industry.” The following categories of brokers were therefore targeted: • Start-up brokers who have more than five years’ experience in the short-term industry. • Novice brokers who are currently selling life and/or investment products and are interested in expanding their business by selling short-term insurance. • Interns who have a post-matric qualification with limited work experience and who were interested in pursuing brokerage as a business. Ray-ann concluded, “The success of this pilot initiative exceeded our expectations. In addition, the active broker participation in this project was really valuable and their feedback will guide our future training programmes.” Selven Govender, head of Business Development at Santam said, “This initiative was started by Santam to become a

long-term sustainable contribution to the short-term insurance industry. The ultimate goal is to provide black individuals with the appropriate skills to enable them to become independent brokers as well as to provide capacity for Santam. This will ultimately ensure that Santam’s transformation strategy remains at the forefront of all that we do.” Santam actively partnered with industry and government organisations such as the Insurance Sector Education Training Authority Seta (INSETA) and established brokers. These key partnerships, together with support from the internal stakeholders at Santam, played a vital role in the success of the project.

Feedback from SBIDI graduates “I found the programme to be invaluable – not only did it give me a good overview of the short-term insurance industry, but it also taught me practical entrepreneurial and marketing skills. I’m raring to go to test my new-found knowledge in the real business environment.”– Raebetswe Thekiso. “The SBIDI internship has been a great foundation for the representatives. It has opened doors and opportunities, as well as created a niche for innovators among us entering the corporate environment and entrepreneurial industry respectively.” – Justin Keeble. “The programme was a very good academic experience with lots of exposure to the business world. I am now a qualified broker and I can start my own business.” – Portia Mxaku.

From left: Mzu Ntambo (First Line Manager: Bellville Contact Centre); Louise Swanepoel (Operational Manager: Bellville Contact Centre); Nothukela Portia Nyamende (Intern: SBIDI Programme) and Giovanni Accom (Intern: SBIDI Programme) Back from left: Welma Grobler (Manager: Bellville Contact Centre); Petula Pheifer (First Line Manager: Bellville Contact Centre) and Chris Cross (First Line Manager: Bellville Contact Centre)

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Set your sights on your dreams, aim high and never stop till you reach them

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Timely Intervention

Swiss Re Life & Health Africa Ltd

Achievement is largely the product of steadily raising one's levels of aspiration. . and expectation

We are one of the worldâ&#x20AC;&#x2122;s leading reinsurers

am sure that some, if not all, of the following questions are milling around in your head. In simple terms, reinsurance is the insuring of insurance companies, or looking at it differently, reinsurance is the business of spreading risk while making the cost of claims more affordable.

What is Swiss Re? What job opportunities are available at Swiss Re? Letâ&#x20AC;&#x2122;s hear from our resident experts The world is your oyster

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pricing

product design

What is Swiss Re? Founded in 1863, Swiss Re is a leading and highly diversified global reinsurer operating through offices in more than 20 countries. Swiss Re Life & Health Africa Ltd (SRLH) is part of the global Swiss Re group with the parent company based in Zurich, Switzerland.

valuation

explaining the life and health reinsurance cycle

underwriting

What is life and health business? Also known as long-term insurance, it focuses on mortality and selected health reinsurance programmes where we share in the risks undertaken by both individual life insurers and group life insurers assisting our clients to improve their claims experience.

acce

ptan

experience

admin

claim

What job opportunities are available at Swiss Re? Let’s embark upon a journey of discovery and learn more about the different departments within the company, and give you a small preview of the exciting environment you could be part of.

Let’s hear from our resident experts How does a product design and pricing actuary spend his time? Nick Wells ponders the question and writes the following:

“What is a life reinsurance product? Never mind that, what is a life insurance product?” Let’s explore it. It’s a product, so it’s something that must be sold. Who will buy it? People yes, but whom? What will it give them? Peace of mind: perhaps. Protection against the unexpected: maybe. What about savings and status? This product, it’s not a physical object. It’s more of a promise. It’s a contract, so let’s make sure the legal stuff holds up. Do the regulations allow you to do this? Oh, and it needs a name. What shall we call it? How will we advertise and who will sell it? And your company, if it’s a group product, will it invest in this? Can you make the case? Your product is taking shape. A person excited about buying it says, ‘Yes, give me one of those. But how much?’ As a pricing actuary, you will determine that amount. It’s not a product you can make, so what does it cost? It’s not four wheels and nuts and bolts; it’s the likelihood of future events, of the risks South Africans face, of health and of economics. How will you decide this? You need information, lots of information. And the tools to dive into it. Is there a lot of time at a computer? There is, but the analysis brings with it insight, understanding and innovation.

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With all these questions to answer, how could one day ever be the same as the next?”

When stormy winds blow, letâ&#x20AC;&#x2122;s put them to good use. In this tough economic climate, the instinct is to run for shelter. But what if that meant missing out on fresh opportunities? At Swiss Re, our position is clear. Yes, these are uncertain times, but confronting uncertainty has been our business for over 145 years. Weâ&#x20AC;&#x2122;re here to shoulder the risk and enable our clients and brokers to look beyond the immediate challenges. Because at Swiss Re, risk is our raw material; what we create is opportunity. Breeze into www.swissre.com

What does a marketing actuary do? Henk Meintjies has this to say:

“The cynic’s response would be that marketing actuaries sell the invisible. (Re)insurers sell a service, a set of expertise, a promise to pay, a capacity to absorb risk and none of these are tangible until claim stage. Until that point, our clients seldom get to physically see what they buy apart from the treaty or contract we sign. While this in itself is challenging and might sound exciting, it is only scratching the surface of what must be one of the most dynamic careers in the world. To be a good marketing actuary you must have a burning desire to put your client’s needs first while keeping a watchful eye on the bottom line. Fostering good relationships with your clients is essential and so is have an understanding of the underlying products. If you are working for a reinsurer it means you get to interact (and sometimes play golf) with the top actuarial minds from leading insurers in the industry. As the first port of call for your clients you’ll also have to be business-minded and opportunistic. You cannot afford to get bogged down in the detail or limitations of the norm. Your clients are looking to be innovative and so must you. This is great as you get exposure to a wide range of products and strategies from different companies putting you in a unique position to better understand the market. While a sound understanding of statistics and insurance is essential, I would recommend this career to anyone with a competitive spirit and sound communication skills. This is what makes a marketing actuary successful. Apart from that, nothing beats a good brand name when marketing the ‘invisible’, and working for Swiss Re certainly helps.”

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What is interesting about assessing claims? Elsie van Huyssteen shares the following:

“If you like to do things differently and strive for the highest levels of service and innovation, then you would love to work for a reputable reinsurer as a claims assessor. You will receive recognition as an industry expert by using your expertise in life insurance claims. You will have close interaction with the company’s strategic team and gain first-hand knowledge of all life insurance market products. Besides your claims assessment duties, you will obtain experience in analysing claims statistics and trends as well as performing claims audits at client companies. Your duties give you the opportunity to travel and meet many people. If you enjoy debating, you will use these skills in presenting your side of the story to management and clients, as well as giving expert testimony when attending court cases with a client. If you love working with people, this is right up your alley. Networking is an extremely important part of the work. You will liaise with service providers, e.g. occupational therapists, specialists in various fields and industry bodies. Personal development is important; therefore you will have to attend industry events and conferences to keep your pencil sharpened.”

Why become a life underwriter? Helen Eaton answers as follows:

“An underwriter has the interesting job of deciding how somebody’s state of health determines whether they can be insured, and how much their policy will cost them. As part of his/her job, he or she learns about different parts of the body, how they function, and what can go wrong. We get to talk to doctors and sometimes ask lots of questions about different illnesses, and also spend time reading through peoples’ medical reports and blood tests, etc. As part of the job, for example, we learn how to look at the different abnormalities on an electrocardiograph (ECG) tracing. So, if you want to know all about what’s going on in Grey’s Anatomy, be an ER expert or try and understand what the medical programme House is all about, underwriting is a good career choice. An underwriter basically puts a premium (small or large) on your health, if necessary. He or she decides whether an insurance company can take on the risk of a particular person’s ‘medical impairment’; and if so, at what extra cost to the client.”

The world is your oyster

A few years later, I got the opportunity to work in our London office for a 12-month project, and now, 10 years later, I’m still here! During this time, I’ve been lucky to have worked in many different roles, and have travelled a lot. I have worked in Swiss Re’s Israel office for a few months’ and, just in the last year, I have travelled on business to the US, Switzerland, Spain, Germany, Netherlands, India, China, Hong Kong, Taiwan, China, Japan, Korea, Singapore, Australia and New Zealand. In fact, through my travels, I have become fascinated by Asia, and have been learning Mandarin Chinese which has been an amazing experience.

Freedom mea ht we wou ns t g u o h t ld b he er v e e en

“My career in the insurance industry started off very simply. When I left school I already knew I wanted to be an actuary, and I got a bursary with Swiss Re for my degrees at Wits University (one bachelor’s degree and two honours degrees). Thereafter, I started working full-time for Swiss Re in Johannesburg, although I got plenty of opportunity to travel to Cape Town and Durban, plus a few trips to the US, UK and Switzerland. That’s when I fell in love with travel, and meeting people in different countries with different cultures.

y to be t i n u rt o p op

wh a t w

Greg Solomon, reporting from London, says:

What makes Swiss Re special? More than just an employer

Graduate programme

Swiss Re achieved gold class status and was appointed a sector leader in the 2009 Sustainability Yearbook published by Sustainable Asset Management and PricewaterhouseCoopers. We are proud to be a leader in sustainability and work hard to maintain, expand and preserve that position. Sustainability is not just a nice-to-have for Swiss Re. Being a good corporate citizen is part of our core values and we offer financial support and do volunteer work to give back to the communities in which we operate. We subscribe to high standards of ethical behaviour as well as socially and environmentally responsible attitudes in all we do.

Each year, Swiss Re gives a group of highly skilled people an opportunity to experience Swiss Re’s exciting world. You become eligible to apply for an assignment to one of our business functions across the world once you have completed your degree and have little or no work experience. Placement depends on the availability of graduate positions within the different business units at the time.

Working for a global company like Swiss Re has given me these opportunities – and now I am friends with many work colleagues and clients in dozens of countries! I am currently the head of a specialist team at Swiss Re called Structured Life Reinsurance Solutions and, over the last few years, we’ve provided capital to our insurance clients worth tens of billions of Rands, in many different countries. So for people who think the insurance industry is just about numbers, they couldn’t be more wrong!”

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sary los terms

actuary

brokerage

A 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.

Refers to a brokerâ&#x20AC;&#x2122;s business or group of brokers. Also called brokerage house or brokerage firm.

bursary Money given to a student to help pay for their studies.

candidate A person applying for a position or selected by others.

assets All the property and resources of a business or individual.

clerk A person employed to keep records and perform routine tasks.

auditor One who checks the accuracy of figures, either the companyâ&#x20AC;&#x2122;s or those of its policyholders who are insured by policies calling for audits.

client

benefits

commercial lines

In life, health and accident insurance, the money to be paid or services given under the policy.

broker A licensed, legal representative of the insured client who negotiates with underwriters and insurance companies.

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The customer (person or entity) who buys insurance through an agent or other intermediary.

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.

cover

insurance

multi-line

1. To protect with insurance. 2. The insurance itself. The same as coverage.

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.

Dealing in multiple types of insurance.

entrepreneur A person who organises and manages any enterprise, especially a business, using their initiative.

niche A distinct and separate part of a market.

personal lines insurance broker

Types of insurance written for individuals rather than businesses, for which the term commercial lines applies.

Learning relating to or gained from experience.

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).

fraud

insured

Dishonesty.

The person or parties protected by an insurance policy.

The 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.)

insurer

portfolio

The insurance company or other organisation providing insurance coverage and services. (See insurance.)

A group of insurance policies or investments.

experiential learning

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.

fee

intern

policy

premium The amount of money an insurance company charges (monthly) to provide insurance coverage.

A charge or payment for professional services.

A person who is or has been interned. (See internship.)

graduate

internship

recruit

A person who has received a degree or diploma on completing a course of study, as in a university, college or school.

An official or formal programme to give practical experience for beginners in an occupation or profession.

reinsurance

incentive

investment income

A reward offered for certain behaviour.

That part of a company’s income made from its invested assets before realised capital gain or loss, as opposed to its underwriting activities.

indemnify To protect against damage or loss.

indemnity Protection or security against damage or loss.

learnership A learnership is a training programme that combines theory at a college or training centre with relevant practice on-the-job.

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.

To find or attract new employees or graduates.

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).

revenue Income.

risk liable Legally responsible.

liability The 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.

1. 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.

subsidy A 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

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contacts

Company

Contact

Website

Alexander Forbes Insurance

0860 746 242

www.afi.co.za

Compass Insurance

(011) 745 8333

www.compass.co.za

Etana

(011) 351 2500

www.etana.co.za

FIA

(012) 665 0085

www.fia.org.za

Go Study

(011) 440 8600

www.gostudy.co.za

Hollard

(011) 351 5000

www.hollard.co.za

IISA

0861 00 4472

www.iisa.co.za

INSETA

(011) 544 2000

www.inseta.org.za

Lion of Africa

(011) 645 1900

www.lionsure.com

Metropolitan

(021) 940 5911

www.metropolitan.co.za

Momentum

(012) 671 8911

www.momentum.co.za

Mutual & Federal

(011) 374 9111

www.mf.co.za

National Student Financial Aid Scheme (021) 763 3200

www.nsfas.org.za

Nestlife

(011) 783 9112

www.nestlife.co.za

Old Mutual

0860 50 60 70

www.oldmutual.co.za

Pace Careers

(011) 440 8600

www.pacecareers.com

SAIA

(011) 726 5381

www.saia.co.za

Sanlam

(021) 947 9111

www.sanlam.co.za

Santam

(021) 915 7000

www.santam.co.za

Swiss Re

(011) 502 5000

www.swissre.com

Unisa

(012) 429 3111

http://my.unisa.ac.za

116

INmag | 2010

MO RE BALLS THAN M OST

daRE Devil Run FIVE FEBRUARY TWENTY TEN Be a part of this annual poweRED event in aid of testicular and prostate cancer!

5 February 2010 | Run starts at Etana House (22 Oxford Road, Parktown, Johannesburg, 2193)

Here’s how to register: 1. Deposit a R70.00 entry fee into the bank account (see details below) by using the following Reference: “MBTM_Name+Surname” (individual entrants) or ”MBTM_CompanyName” (for a company entering a number of people) 2. Send the proof of payment to the MBTM email address mbtm@etana.co.za together with the following details: Name, Surname, speedo size. For company’s registering a number of people, please send a list of the people’s names and their speedo sizes 3. On the day of the run registered entrants will receive a poweRED speedo, food and drinks 4. For further details please email mbtm@etana.co.za Bank details | Etana Insurance Co Limited | First National Bank | A/C NO.: 50601178491 | BRANCH CODE: 25 50 05

The first 200 entrants to complete their registration for the run MORE BALLS THAN MOSTwill be enteRED in a draw to win a foosball table! For more details check out the More Balls Than Most Facebook group

www.etana.co.za www.facebook/etanainsurance www.twitter.com/etanainsurance