INmag by COSA Media

providing short-term insurance solutions to both corporate and individuals

When was Sasria established and the reasons for that? The institution was established in 1979 following the township uprising that occurred during that era.

sasria

Sasria provides short-term insurance solutions to both corporates and individuals. The South African government continues to be the sole shareholder of Sasria.

Sasria covers the following: • Politically motivated riots • Damage caused by non-political riot, public disorder (including labour disturbances, civil unrest, strikes and lockouts) • Loss in respect of mortgage loans as well as terrorism Sasria’s current product base includes various classes of insurance such as: • Material damage • Contract Works or Construction Plant • Consequential Loss: Currently this is only limited to fixed expenses, Sasria will extend this cover to include profits and variable costs • Motor Policy (private and business usage) • Marine and Goods in Transit Sasria Scoops 2010 Metropolitan Oliver Empowerment Awards:

securing the country’s socio-economic stability & prosperity

Corporate Social Investment Projects: • Noah’s Ark • Sasria/UJ Maths and Science Centre • SA golf development board • South African Actuarial Development Programme (SAADP). Sasria provides 2% of its after tax profits for Socially Responsible Projects.

The Future New Business Opportunities: • Disaster relief (covering of disaster owing to environment for the benefit of the Municipalities affected) • Relaunching of Sasria Wrap product Product Enhancement: Sasria continues to research and implement the enhancement of our cover.

• 70% of the board is made up of black directors • 55% of the directors are women • 80% of black representation at executive management level • 50% female representation at executive management level Board members:

www.sasria.co.za

Cyril M Ramaphosa (Board Chairperson) • Karen Pepler (Acting Managing Executive) • Caroline Dey Da Silva (Non-Executive Director) • Mohamed Adam Samie (Non-Executive Director) • Julliette Rachel Kathleen Du Preez (Non-Executive Director) • Moleboheng Pauline Lehutso-Phooko (Non-Executive Director ) • Bulewa Jeanie Njenje (Non-Executive Director) • Charl Higgo Du Toit (Non-Executive Director)

s i l b pu ture, rink of youritifues b e th n o d n a for st u ...As yo e opportun in th th u yo w o sh to s INmag aim accomplishment and wealth ustrye. growth, insurance ind

Two things struck me while working on this spectacular new issue of INmag. The first is the fierce passion that insurance professionals feel about their industry and the value it adds to this country and its people. My hope is that you will also be inspired by this pride as you experience it in the chapters that follow. The second is the fact that so many of these top-notch leaders accidently ended up here. They simply did not consider insurance as a career when they were your age. Just think of how much time, money and effort they could have saved if their route was more direct!

INmag is published by

media

dear reader

Publisher | Andy Mark

That’s why, as you stand on the brink of your future, INmag aims to show you the opportunities for growth, accomplishment and wealth in the insurance industry. We want to get your feet walking the path to success immediately, leaving nothing to chance.

A division of COSA Communications (Pty) Ltd

South Africa is facing a crippling shortage of skilled workers and trained professionals, especially in finance and insurance. This book is asking you to fill those gaps, and become part of the solution.

PO Box 60320, Tableview, 7439

INmag is a guide jam-packed with information and stories to open your eyes to the world of potential offered by the financial services industries. Within these covers are employment possibilities, bursaries, internships and career paths waiting to be carved out by you. No matter where your interests or skills lie, you are bound to find a place that suits you within the pages of INmag. Your unique abilities and personality – combined with relevant qualifications detailed in this book – are your passport to lifelong success. Give yourself the best chance of launching a winning career in one of the longest standing industries in our country ... turn the page right now.

Ground floor, Manhattan Towers Esplanade Road, Century City, 7441

Tel +27 (0)861 555 267 | Fax +27 (0)86 618 3906 E-mail: info@comms.co.za | Website: www.comms.co.za Copyright cosa communications 2011. All rights reserved Opinions expressed in this publication are those of the authors and do not necessarily reflect those of this journal, its editor or its publishers, COSA Communications. The mention of specific products in articles or advertisements does not imply that they are endorsed or recommended by this journal or its publishers in preference to others of a similar nature, which are not mentioned or advertised. While every effort is made to ensure accuracy of editorial content, the publishers do not accept responsibility for omissions, errors or any consequences that may arise there from. Reliance on any information contained in this publication is at your own risk. The publishers make no representations or warranties, express or implied, as to the correctness or suitability of the information contained and/or the products advertised in this publication. The publishers shall not be liable for any damages or loss, howsoever arising, incurred by readers of this publication or any other person/s. The publishers disclaim all responsibility and liability for any damages, including pure economic loss and any consequential damages, resulting from the use of any service or product advertised in this publication. Readers of this publication indemnify and hold harmless the publishers of this magazine, its officers, employees and servants for any demand, action, application or other proceedings made

Linda Scarborough Editor of INmag

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 | 2011

contents

e t n o c

p6 p8 p12 p15

y career

r - steps to a happ

Crafting your caree

test Take the aptitude Insuring your future National Student

rsonality type

understand your pe

nce

- the perks of insura me

Financial Aid Sche

) Associations (A-Z p21 FIA p25 FPI p29 IISA p37 INSETA p43 SAIA

Insurance offers options, excitement and the opportunity to live and breathe what you are truly interested in.

con·tent1/ ˈkɒntɛnt/ –noun 1. Usually tents. a. somethi is contain contents o b. the sub

A-Z Intro p51 Hollard p59 Lion of Africa p65 Masthead p69 Momentum p75 Mutual & Federal p81 Old Mutual p89 Santam p99 Sasria

p108 Glossary p110 Contacts

78 92 4

INmag | 2011

s t n e

y, con-

ing that ned: the of a box. bjects or

g n i t f cra career r u yo rab If you can,rig expe enced to s ie it n u rt o p op t-han the career fiars wing, o d sh through jovb nteer work. lu o s, ip sh rn te rk in or part-time wo

the ingredients for a happyr caree

<< 6

INmag | 2011

r ee r ca y app h a steps to t; instead the h at retiremen and No gold watc e. n is a priority io tim ct s’ fa nt tis re sa pa neration, job it was in your ge as al e ni m en sa ill e m th um is not ime. For this e new millenni his or her lifet a career in th one career in an th e or m ll h The concept of ug iversity, you wi d. will move thro e school or un s also change av le ha modern worker d u n u’ io yo yo ct en fa so tis wh b– that sa You know that urs at your jo its definition of your waking ho all, you are going to be r spend most of te r, Af it. you enjoy significant othe better be sure than with your u rk yo wo do at at e wh tim e aintances. So spending mor Facebook acqu ppy in your job? or ily m fa , friends truly ha in place to be need to have althy and edients of a he clear: the ingr ssion, is s pa su lve en vo ns The co your career in th wi yourself. p hi of ns g in tio nd happy rela and understa ce an ht career er rig ev e rs at choosing th persistence, pe at four e know say th g th in in ok e lo s os th ire , qu In fact happy in – re be ll wi u yo – one that and action. options, match aspects: self, e it portant becaus s the most im ur life: ap yo rh in pe is on rs p pe The first ste e number one sit th so ow er kn re to choosing a ca means getting over e is crucial in sc dg di le to ow ng kn hi lfrc you. Se soul-sea and and do some ills you have yourself down in, b) what sk d ur ste yo re n te ve in to achieve gi a) what you’re alistically hope re n ca u yo c) what stances. current circum b. This r that dream jo start looking fo d you get to kin e e er th t wh no of t homework, bu ve a better idea s, ha ye nces. ll – sta wi k m u or cu yo ew , cir sts, skills and u do your hom lf in the mirror re se yo te ur p holds in yo ste ur rld is ed yo th wo ok lo ers that match nt: options. In . The working Once you’ve potential care cond compone d straight away ch in se ar m e se th to re g to to rin us sp brings u will need dn’t necessarily her. Instead yo eas that woul from the teac and look in ar x your thinking. bo it e lim th t of n’ reer firstThink outside ay think, so do m u yo an th perience the ca riety rtunities to ex po r work or much more va ee op nt ab lu gr vo s, If you can, ing, internship ow aspect, ad ird sh th b e jo u determine th hand through yo lp he and ll wi m . This ok at short-ter part-time work ng step you will lo hi is et th m In so . e ch lik at which is m tting may seem se ve a l ha oa u G yo . ns at th long-term optio al in ensuring ction and do, but it is vit re di d ul s, cu wo fo d at da your . It is th for your future dreams. clear direction achieve your to u yo lp he ll wi at th n io vis but a challenging action. This is t job ke ou ta g to in ed nd se ne ns Lastly, you s, which mea es n io oc ct pr je e re th g of , experiencin exciting part ing the g to interviews nd in la , go , lly fu ns io pe at ho applic timately, rking ntment and ul make your wo and disappoi ctations and pe ex ur yo l lfi job that will fu e. life a joyful on – far of the process is not the end b your jo in e y th pp g ha in g nd work at bein Of course, la to ed ne ve u ha yo t to poin going from it. At this what you are we work rk? Yes, that ’s in needs that rta ce job. Work at wo ve ha we ed gs ch in ar be se an re to do. As hum called Maslow the pyramid . A smart guy of ng p lli to lfi e fu th s at rd towa at right ns d theorised th tualisation mea these needs an isation. Self-ac you, al e tu ng ac le lfal se ch r at fulfil you, is the need fo t fulfilling ncing things th ou rie ab pe is ex It d y. an doing some wa er, d grow you in ng of that ladd develop you an e on the first ru p ar u as gr yo e e, nc or O m r t fo your potential. there; reach ou d ent to just sit w directions an ne in don’t be cont e ov m d an ow s. gr fit to ne s be tie opportuni d its many rking world an embrace the wo

ca·reer [kuh-reer] –noun 1. an occupationlloyropnro fession, especia l trainerequiring specia one's ing, followed as lifework:

Those in the know say that choosing the right career – one that you will be happy in – requires looking at four aspects: self, options, match and action.

tion meangs Self-actuadlisa xperiencinu, doing ans thea t fulfil yo p thing develo challengedyoguro, w you in you an It is about some way. otential. fulfilling your p

INmag | 2011

take the test e d u t i t ap Find the cayroeuer suited to

test

Believe in yourself! h in Have faitities! your abil Without aut humble ble reasonabce confiden wn in your oou powers y e cannot b l or successfu happy. nt Norman Vince Peale

INmag | 2011

test

ur & unlockture yo your fu understand pe y t y t i l a n o s per in te re sts , m at ch in g yo ur e pe rfe ct ea l jo b m ea ns th id is at th er g re in ca nd ur Fi nt s so th at yo le t, C ar l ta ris d at an hi yc hs str en gt d of a Sw iss ps ar he al yti ca l ve an ha on ay fit . Yo u m be th e fa th er to ed er id rs ta nd in g ns de co th e ke y to un Ju ng, wh o is ac co rd in g pr op os ed th at le ng op Ju pe . g gy lo yin ps yc ho se d on cl as sif ba s wa e typ pe rs on al ity m et er s: to th re e pa ra Introversion Extraversion – on iti Sensing – Intu g in el Fe – ng Thinki each bit aspects of tended to exhi r we ou at es th in d rm ve rm which dete While he belie a dominant fo type is key ve ity al ha on we rs e, pe of thes ing your d e. Understand this test, base personality typ for you. Take ur er yo re d ca l an n ea io id ss e to locating th where your pa to determine s, ea id ’s ng on Ju s. talent really lie

Finding that ideal job means matching version o tr In your – n io rs e v tra interests, E1.xI feel more comfortable: one strengths a) Working al g in a team kin or W d b) n a le ta nts 2. In grouesp senmviy roopnminioenn tscle, arI: ly and easilye talking a. Expr so others do th ngue and let b. Hold my to that sily your 3. I a.likBee toop: en and honest wit mthysthelosf e around me and ea te priva ion abou and activities career share informat ideas, interests , ns io in op y b. Keep m is select few except with a the people is: perfect 4. Spa.eaNatkiurngaltoandwoeaulsydforarthmere face a spider or a snake fit. b. Terrifying; I

: A n o i t ec S

g your Understanedin key to is p personalityetyid c l a areer locating th e for you.

n, your in this questio ed mostly a n. io rs If you answer ve tra ension is ex dominant dim troversion. inant trait is in tly b, your dom os m ed er sw If you an

INmag | 2011

take the test e d u t i t ap

test

h Be patienSt ewlfit-g rowth yourself. itâ&#x20AC;&#x2122;s holy is tender;Thereâ&#x20AC;&#x2122;s no ground. vestment. greater in Stephen Covey

INmag | 2011

: B n o i t ec S n Sensing – Intuitio

: c tgi–oFen ec S eling Thinkin

king with: 1. I enjoy wor objects and tangible e et a. Concr s ea id d an b. Concepts

h – to taste and touc 2. I rely on: e, hear, smell, se I at wh – a. My senses out things about things rm opinions ab form opinions w I feel – to fo ho – on iti tu b. My in ls and codes 3. I am: s to subtle signa ges and code a. Oblivious rly de ing messa un to ve iti ns b. Highly se I: ing a decision ta 4. When mak and reliable da ce en id ev rd a. Rely on ha gut instinct b. Rely on my d : es and assigne interested in an with timelin 5. I am more pl a of ils ta c de a. The specifi realisation s responsibilitie e details of its idea than in th b. A general minant tion, your do a in this ques tly os m ed er If you answ sensing. dimension is ition. ant trait is intu b, your domin tly os m ed er If you answ

by: often guided 1. I am most inking th l ca d logi a. Rational an ns b. Emotio

lution that conflict, I: negotiate a so 2. In times of asonably and re t ou ue iss a. Talk the I regret later volved works for all in and say things ional outburst ot em an ve b. Ha rammes, I: levision prog ing films or te ible endings ch ss at po w e n th t he ou 3. W ot and reason pl d emotionally e th an e ot ys pl al e a. An y involved in th el et pl m co e b. Becom e characters engage with th 4. I am: confident a. Calm and d forthright an tic ge er b. En

t your dominan this question, in a tly os m ed If you answer thinking. dimension is it is feeling. dominant tra mostly b, your ed er sw an u If yo

Take advantage oef th ies it n u rt oppo for re ca er counselling ur and Determine yo e p If yo u ab ov e pa irs . aptitude personality ty na tio n of th e riv e in bi m to co y nd te an testing Your personality typtrae cavenrsioben, sensing and thinkinganyoduwhwierll e you hathve the t in ex is va lu ed ib le that are dominanen gi c an d re as on op in io n. Po ss m t wh er e lo pr es sin g yo ur ex on d vir an en rs an he are portunity to interact with ot or financial advising. op nc e n yo u se pre ted careers include law, insura t pa ra m et er s, yo ur do m in an e e yo ur ar er wh ng to ki d in an th n wi th pe op le in tu iti on an d io n, ct io ra rs te . ve in cs s tra yti you Ifwiexll do well in a career thatluedinvo. Alvegood option is a career in anal and powers of intuition are va an ou tg oi ng el in g po in ts to th ot he rs on an se ns in g an d fe wi n, be io ng rs gi ve ga tra en ry. n of ex ity an d en jo ys al re to th is ca te go A co m bi na tio in th ll wi fa h n honest personality that isCinoutonsucellors, teachers and writers ofte in wa rd with emotional level. tra ns la te s in to an d th in ki ng g m in ist ra tio n or in ad ns in se . rs th lf m bi ne d wi yourse ic ul ou s. C ar ee In tro ve rs io n co e us ua lly m et

your results

al iti es th at ar fo cu se d pe rs on e po ss ib ili tie s. ar p hi nd to ns lib ra ria ng, yo u wi ll te on an d th in ki iti tu in n, io rs ve m in an t in in tro If yo u ar e do ch as sc ie nc e. su s er re ca in ld s su ch as th riv e in cr ea tiv e fie to an in te re st t in po g in el fe in tu iti on an d In tro ve rs io n, na lis m . ur jo or t ea s ar , wr iti ng e th e ca re er ar ca n sta rt to se ng u di yo en e, sp typ be ll ity al in g th at yo u wi g yo ur pe rs on er in ht in sid rig on rm e C te th e de n. By pl or at io th at yo u m ak ad di tio na l ex an d rta nt to en su re po ng lli im th at de se rv e se is un it , co rk tim e at wo ou t tie s fo r ca re er m os t of yo ur th yo ur se lf ab th e op po rtu ni d be ho ne st wi ad va nt ag e of an ke u Ta yo . to ce d oi ch es en te ng th at ar e pr ap tit ud e te sti s. nt le ta d te sts , an yo ur sk ill s d pe rs on al ity of ap tit ud e an ty ly. rie on va r a te in on ba se d us ed as a po ile th is te st is an d sh ou ld be N ot e th at wh va lid at ed te st lly ca ifi nt ie sc it is no t a

g By determinainlity your personstart type, you cacnareer to see the serve areas that deration. lo additional enxp that you Consideri gdin g most will be spen at work, it of your timent to ensure is importa t you make tha . the right choice

INmag | 2011

g n i r u ins ture u f r u yo A career in insurancebest takes the ty of a varie of career ities opportunbines and com a way it in suchters to that it ca e. every tast

of s k r pe e h t insurance

INmag | 2011

t ter an acciden t the excess af en it m s la ne or bi s m m co nities and out the premiu career opportu career rents moan ab of a variety of when your pa d and flexible st is rie be e va e t nc th ra os s m su ke e in ta t th e ou of nc e ab ra d on su ar in is e he in ve probably but a career s true. Insuranc The most you’ saying, but it’ sounds boring, , right, you’re sounds dull; it ah It . Ye in . kste love ea ta br y or ever g a pilot. You that it caters to dream of bein s ur tie yo ili e in such a way ib pl ss am po ex out there. cited by the Consider for opportunities vel; you’re ex of 20-20 tra ad ve ste lo in u : yo m ; planes one proble – there’s just end of your for adventure 5. That ’s the 5th wi rn bo re t to follow a we op u u yo yo n, ss le visio u think … un yo s, ng all around m lli ea ve dr aviation ts, e. Imagine tra nc ra su in n ners and pilo tio g to plane ow career in avia in lk ve ta lo , o nd wh yo d be to people South Africa an s and talking rking ds and airline That ’s what wo . do u yo visiting airfiel as h uc es m ni pa as m y str co du d there are the aviation in is all about an e nc ra su in n in aviatio at. e in exactly th that specialis get into art t struggling to frustrated artis iate art, a ec re pr u’ ap yo u s yo Or perhap g break? Or bi st ecialist fir Sp ur t. yo tis reer as an ar school or have ca a r fo attend nt ll le the ta r you. You wi but don’t have career path fo a ur days Yo be . d rld ul wo co the art insurance tions around bi hi rms. A ex fo d d ia an gs t in its myr gallery openin sions about ar list and us lp sc he di ’s th ol wi rp d te will be fille rs are on In ialist art insure tworks around few local spec down stolen ar g in ck tra in l ta vo pi en have be the world.

There are as many different types of specialist insurers as there are career fields, from specialist jeweler insurance to constructicoen, insuran g cyclin insurancee, insuranc r fo the hair and beauty industries and even equine insurance.

fu·ture [fyoo-cher] –noun 1. time that is to be or come hereafter. at will 2. something th in time exist or happen

gotiator for an a hostage ne fe and t a career as ou executive’s wi ab ile w of ho pr en gh hi Th ? a illion ly ad m nt ste ce in $5 mes Bond surance. Re to deliver the and ransom in as a bit of a Ja had to go in lf r ap se to dn ur ki tia yo in go y nc ne es Fa ialis ny ’s hostage pany that spec rance compa insurance com d and the insu pe ap dn ff! ki stu re children we pers. Exciting to the kidnap t insurers as kidnap ransom es of specialis y different typ insurance an r m le as we e je ar t There from specialis s, ld fie surance in er re e, nc there are ca cycling insura uine (horse) n insurance, eq io ct en ev tru d ns an co to stries look at d beauty indu rs, you might for the hair an e great outdoo oducts. th pr ve e lo nc u ra yo su insurance. If ed wildlife in lis ia e, ec nc sp ra th su ing wi in marine in a career work rested enjoy working te ht in ig e m ar rs o ilo wh Hobbyist sa attract those surance might nture more while event in Outdoor adve y. str du in t en m into selling in e rta ur te nt in the en lovers can ve ts or sp e m vers. tre lo your style? Ex treme sports ts to other ex uc od pr e nc insura h e, one of whic rks to insuranc pe l na e tio th di in ad y is And there are services industr ean a The financial surance can m in in is the money. g in rk wo d . One th an on ey m on ch m business of the end of ea at ue ls all eq ve ch tra y , pa classic cars very attractive ri. Not o loves racing rra wh Fe , n er io rtn ill pa m insurance d owns a $17 d an an so rk do wo to rd does mean ha over the world and have a Of course, it ve y? lo he u , yo by at ab too sh doing wh t when you’re dedication, bu ing to do. th sy ea an ’s at passion for, th sa u’ll see that it’ rance and yo su f to in el its at g er in os th you, shap Look a little cl and s and grows wi es ge ng an le ch al at ch th g career d providin and needs an . Boring? Not your interests reer life span ca ent e th ut ho ug ro tions, excitem th op t rs en fe m of te e exci nc ra su ly In tru t. e deed no at you ar likely. Dull? In and breathe wh rtunity to live and the oppo interested in.

ser at Look a litteleacnlo you’ll insuranc ’s adcareer see that it and grows s that chang, esh lf aping itsed u o y with n sa to your indteprerostviding needs anllenges and cha ughout m e excit enret ethr ro life span. the ca

INmag | 2011

dream BIG against all odds

t n e d u t S l e Nationa m e h c S d i A l a i c n a Fin ow

peless f you’ve ever felt ho finances of k lac a of e us beca ies to nit rtu po op and career want to u yo ere wh u yo t ge after school be, then studying your future to may be the answer open up n ca on ati uc Ed success. only boost t no l wil many doors and o will als give you your résumé, but a living in an rn ea to the chance . industry you enjoy

Tomorrow starts n

INmag | 2011

If you cannot afford to pay for further education, the National Student Financial Aid Scheme (NSFAS) may be able to help you achieve your goals. Studying after school could give you a dream career within the insurance industry â&#x20AC;&#x201C; whether your dream is to become an actuary, an HR manager or a marketer, studies are possible with financial aid from NSFAS. The government has set aside almost R4 billion in funds for NSFAS to administer as loans and bursaries to underprivileged students. These funds are available for those who plan to study at one of the 23 public universities or 50 further education and training (FET) colleges in our country.

BURSARIES GIVE

HOPE

Scarce skills development is important for the economic growth of our country and thatâ&#x20AC;&#x2122;s why NSFAS administers bursaries to those interested in working in specialised trades. Bursaries refer to money we give students for their studies which need not be paid back to us. For those battling with disabilities, do not despair. NSFAS further assists disabled students with a special bursary programme aimed to help you reach your career goals.

STUDENT LOANS

OFFER MANY OPPORTUNITIES Besides bursaries, you could qualify for a NSFAS loan to pay for your undergraduate degree or diploma which has a really low interest rate and is only repayable once you start working. The loan repayments you make to NSFAS will be returned to the pool of funds to fund future generations in need. As a bonus, a portion of your loan may not have to be repaid to NSFAS if you achieve good results while studying. Although the funding is limited and not everyone who applies for financial aid will receive an award, for those who do qualify, this money may cover all or some of your registration costs, tuition, accommodation, books and travel expenses.

Besides bursaries, you could qualify for a NSFAS loan to pay for your undergraduate degree or diploma which has a really low interest rate and is only repayable once you start working.

INmag | 2011

WHO MAY QUALIFY

FOR NSFAS FUNDING? TICK THE BLOCKS TO SEE IF YOU COULD BE A SUITABLE CANDIDATE: You have financial need or a disability You are a South African citizen with a valid ID document (or you have applied for an ID document) You can provide proof of your family’s income You plan to apply for a place to study at a public university or FET college You have the potential to succeed and you are academically able You are studying (or planning to study) towards your first undergraduate university degree/diploma or the National Certificate (Vocational) or NATED programmes at an FET college

HOW DO YOU

APPLY FOR NSFAS FUNDS? If you ticked all the boxes in the table above, you may be a good candidate to receive financial assistance. What should you do next? 1. Speak to a teacher or guidance counsellor about your interests and what you would like to do after school. Perhaps you want to find out about different career options and how you can use your interests in a chosen field. You should contact the SAQA Careers Advice Centre for more information on the hotline number 0860 111 673 or SMS 072 204 5056. 2. Once you decide what you want to study, apply for this course at a public university or FET college. 3. Once you are accepted to study visit the financial aid office or student support services on campus and ask the staff about NSFAS funding. 4. Staff will help you fill out the application form and explain to you what you need to bring along, such as certified copies of your valid RSA ID document (and those of your siblings) as well as proof of your household income. 5. Staff will administer the financial means test to see if you qualify for a loan or bursary.

Studying after school could give you a dream career within the insurance industry.

NSFAS gives you the opportunity to better your life and become an active part of a growing South African economy. A lack of finances is no longer an excuse to discontinue your education. You can break the cycle of poverty and train as a professional in the workplace. To find out more about NSFAS loans and bursaries, call (021) 763 3232 or SMS your questions to 32261 (Mark it ‘INMAG’). Standard SMS rates apply. E-mail info@nsfas.org.za or visit www.nsfas.org.za.

INmag | 2011

H ig h st a n d a rd s

toz

Life is a suumr of all yo choices

ns o i t a i Assoc (A-Z) I nsurance industry a vital associations have ing ep ke role to play in m fro rs, lde all stakeho all sm in s rie dia interme in es ye plo em to es brokerag loop. the in s, large corporation t en fer dif the Membership to on nt lia re is associations to keep the certain conditions industry as standards in the and a strict , high as possible ply. ap ics codes of eth

ating Whether itâ&#x20AC;&#x2122;s facilit tween be w information flo the as g tin ac members, ustry when ind the of ce pie mouth nt me or the talking to govern with issues, ng media, or deali tions cia so as ing the follow ity of the bil ina sta su the ensure . insurance industry

INmag | 2011

g h st o rm s A n ch o re d th ro u

R NICHE FIND YOUnci as a fina aryal intermedi

a i f S st ome of the hotte enâ&#x20AC;&#x2122;t jobs in finance ar s nk ba t en tm in inves ment or asset manage houses; theyâ&#x20AC;&#x2122;re in ce industry. Jobs an ur ins the e helping ce in insuran involv esses sin bu individuals and otect pr d an k ris ge mana investments themselves, their potential harm and assets from s. or losse

is Financial planning a profession

INmag | 2011

The insurance industry in SA is a multi-billion Rand sector which offers jobs requiring a range of skills in the following areas: legal, accounting, administrative, financial, information technology, medical, management, sales and marketing. Financial intermediaries â&#x20AC;&#x201C; or brokers â&#x20AC;&#x201C; 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.

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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 licence to practice by the FSB. All members of the FIA are required to subscribe to a strict code of ethics and any deviation from this code is viewed in a serious light. Working in this industry is not only personally rewarding, but may also be financially rewarding. Because earnings are largely commission-based, the earning potential is determined by the individual concerned. With millions of South Africans under-insured or not insured at all, the opportunities to make a difference and help cultivate a culture in South Africa of responsible financial planning and management are vast.

A PLACE FOR YOU 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. On a day-to-day basis, intermediaries help clients navigate their way through the

maze of insurance and financial products. Far from doing cold-calling or going from door-to-door selling insurance products, intermediaries are professionals who are required to use a broad range of skills in order to deliver a meaningful service to their clients. A successful intermediary is one who is able to develop life-long relationships with clients. While technical abilities are expected, the softer, relationship components or ‘people skills’ are just as important. They also usually need a good general understanding of economics and the basics of finance and accounts, along with specialist skills in the field in which they operate.

Intermediaries are often called upon in times of crisis, trauma or need after their clients have suffered a loss in some way or another. Because many interactions around claims emanate from a 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 locationrelated limitations.

WHAT TRAINING IS NEEDED? The specific professional requirements needed to become an intermediary include a period of work under supervision, relevant recognised 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 postgraduate level, which will equip you with the necessary skills to provide the best possible advice to your clients.

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.

INmag | 2011

Ta k e fl ig h t

a career lin financia planning

i p f F is the inancial planning ing process of develop t sis as to s strategie g clients in managin s to air aff l cia an fin ir the per pro the gh ou meet life goals thr ces. Life an fin ir the of nt manageme buying a home, goals can include ildâ&#x20AC;&#x2122;s education saving for their ch irement. The ret for or planning l planning process of financia all relevant ing iew rev involves situation tâ&#x20AC;&#x2122;s en aspects of a cli th of financial ad bre ge lar a s acros luding inc s, itie tiv planning ac among often ips sh on ati rel erint es. This enables conflicting objectiv ancial planner fin l the professiona ed financial to deliver integrat clients to take ow all t solutions tha ces to create an control of their fin alth and we g lon life ure and sec ents in an cli for ty financial securi y. wa ic holist

Meet life goalsroper through the pt of managemen finances

INmag | 2011

Given the complexities, uncertainties and confusion the consumer faces on a daily basis, financial planning professionals are called upon to help them through the principles and practice of sound financial planning. The financial plan compiled by the professional financial planner is what differentiates professional financial planners from the myriad of other advisers in the sector. In the world of financial advice, the Certified Financial Planner / CFP mark ranks foremost worldwide. Financial planning is a profession, just like medicine, law, accounting or engineering, and continues to be one of the fastest-growing professions worldwide. As a career, it enables those people with entrepreneurial skills to eventually set up their own businesses. We advise school leavers to get their bachelors degree, spend some time in a large corporate financial services company to gain the experience needed to advance their careers, and to continue as lifelong learners.

Once qualified, a wide range of career opportunities exist, not only as a professional financial planners, but as managers, specialists within the life insurance, banking, asset management and investment sectors as well as other providers of financial planning products in the financial services sector. Regardless of whether the financial planning professional offers comprehensive financial planning or has chosen to limit the scope or level of services (for example; in one or two components such as estate planning, investments or tax planning), the financial planning professional needs to be able to master the complete set of abilities required to competently deliver a comprehensive financial plan to a client. Financial planning professionals will likely work with other professionals in evaluating and assessing various aspects of a clientâ&#x20AC;&#x2122;s financial situation (for example; working with lawyers on estate planning matters, working with accountants on tax planning matters, etc.).

ABOUT THE FPI The Financial Planning Institute of Southern Africa (FPI) is a nonprofit professional body formed in 1981 as the Institute of Life and Pension Advisers (ILPA) to improve levels of professionalism. Living in a global village meant ensuring that local practices were aligned to global standards. To ensure that financial planners in South Africa met international standards, in 1998 the FPI affiliated with the Certified Financial Planner Board of Standards Inc. in the United States; in April 2000, adopted the new name (Financial Planning Institute of Southern Africa) and were a founding member of the international Financial Planning Standards Board (FPSB). Today, the FPI is regarded as the leading independent professional body for financial planners in South Africa that ensures South Africans have access to, and value, competent financial planning. Through the global partnership with the FPSB in the United States along with over 20 other countries, FPI is the only institution in South Africa able to offer the CFP certification.

INmag | 2011

The CFP mark asserts that the financial planning professional has met appropriate competency, ethics and professional practice standards to provide comprehensive personal financial planning services to clients. In addition to the CFP mark, the FPI also has two local trade mark levels of membership: Associate Financial Planner (AFP) and Registered Financial Planner (RFP). Professionalism in financial planning rests on competence and ethics. As the custodian of the profession, the FPI is uncompromising in establishing and maintaining world-class professional financial planning standards, ensuring that members remain competent and ethical to retain their professional status. Many top financial institutions have adopted us as an independent standards partner and our members include both general practitioners and specialists in particular branches of financial planning.

REQUIREMENTS TO BECOMING AN FPI MEMBER In order to be accepted as a professional member of the FPI at the three levels of membership, candidates must meet the FPI’s four ‘E’s:

60 hours of continued professional development (CPD) to stay current with developments in the financial planning profession. At least five of these hours must be spent on the Code of Ethics and Professional Responsibility and the Financial Planning Practice Standards. The same requirements are applicable to the other levels but are reduced: AFP professional, at least 50 CPD hours for RFP professional and at least 40 CPD hours are required.

• Education • Experience • Examination • Ethics In addition, members are required to maintain technical competence and fulfil ethical obligations by renewing their membership annually. Every two years, CFP professionals must complete at least

THE STEPS: Step Step Step Step

1 - Obtain a relevant qualification from one of the FPI accredited educational institutions 2 - Obtain the necessary financial planning experience (1, 2 or 3 years) 3 - Complete the professional board examination 4 - Apply to the FPI for the professional designation (RFPT, AFPM or CFP professional)

WHERE TO STUDY Institution

Qualification

NQF Level

University of the Free State

B. luris Financial Planning Law Post Graduate Diploma in Financial Planning

6 7

University of Johannesburg

B. Com Finance B. Com Honours Financial Planning

6 7

University of Stellenbosch

B. Com Financial Planning Post Graduate Diploma in Financial Planning

6 7

Nelson Mandela Metropolitan University

B. Com Financial Planning Post Graduate Diploma in Financial Planning

6 7

Milpark Business School

Certificate in Financial Planning National Certificate in Financial Planning Post Graduate Diploma in Financial Planning

5 6 8

FPI Academy

National Certificate: Wealth Management

Further Education and Training (FET) Institutions: (Boland College, College of Cape Town, False Bay College, Northlink College and Cape College and False Bay College)

National Certificate: Wealth Management

For more information about a career in financial planning, contact the FPI on: Tel: 086 1000 FPI (374) | Fax: 011 475 1158 | E-mail: fpi@fpimail.co.za | www.fpi.co.za

INmag | 2011

R e a ch in g g o a ls

INSURANCE OF INSTITUTE R SOUTH AF ICA

A S II T he Insurance Institute of South Africa is a professional membership institute for the urance ric South Af an ins ains a industry. It maint owledge central body of kn sustains d an s and develop local th wi ips sh on ati rel tes and insurance institu plus other industry bodies, worldwide. , tes titu ins r simila

The IISA is a governed by tors board of direc

INmag | 2011

Our members include corporate subscribers and individual professional members. The IISA serves the insurance industry as a whole, with the strongest support originating from the short-term market. The IISA is governed by a board of directors, most of whom are directors of large insurance companies, brokerages or other service providers to the industry. We chatted to our chief executive, current president and a few past presidents about their involvement in the industry and the institute.

DAVID HARPUR IISA President 2001/2002 and 2007/8 Chief Executive: Insurance Institute of South Africa and led the management buyout in 1990 to become a solely management-owned business. We merged with Glenrand in 1997 to become Glenrand MIB and listed on the JSE during 1998.

I matriculated at St George’s Grammar School in Cape Town in 1967, where I was head prefect and played first team tennis, cricket and rugby. In 1969, I started my insurance career at the Southern Insurance Association and over the years qualified as an associate and then Fellow of the Chartered Insurance Institute of London. I commenced my broking career in 1971 at Institutional Insurance Brokers in Cape Town, married Belinda in 1974 and transferred to Johannesburg in 1975. In 1976, I joined Minet Insurance Brokers

Having been CEO for 16 years, I eventually handed over the reins in 2005 and became a non-executive director with certain contractual commitments to the business. I finally retired from the board at the end of 2008 after a wonderful 33 years of involvement in the business. I was appointed during 2007 as the acting managing director of the Worldwide Broker Network, operating through independent broking companies in 60 countries around the world. This was a fascinating challenge for nearly two years, during which I travelled the world from north to south and east to west. During all this time, I had served on the board of the IISA as a non-executive director and served two periods as president of the IISA during 2001/2002 and 2007/8. In January 2009, I accepted the position as CEO of the IISA.

The challenges of professionalism and education in the insurance industry offers many opportunities for the development of the Insurance Institute of South Africa as we move to reclaim our significant role in the industry with strong support from the FIA and SAIA. The industry has so many diverse segments and, over time, some coming together and rationalisation of institutes and associations will probably occur. I have no doubt that my studies through the CII and IISA helped build my knowledge and interest in the industry. Insurance offers a wonderful career path for those prepared to work hard and study to expand their knowledge and value contribution to enhance the professional status of the wider industry and their particular companies. It enabled me to grow as a person and to travel the world extensively. The industry needs specialists and generalists who are prepared to enthusiastically apply themselves to the myriad of applications this great industry offers.

KEITH KENNEDY Former Managing Director: Mutual & Federal IISA President 2010/2011

I grew up on a smallholding in Randburg and my father, a plumber, taught me practical mechanical skills. I originally wanted to work with my hands and joined the post office to be a telephone technician, but after doing my compulsory air force training, decided that that was not for me. Instead, I attained a Chartered Institute of Secretaries qualification and started working as an accountant. In

INmag | 2010

1983, I applied for a branch accountant’s job at Guardian and was employed to run an information centre, which enabled people to use personal computers and computer query facilities which was very new at that stage. I was 31 years old and progressing well to finalising my CIMA (Chartered Institute of Management Accountants) qualification. I am now a Fellow of the CIMA as well as a Fellow of the CIS.

one day I’d be the CEO of the secondlargest insurance company in the country.

I then took a liking to short-term insurance, which is when I did my insurance examinations. I am currently a chartered insurer and have my ACII. During my time at Guardian, one of the general managers gave me a good performance appraisal, but advised me that as I am not “an insurance man”, I wasn’t really going to have a successful career in insurance. Well, I worked hard, persevered and completed my studies – never thinking that

Whilst insurance has been around for 500 years, there are no viable substitutes and I see it being around for many, many years to come. It is certainly a noble industry in my opinion, which offers many career opportunities.

I enjoy developing bright young minds and passing on experience and, in so doing, building a stronger, better company. Insurance has many facets, so whether you have a legal bent, financial bent or want to be in sales or procurement, insurance does offer a vast array of opportunities.

This country is seriously deprived of skills and the IISA puts a lot of effort into developing people. I think the ultimate outcome, that we can all be proud of, is passing those skills onto youngsters.

SIMON CHIKUMBU Chief Executive Officer: Aon Benfield IISA President 2006/2007 Insurance was not on my radar when I was at university, hence the engineering studies. After graduation, I went to work at a mine for two years, then a brewery for another two years and joined insurance in 1984. The main attraction then was the ability to travel and meet people.

I was born 53 years ago in a small and remote village in the eastern part of Zimbabwe (then Rhodesia) to a large but poor family. It was a struggle to make ends meet in my childhood as our parents had many of us to care for. During the early part of my life, Rhodesia was a colony of Britain and like most black people in Africa, white oppression was evident in every walk of life. However, with commitment to selfimprove at an early age, supported by equally eager and loving parents and older siblings, I was able to attend school and enjoyed it very much. At the age of 12, I went to missionary boarding school, where I was taught by highly educated missionaries from the UK. I also met my best friends to this date. After six years at this highly respected high school, I went to University of Rhodesia in 1977 and graduated in 1980 with a high degree in engineering. I think I can safely say that time at university was probably the best part of my life, as I had some money to spend (from a scholarship) but no responsibilities at all.

I started in insurance as an engineering insurance underwriter and risk engineer and, after a short while, I was loving it so much that I started studying towards a professional insurance qualification, namely the CII’s Associateship programme. At work I was introduced to other classes of insurance and I gradually climbed the ladder at my employer. Six years later, at age 33, I was appointed regional manager of Munich Re. The most exciting part of my job was meeting people and making a measurable difference to the company’s bottom line. By 1995, I ventured into reinsurance broking and joined Aon Zimbabwe to start its reinsurance broking division. Success came pretty quickly and I was transferred to South Africa to join Aon Reinsurance Brokers as director in 1999. We have now grown to be the largest reinsurance broker in sub-Saharan Africa, including South Africa. In 2004, I was appointed CEO of Aon Re Africa, a position I still hold today. Having come to South Africa in 1999, I was elected president of the Insurance Institute of South Africa in 2006. Many people in the industry, including myself, carry the diploma

of Fellowship bestowed by the IISA. I have also found that being a member of the IISA enables me to keep in touch with the market trends and up to date. In 2006, I was appointed to the executive committee of the African Insurance Organisation (AIO), a continental body of insurance companies, brokers, reinsurers, regulators, etc. I still hold this position as a representative of the South African members of the organisation. I have also been a mentor and coach to some young people in the industry and I am pleased that I occasionally receive calls from young people seeking advice on their careers and personal life. This gives me fulfillment. Whilst I still do a bit of broking, my role now is in leadership at my company, driving company strategy and business development. People or talent management is part of my role and probably the most challenging one, but I enjoy it none the same. We are trying hard to speed up young people in our organisation and I take pride in assisting them. It is unfortunate that a career in insurance is perceived as not being right up there with other professions, but that is only a perception, which goes back decades. The IISA is doing a great job in trying to change that perception. As far as I know, most people who join the insurance world, stay in that industry because of the opportunities it provides, one of which is that it is still a people’s business.

DR BRIAN BENFIELD Chairman: SA Motor Loans & Primary Asset Administrators IISA President 1989/1990

Associate of the CII (UK) and Fellow of the IISA. As a boy I never dreamed of joining the ‘boring, dusty, old’ insurance industry. It has proven to be the most interesting industry in the world. We deal with every single aspect of every type of business, from finance to sales, marketing, medicine, engineering, IT, art, travel, health, media, statistics, mining, electronics, law and litigation.

I attained my matric at Victoria Park High School in Port Elizabeth and continued to complete a BCom, BCom honours, MCom and Phd. I also attained a PMD at Harvard and am an

My first job in the industry was as a life assurance salesman. I then progressed to branch manager, regional manager, general manager and MD. Thereafter I started Clientele Life in 1997 and sold my interest to the Hollard Group in 2001. I now have interests in several

smaller finance and insurance businesses in South Africa and serve as a director of a European insurer which I was instrumental in founding. Apart from the above, I have been visiting professor, insurance and risk management at Wits University for 21 years and thoroughly enjoy being kept on my toes by my students. Imparting some of what I have learned to them and to those younger folk with whom I now work is very gratifying indeed. It never ceases to amaze me how much there is to learn about this industry and, after almost four decades, how little I know about it.

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NASH OMAR Managing Director: Etana Insurance Company IISA President 2009/2010 & Current SIA board member and a national certificate in risk management. Attending INSEAD in France with global business leaders was inspirational, as was their Advanced Management Programme and receiving their Short Term Certificate. From INTEC I earned my Unit Standard Certificate.

I attended M.H. Joosub Technical High School and at Damelin earned a certificate in insurance

In 1981 I joined the insurance industry with Federated Insurance, working through various departments. Passion for the industry brought me to my current position as managing director of Etana Insurance. The relationships built with brokers, other insurers as well as reinsurers, gives me great enjoyment.

We have a unique industry. Although we are business rivals, the relationships and the caring we share is personal, irrespective of competition, making it possible to get together and celebrate each otherâ&#x20AC;&#x2122;s triumphs. The insurance industry not only serves as a financial institution: it can and should be recognised as a fundamental service industry because we serve and satisfy our clients both through protection products and lifechanging service.

ANTON OSSIP Managing Director: Alexander Forbes Financial Services IISA President 2008/2009 department. During this time, I wrote exams through the Institute of Actuaries in London until qualifying as an actuary in 2001.

I attended King David Victory Park for all of primary school and high school. After matriculating, I went to Wits University and studied a bachelor of economic science (majoring in actuarial science and statistics). I graduated in 1995 and went to work at Commercial Union in its actuarial

My actuarial training geared me up to a career in insurance, pensions or investments. Over the last 12 years, I have worked in all these disciplines. My career has consisted of my two years at Commercial Union and 13 years at Alexander Forbes, where I have worked in investments (Investment Solutions), general insurance (risk and insurance services and Alexander Forbes Insurance) and pensions (AF Financial Services). I am currently the managing director of Alexander Forbes Financial Services. I really enjoy the diversity of the role dealing with issues from managing the business, dealing

with employees, dealing with clients, strategic development of the business, reporting to shareholders and other stakeholders. No two days are ever the same. The insurance industry is a fascinating one, constantly changing and quite diverse in terms of the roles it offers. Anyone who has ever worked in the industry will tell you that you will meet great people here and will make good friends. Having been involved with the IISA for the past three years has been a great experience for me. I am passionate about education and developing professionalism and the IISA is well placed to continue doing this. I have interacted with some great people over my past three years and am proud to be associated with IISA.

HOW COULD I BECOME INVOLVED WITH THE INSTITUTE? There are various levels of individual membership, starting at a very basic level, for new entrants to the market. These membership levels are awarded according to academic achievement in the insurance field, plus some other qualifying criteria relating to work experience in the insurance market. A summary of the various member levels can be requested from the IISA or be viewed on our web site, www.iisa.co.za.

INmag | 2010

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INmag | 2011

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INmag | 2011

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INmag | 2011

PATHS

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options Evaluate career

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the options

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plan

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summary

INmag | 2011

hip provides A learnersw n a learner opitphoartunity to excellent rience in the gain expearket while labour mtowards studying ation. a qualific

what to activate do my career INSETA? with i need

ange requirements ch sector. Minimum the d o an int stry es en r sin where a bu requirement fo d professional, ed as a minimum t of manager an d. tha ire Matric is regard bly qu ta re no lly , els ica tional lev perience are typ at higher occupa n plus sector ex io at fic ali qu idates who are ed ct for those cand commerce-relat bje su of ce oi sector cial skills in the an important ch high- level finan ics has become at the m of he t at os m M . el, try At subject lev insurance indus dation. ployment in the hematical foun considering em at m d un so a th wi tes ida nd fications (such as require ca d existing quali an ed ter gis re been industry. alifications have r the insurance ctor-specific qu ns specifically fo tio isa Various new se ial ec sp e now includ e insurance BCom degrees) w ventures in th eurs to start ne en all business pr tre sm en on is ing strong emphas nities for budd rtu es ac po pl op y esses. INSETA so eg sin al at e bu There ar maintain new Development Str d ills an Sk rt l sta na providing io to at y o the sector by industry. The N of skills necessar young people int the cultivation ed d oy an pl t en em un pm lo of deve lopment ining and deve supports the tra . ng ini tra n tio ea new venture-cr d a practical a theoretical an that consists of lification e m ua m Q l ra na og io pr at ing stered on the N gi structured learn re a is is at ip th sh n er io rn A lea a qualificat d that leads to component an illed worker . F) guidance of a sk Framework (NQ rking under the een an wo tw e be t tim d en en em sp learnership agre where learners a e ar by ent with ips ed em sh lat re er gu rn ag re a learnership Simply put, lea A learnership is r can enter into liged to ye o learn theory. ob t plo als no d em is an r r An ye to r. plo en or m ng provide (here the em rner and a traini t an employee employer, a lea learner who is no a th wi or e ye an existing emplo ership). the end of the learn in experience in hire you at the opportunity to ga reases nt inc lle d ce an ex t an en s a learner with rsonal developm ide pe ov lps pr ip he ip sh o sh er er als rn rn alification. It e are 46 lea In summary, a lea employed. Ther ing towards a qu un dy re stu u’ ile yo if wh t ce ke an labour mar sector. learner allow in the insurance d you receive a d and registered self-esteem – an pe lo ve de en have be categories that in the sector are: two learnerships lar pu po t os m The – NQF Level 3 s Administrator Financial Service vel 3 Le F inistrator - NQ Insurance Adm

learnership? a t u abo What

s: , contact u information thority (INSETA). hannesburg Force Semore and Training Au ad, Parktown, Jo ctor Education .za. . St Andrews Ro Insuran akhurst, 11 www.inseta.org North Wing, O .org.za | Visit ta se in @ Ground Floor, fo in l 0013 | e-mai Call 086 113

INmag | 2011

a of on i t a n i m r e t e story d

l au d z i Lusani Mgu to the familiar

spondin e one learner re best job d out by a grad lle m study, it is the ca co en st. be ca er er re ev s Ca ha a y’ to ar ing ctu rd ‘a t acco It is doubtful tha y’ question, but nt to be one da ‘what do you wa in 2010. stress, working to have in the US other in terms of ch ea st ain ag d easure 200 careers, m parameters. t on top out of d hiring outlook an e om The job came ou inc , ds an m de l ica ys The wages environment, ph g financial risk. uations involvin sit s actuarial se of aly rs an be d m o calculates an en the small nu wh giv rt d pe an ex ed an lax is An actuary are relatively re rking conditions demand. are high, the wo skills are in high the a, ric Af uth So in ls nals (ASABA), na professio tuarial Professio Ac k ac Bl e rewards. an ric these impressiv n of South Af at one can reap of the Associatio th t rt en fo id ef es h Pr uc m as But – only after i relates – it is tuarial Lusani Mulaudz works as an ac of why. He now lesson in hard n ic io ss at cla str a illu is ct w ere he is no offers the perfe wh ry to y sto n ne ur ow jo s i’s Mulaudz Town, but hi nlam in Cape consultant at Sa n. o hardio at rmin c of Venda) to tw work and dete (then the Republi ted in po ula po ric at Lim m in He ba of Ha-Masham m a young age. e fro . lag life ics vil l ily om ra m ru on fa re focus of his nt in business ec Born in the small ucation was a co d the best stude ed an s, e, er inc ch ov tea pr working dent in his th-best overall stu nts and I read 2000 as the six e nine. My pare en I was in grad wh at Stellenbosch d nd lle frie ro a en m d licy studies an rial science fro po tua ac do t to itch to ou sw ed ab to d cid “I first hear matric, I de couraged him rn more but after unsellor there en lea co to er it t re ca ou a ab r, up weve ed Mulaudzi. Ho University,” relat . ce that year which actuarial scien rsary in June of d a Sanlam bu re he smiled. cu se t!” n tha t the d ou an viously happy ab the programme ob to re on we ed nts pt re ce “I got ac gree. My pa mpleting his of my entire de the process of co covered the costs nlam, and is in Sa Society of l at ria ns tua io at Ac lig the ob mitted Fellow of ling his bursary lfil ad fu proximately lly y fu ap ntl a rre e the m cu of Mulaudzi is is soon to beco e it that far out He ak . m ce to ien nts sc l de ria stu h. masters in actua pool of about 20 its, is really toug will join a small course, he adm e Th ar. South Africa. He ye t firs d with him in tra reading, 150 that enrolle ned himself in ex his studies, drow At the end of on s. d er se tur cu lec fo gaging with his urs a night as he en d ho e an iversity. Even fiv ns un n tio tha the es s He slept les ing students in tantly asking qu rm ns rfo co pe ss p cla to the the of for and sat in front Rector’s Dinner g in his studies. was invited to the ough to stop him from excellin his first year, he en t no s Afrikaans wa erned at the low being taught in Mulaudzi is conc A, AB AS ation. of nt llows by his estim current preside y less than 80 Fe has done. As the ntl he rre at cu e wh ar is d re And succee the country – the ck actuaries in hard to rectify. numbers of bla ABA are working AS d an tion he t tha ing eth m ults that this op so This is out to young ad ge sa es m the t d we need to ge ry rewarding an “This career is ve put in the effort.” y the if fer lot to of and important exists and has a what a massive le do not realise per cent of the op 10 pe r , fo nn ts Du to CEO Sandra e sector accoun TA Th s. SE IN fer ry 20 per cent of to na it di ing or ies Accord lly any opportunit ributed an extra m nt cia e co pe th es d ar ye an le, st – op la is e young pe industry this uth Africa, and like to encourag the place to portunities in So t). INSETA would ance industry as uc ur employment op od ins pr e th tic er es id m ns do co ss to ro s, (g nd DP ou G national taged backgr iously disadvan those from prev in ms. rd work up front pursue their drea that demands ha of it ce rsu oi pu ch er the re d ca an actuary is a y is very good an pa ing m the co t, be ea t gr tha e d ar Mulaudzi adde rking conditions “After that, the wo order to qualify. wide.” where to work is ne. is not for everyo that the career h, ug tho ng and, of , ed He caution of problem-solvi atical ability, love l at this – as m sfu he es at cc m su al be tur to ious, have a na “But first of all, bit . ys am and ask a lot sa le be he op to ” pe ry, ed “You ne self with the right ake it as an actua ur m yo to d e un nc rro ra ve Su course, perse to have a vision. life – you need with anything in . ed conclud of questions,” he

This careeryr is ve a rew rdinge and w need to get the message out to young adults thant this optiod exists an t has a lo to offer if they put in. the effort

INmag | 2011

il it ie s F a it h in yo u r a b

atric. you’re in tm what nex ?

SY AIA ed ou are nearly finish g, but with your schoolin at you’re not sure wh low. career path to fol ming Your exams are loo on ed cid de en and you haven’t ev u’re lyYo ar. ye xt ne dy what to stu stressing about ing awake at night, the future.

iliar? If so, Does this sound fam t about ou d fin to r the read fur rs in the ree ca y all the cool, sex iting for you. wa try us ind e nc insura nt to earn (Especially if you wa be able to pitch to y ne mo gh ou en ool reunion in up at your high sch !) a flashy Porsche

How would wuet survive witho insurance?

INmag | 2011

ABOUT SAIA The South African Insurance Association (SAIA) promotes the short-term insurance industry in order to create an awareness and understanding of the industry and to add value to everyone involved. The core functions of SAIA include: representation of its members’ interests to the public in a proactive manner; representing its members’ interests to government at all levels and other bodies; representing its members’ interests to the media; provision of a forum for discussion of common interests in the short-term insurance industry; facilitation of information flow amongst its members and the setting of appropriate technical standards in the industry.

WHY INSURANCE? How would we survive without insurance? Imagine coming home to discover that your house has been burnt down or your car has been stolen? Who will pay for a new home and everything inside, or another car? A person’s life can change overnight as a result of these disasters, but with paid-up insurance, at least you know you will be able to purchase another car or a new home.

mind considerations in a matriculant’s mind when selecting an industry to move into.

The insurance industry offers a range of different positions, from underwriters, brokers, actuaries, IT engineers and lawyers to admin clerks, claims co-ordinators, PR experts and receptionists. One of the most important facts to note is that the insurance industry is an industry offering tremendous growth, and this aspect should be one of the top-of-

The insurance industry is fast paced and ever changing. In this competitive environment, one must stay on top of the game to succeed. Any position in the insurance industry requires a person to be a quick thinker, a fast worker and be able to solve problems timeously and effectively. Could this be you?

D R O W

Our country is crying out for qualified, top notch financial planners, as so many individuals and companies are making completely disastrous decisions regarding their insurance and are ending up bankrupt or worse.

M O D S I W F O

earn want to y are : if you y str tr u s d u in d nce in rance as e insura ries in the insu er ending up th g n ri h te la it me n a e s e o t h – g s s e e n onsideri ! Most of the b g lots of math executives tak t u are c in S n o lv y e H o T if v tm A s e in M inve rees of advic DROP for deg ves and A word cks – DON’T studied urance executi e v u a b h ig o s the b le wh Top in by peop s or auditors. earned rie a tu c a d qualifie es, too. lari high sa

INmag | 2011

THE WORKING WORLD For those of you who would prefer to work in the insurance field next year as opposed to studying, an insurance call centre is a great place to gain a strong foot into the industry, and to acquire various formal industry qualifications while earning and building a great career. A call centre is a buzzing, vibey environment to enter, where all you will hear is ringing telephones and the sound of voices.

in-house training to educate and train an individual to become a call centre agent. We advise you to visit the South African Insurance Association (SAIA) website, www.saia.co.za, to look at the SAIA member list. The member list comprises 59 member companies which you are more than welcome to contact to find out what courses, learnerships and in-house training is offered.

Interested? Read on. A call centre is basically a huge room where a company’s incoming calls from its clients or potential clients are received, or outbound calls to clients or potential clients are made. Call centres are becoming increasingly popular, as clients have a growing need for a direct and efficient way of interacting with the companies they deal with. Call centres employ many staff in a range of functions, ranging from client service and sales to support functions.

Soft skills training, leadership development, the principles of insurance, selling insurance, the administration process and various insurance skills programmes which are registered with INSETA (Insurance Sector Education and Training Authority) are covered in many of the courses. Some companies offer an initial insurance programme consisting of credits for personal short-term insurance.

In South Africa, many corporate insurance companies have call centres, some include Dial Direct, Hollard, OUTsurance and Santam. To work in a call centre, the minimum entry requirement is a matric/grade 12. In addition, the call centre environment requires strong communicators who are computer literate and can think on their feet. The ability to deal with challenging client queries and difficult clients in a calm, efficient way is essential. The ability to work in a highly stressful environment where high call volumes and a strong quality orientation is also required. Good numeracy skills are an added advantage. Many corporate insurance companies offer courses, learnerships and

Some insurance companies are in the process of developing a ‘full qualification’ which will be equivalent to a post-matric qualification. In successfully completing a skills programme, a staff member will be on their way towards obtaining a full qualification. The full qualification needs to be achieved within five years from date of employment and staff members will be required to complete regulatory exams which form part of continuous professional development. Trevor Dewitt, head of communications at OUTsurance states, “OUTsurance offers a matriculated individual further educational development through its in-house training department.”

PEOPLE AND POSITIONS

For those of you who will be studying next year, the big decision is where and what to study, what qualifications you will need, how to get some valuable experience and where exactly you can fit in. However, identifying your interests, personal attributes, strengths and skills is as important, if not more. We at SAIA (the South African Insurance Association) understand the decisions and concerns facing school leavers at present. We have highlighted some positions in the insurance industry below, indicating the tertiary qualification required along with the duties of each position.

Sales representative/broker

Call centre agent

Do you enjoy mixing with and talking to people? Are you known as the life of the party? Are you influential and motivated? Do you excel at steering people towards your way of thinking? Then a career in sales would be the career path for you to follow – see the tertiary qualification requirements below as well as the duties in the everyday life of a sales person.

Required qualification: Matric certificate

Tertiary qualification: BCom degree majoring in sales and marketing/Institute of Marketing Management diploma/Damelin diploma in marketing and sales management. • Meet the set sales targets. • Look for new business. • Keep the existing client base. • Identify the clients’ insurance needs and act upon these needs. • Keep the client informed of terms and conditions of the policies. • Administration of the policies.

• Assist people who call in with their insurance requests. • Look out for opportunities when talking to the client on the phone if there is a possibility of selling them an insurance policy. • Phoning people who haven’t paid their insurance policy monthly payment. • Identify clients’ insurance needs. • Advise on terms and conditions of the policies. • Apply underwriting criteria.

Business development manager Required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification. • Manage the sales department. • Ensure that the sales representatives are meeting their sales targets. • Ensure productivity and profitability of the sales department. • Take responsibility and act upon serious client complaints.

INmag | 2011

Do you love paperwork? Could you see yourself surrounded by files, ensuring they are all in order and all paperwork filed? Do you see yourself sitting at a desk in front of the computer, on the phone most of the time? Well, then one of these positions could be for you.

Client services adviser

Sales administrator

Required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification.

Required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification/any administration-related qualification.

• Following up on payments not made by clients. • Tracking documents on systems. • Looking after existing clients. • Policy renewals. • Endorsements.

• Providing administration duties for the sales representatives and the sales manager. • Setting up of meetings. • Co-ordination of sales reports. • Managing the sales database.

Do you thrive on a challenge? Are you a number-crunching fundi? Do you enjoy focusing on processes and legal matters, but don’t mind working with lots of paperwork? Then one of these options could be for you.

Legal adviser Required qualification: BCom with law as a subject or a businessrelated qualification.

How would we survive without insurance? Imagine coming home to discover that your house has been burnt down or your car has been stolen?

• Decides upon liability. • Negotiates between parties involved in third party claims. • Reports any fraudulent activity.

Claims consultant Required qualification: BCom degree or any businessrelated qualification. • Determine the value of the claim. • Negotiate the settlement of the claim. • Seek legal counsel to decide upon the liability of the claim. • Analyse all aspects of the claim. • Decide upon cover, liability and validity of the claim.

Claims administrator Required qualification: BCom degree or any business-related qualification. • Liaison with clients regarding their claims. • Manage a database to ensure that all claims are registered. • Process and finalise claims. • Process payment to suppliers relating to claims.

Claims assessor Required qualification: BCom degree or any business-related qualification. • Assesses the damage of a claim. • Liaises with regulatory controls and legislation. • Advises claim findings to the claims negotiator. • Assesses the circumstances of an incident. • Decide upon recommendations on the settlement of the claim.

Actuary

Risk surveyor

Are you a maths boffin? Would you rather be at home number crunching than joining your friends at the local pub? Do you love analysing data? Could you see yourself conducting lots of research? Are you a computer nerd? Do you want to earn lots of cash and live a lavish lifestyle? Then this position is suited to you.

Required qualification: BCom degree or any business-related qualification.

Required qualification: Bachelor’s degree in actuarial science.

• Analyses risks. • Investigate improvements to prevent loss/risk exposure. • Makes recommendations on where the improvements of risk could be made.

• Collecting and analysing data to predict future risks and how these predictions will affect various aspects of insurance. • Review of statistical information. • Take information that has been reviewed and draft guidelines for which the companies can follow with their customers and employees. • Once an actuary has reviewed all pertinent documents, he/she must then construct concise tables outlining the results of the document review. • Provide recommendations to companies with regard to insurance premiums. • Work on company policy. • Determine company policy and explain such policy and its aspects to those who will benefit from it. • Actuaries may do consulting work and help various companies with their statistical needs and company policy construction. • Actuaries may be asked to testify as expert witnesses in various forms of litigation. • Actuaries may be asked to testify before public agencies with regard to new or revised legislation affecting the companies and corporations. • Develop mathematical ideas and formulas so that data can be assessed in the correct manner.

Underwriter Do you enjoy analysing information and paying close attention to detail? Do you have sound judgment? Then this could be the job for you. Required qualification: Finance/business administration degree/ bachelor’s degree with accounting and business law as subjects. • Identify and calculate a policyholder’s risk of loss. • Establish premium rates and write policies that cover these risks. • Decide on whether a policy must be issued. • Analyse information in insurance applications to determine if risk will result in a loss.

CONTACT Interested in finding out more about the South African Insurance Association? Visit us on the following website address www.saia.co.za.

INmag | 2011

ri ve n Pe rf o rm a n ce d

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O R T N a-Z I I

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INmag | 2011

su cc e ss O n th e ro a d to

BECAUSE E GOES INSURANC RE, A EVERYWHEAN LEAD CAREER C E ANYWHER

D R HOLLA s Hollard knowto re there’s mo ts you than mee the eye

INmag | 2011

IT DOESN’T MATTER IF YOU DON’T HAVE A CRYSTAL BALL So you have your degree and you don’t know what you want to do … yet! You thought by now you would – but you don’t. Here’s the crazy truth! That doesn’t matter … not if you choose to hook up with the insurance industry which makes the entire economy tick – and particularly Hollard where innovation and doing business differently are deeply embedded in our DNA. On top of that, in 2010 we were ranked by our people as Best Company to Work For in the insurance category in the Deloitte Survey. It’s not every day that employees get to have a go at their employers but in this survey that’s what happens and Hollard welcomes the feedback.

Tailoring insurance to fit exactly is something we do really well together with specialist partners. That protection includes athletes and their prowess; factories and whatever they make; actors and their looks; musicians and their equipment; collectors and their art or coins or rare whatevers; psychologists, hospitals and doctors who might be sued for malpractice; travellers who can get stranded by ash clouds or have their luggage stolen; people with houses, cars and other possessions; cranes, bridges and construction sites; or farmers who breed anything from chickens and cows to rhinos and elephants at a game farm. Without insurance, financial stability would be impossible!

Another achievement in 2010, our 30th anniversary year, was the financial triumph of having the best financial results ever – and that’s in spite of the global economic crisis. Because insurance goes everywhere a career in this industry can lead anywhere. Think about it! There is literally no industry, profession or asset that does not need to be insured.

WHY IS HOLLARD SPECIAL? • We’re the Best Company to Work For in our category – according to our people • 10 offices in 10 countries • Over 6 million policyholders through 100 partnerships • Third largest insurance company in South Africa • Largest family owned insurer • 950 Hollardites • We have loads of healthy back-up like an in-house gym

INmag | 2011

• The Hollard campus in Parktown, Johannesburg, is fabulous • We have our own Hollard Academy where additional study is free • Worldwide turnover: R13,2 billion • Products across both life and short term licences in virtually every class of insurance

42278/Mortimer Harvey/E

Dream Big. Celebrating the best financial results ever, 30 year anniversary and over 100 dynamic partnerships . www.hollard.co.za

An authorised Financial Services Provider.

DOING BUSINESS DIFFERENTLY Balancing work and play is a Hollard flair that we have been perfecting over the last 30 years.

forming a partnership with Edcon so that account holders could pay their premiums through their retail account.

We’re working hard at being a dynamic and diversified insurance company with innovative divisions that deliver insurance to all South Africa’s people.

We also now sell insurance for cash through Pep Stores and others. It works a bit like a cellphone starter pack and premiums can be paid at the cash till. There are many South Africans who simply prefer to do their business by cash – and we’re there for them as well.

We’ve taken insurance where it has never been before by partnering with different specialists. There was a time when, if you didn’t have a bank account and debit order facilities, you couldn’t get insurance. Hollard put a stop to that by

For 30 years, Hollard has been doing business differently and we continue to do so today.

Delivering specialist expertise – a selection of Hollard’s specialist short-term underwriting manager partners as well as some of their life product providers.

INmag | 2011

E S O P H PUR

T I W E F I L

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t has no me tha to you as ti l a c ti nt is cri importa ny at th compa nge. If this is a r fo a rk t for ch y to wo bit craz eing a catalys le tt li ir a b be for side the It would ience or plan t to know: s along rn tu c re n s n a nd eco-co ual you will w l divide id eir socia th n o an indiv orting l be rep ture wil fu in us Hollard . around l results munity financia m o c r u ,o r people ns: t on ou c a e a p m im is Th ive ur posit suring o nt.” a e m e lb me “We wil atural environ ction in n r u o % redu eady d 2 an 1 a alr : d to ves are ghts are ommitte d has c campus initiati w highli n fe a t a n r ri otp So fa f onble arbon fo mber o vulnera ing its c 012 and a nu k c a ns and tr a is h 2 rp y rd o b a a’s ption • Holl th Afric ts that consum ing Sou t projec rt n e o energy p m g p ft u li in s l up runn d to in socia up and n is committe undation on lunteer o o o F li v il protecti rd m to a y nancial rtunit • R50 e Holl fi o th p e p ia id o v v e g t pro children rdites have th y find inspirin ucts tha t the of prod Holla a n 0 th lected to o 5 r ti 9 o u • rests been se Facility, distrib te s ir a in e h ir th e rd g tion olla fit th asin area, H urance Innova elopment of is incre et is rd rk th a a ll in m s o s e dev es roin • H w incom y ’s succ from the Mic , to accelerate t to the lo f the compan n n ra tio Dollar g Gates Founda use o • Beca a half million a d n li e receive ill and M by the B roducts p backed e suranc micro-in

INmag | 2011

PASSPORT TO EVERYWHERE The diversity of insurance – and Hollard in particular – means you don’t have to stress about making a decision that is written in stone and locks you into a career path forever. For example, we’ve got two lawyers who started at Hollard doing conventional lawyer stuff. One of them is now the head of Hollard’s office in Delhi and the other is driving Hollard’s international expansion activities throughout the African continent and the world. Before that he created Hollard’s New Business Team that invents new ways of doing insurance business – like selling policies via cellphones or through starter packs at retail outlets. For the past 30 years, Hollard has been driven by innovation and meeting new needs. This means we have been the ‘first’ to deliver many new products as well as distribution methods which have rocked the boat. Then there are our three BCom movers and shakers whose paths have taken them down roads very different from their starting roles at Hollard. One is working with our specialist insurance business partners to help them achieve their dreams in building their businesses. Another manages the team that guides a variety of big businesses in figuring out alternative ways of managing risk, like self insurance. The third Bcom guy has been at the Hollard Office in Sydney, Australia, for 3 years, setting up a process with our network of brokers. Even actuaries can end up somewhere else around here. Like the Hollardite who started as an actuary in the life division and now heads the Hollard Wealth team that invests money for the cash flush. Those Wealth guys just created a completely innovative product called Safe and Secure.

LEARNING IS KEY AT HOLLARD At the inhouse Hollard Academy there are virtually limitless opportunities for skill development and gaining additional qualifications, such as: • Fully paid 1 year insurance qualification with job rotation to familiarise learners to the world of insurance work for graduates and post graduates in the fields of IT, audit, legal, marketing, accounts/finance, human resources; we offer internships (subject to availability). • Those interested in sales, we offer learnerships on call centre sales, where at the end of the 1 year learners are fully accredited FAIS representatives. This means that they can sell insurance and provide advice on the best product choice. This is a highly sought after accreditation by employers, as the law has legislated that one can only sell insurance if one is FAIS accredited. • Hollard has an academy that supports all Hollardites to continuously develop their careers, and every year approximately 300 Hollardites graduate after completing training programmes that are specific to their jobs. • Hollard also selects talented and exceptional black matriculants to be part of a learnership programme for 1 year. These learners work at one of Hollard’s insurance partners for the duration of the programme, gaining on the job experience while training. At the end of the programme there is the possibility of being offered a permanent position.

INmag | 2011

A I D A C A AR

LL I V S ’ RD

art e site p heritag l ry a e n v o e ti e a na aker (th alance nd mad Sir Herbert B b a e 5 u 0 iq 0 y n us in 2 rd’s u ned b of Holla nt camp se desig its curre entury-old hou gs) forms part to n o moved ia, a c Buildin trend Hollard e. Villa Arcad ed the Union mental n s. m ig o le s h ty e environ s s d n n to a o h ig s of it d s a e w e s w t d u were d old rchitec hillips, same a Lionel P ction materials uth Africa. dern an the mo and Sir u o tr S e n s c e n in n e o s re c tw e be Lady Flo en indigenous uilding practic owners b th s n k it o c h t a it c b a ard’s g imp . Even adia, w es Holl nd Villa Arc 100 years ago d a far-reachin la hous il rdites a v a e ll o th a r e h hlights, ue for H n ig setter ov Arcadia which e h v c e ri la h histo nd is th build Vil med wit ection a e, cram porary art coll it s e g rita m as a he African conte Today, South e iv s r. s gethe impre to get to partners

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INmag | 2011

t m a tt e rs P ro te ct in g w h a

smart risks solution

f o n o Li a c i fr a T

o many people, the may insurance industry pear ap e nc gla t firs not at iting to be the most exc those career choice. As n ca try us ind working within the tor offers sec the r, ve we ho attest to, rtunities for tremendous oppo growth, creativity d an nt me lop deve . on and interacti

Earn while you learn

INmag | 2011

The company recently became the first short-term insurer in South Africa to achieve Level 1 BBBEE status.

BUILDING A SOLID CAREER Marisia Davis-McIntyre, Executive: People Management at Lion of Africa Insurance, says that more school leavers and those finishing university studies should consider the short-term insurance industry as a good place to build a solid career. At Lion of Africa, one of the newer companies operating in this competitive field, there are always opportunities, regardless of whether you are a school leaver looking for a chance to ‘earn while you learn’, or a business graduate looking to kick-start a career in an industry where opportunities abound.

WHO ARE we? Lion of Africa is 100% black-owned corporate and commercial insurer with yearly revenue of more than R700 million. The company recently became the first short-term insurer in South Africa to achieve Level 1 BBBEE status. It is also the largest insurer to local authorities, the third-largest specialist underwriter for engineering business, one of the top 10 commercial underwriters in the country and the fourth-largest multi-line insurer. “Like many other sectors of South African business, the short-term insurance industry is experiencing a skills shortage. This means that for those entering the industry, especially a young, growing company like Lion of Africa, there are plenty of opportunities,” says Marisia. “At Lion of Africa we believe that up-skilling our people is essential. We have a training academy that offers in-house training to employees. We also give people opportunities to study courses that are tailor-made for the insurance industry that are accredited by the INSETA — Insurance Sector Education and Training Authority.

INmag | 2011

QUALIFY AND

COMPLY

2011 marks the third year that Lion of Africa has run its in-house learnership programme. Ten learners are given the opportunity to gain a formal shortterm insurance qualification at NQF Level 4, designed by and therefore well-recognized by the industry. Importantly they also gain one year’s working experience in various areas of the business. These learners, through gaining the qualification, also become FAIS compliant — a legal requirement for all representatives of a financial service provider in terms of the FAIS Act. That doesn’t mean that there are no opportunities to gather other qualifications along the way, says Marisia. “The INSETA qualification will guarantee learners mobility within the short-term industry, and portability into any other related financial services qualification. “In other words, this qualification will provide them with the foundational credits to build onto other higher level qualifications within the industry.

ATTRACTING

FRESH TALENT A key vision for Lion of Africa is also to attract ambitious, young talent into the industry. To achieve this, the company has initiated a Graduate Development Programme which kicks off in 2011. Each year, ten graduates are chosen across a variety of disciplines such as commerce, actuarial science, IT and marketing.

Effectively, this means that people who, for one reason or another, leave school and do not pursue tertiary studies, do not have to sit back and watch while their friends build careers. “Training and specialisation within the industry and accreditation through studies are essential to personal growth. The difference is that you can explore options and decide on your career path while you are employed.” The other advantage of INSETA studies is that the courses are shorter — the longest being a year and that they can be undertaken at company expense, if approved, while you are gaining practical experience.

“These programmes are well thought through and developed to ensure that the time they spend with us is focused and beneficial in terms of the learning and experience gained. “While we do value academic success, these graduates are not simply chosen on their tertiary achievements. We check for competence and their fit with the organisation; we want them to fit with the Lion DNA in terms of values, potential and ambition.” Marisia says Lion has a core set of values that everybody lives by including integrity and professionalism, leadership skills and a winning attitude. “We work as a pride to make things happen and are always on the lookout for talented individuals who are hungry to learn and challenge the norm to arrive at solutions. “We think of Lion as a family and, in comparison to some of the other insurers, we are a relatively small environment where everyone is known by their name. We pride ourselves on the fact that everybody has the opportunity to learn and grow and to make the most of their skills,” says Marisia.

WORK

EXPERIENCE Marisia says the insurance industry is all about hard work and commitment. “The key to career growth in the insurance industry is experience and those learners who show the most promise, commitment and ambition are given positions within the company to further their careers.” “It therefore goes without saying that people who are willing to spend time moving through various departments and learning about what makes the industry tick, will always have prospects to develop specialist skills and grow their careers.”

INmag | 2011

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.

anywhere you choose, should you demonstrate the appetite and ability. At Lion of Africa we have experts that work in fields as diverse as engineering, shipping and aviation.”

“Insurance is about risk. Lion of Africa is about providing smart risk solutions. It is about fine-tuning offerings that are attractive to the customer, but are also competitive. It is about ensuring that premiums are correctly pitched according to risk. It is all about getting to know a particular industry and becoming an expert in it,” says Marisia.

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.

“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.

Close co-operation and understanding between colleagues, no matter what their job descriptions or level within the company, are essential and aimed at one thing — making customers happy. “Ultimately it is dealing with people that make this business what it is – challenging, rewarding and always interesting.”

“The beauty of this specialisation process is the ability to literally work

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, says Jonathan Holden, Executive: Operations at Lion of Africa Insurance, who has built his career in short-term insurance and has, at one time or another, visited businesses like these as part of his daily duties.

Gold mines, car assembly plants, aircraft and ships

INmag | 2011

KEEPING IT

FRESH

“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,” says Jonathan. 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. “At the coast and in Johannesburg we have specialists who are involved in shipping and insure ships as well as the cargoes they carry. Yachts and pleasure craft also fall under their particular risk assessment portfolios.” The demands of the business have been recognised by tertiary 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.

GO FOR THE

CHALLENGE Turning to prospects for personal growth in the industry, Jonathan says there were numerous opportunities available for new entrants looking for challenging, interesting careers. “There is a shortage of skills in South Africa. This means that in our industry young people who are willing to work hard and develop experience have huge opportunities. Having career prospects in this industry is not linked to having a university degree or diploma before entering it. “Success is based on ability and willingness to learn and grow. “A person entering the industry with a matric certificate and the ambition that leads him or her to study for a diploma and to get the credits required, can do just as well as a person who has a recognised finance or insurance degree from a university. “I have had a long, rewarding career in the short-term insurance industry. I would recommend it without hesitation to anyone looking for a challenge and a chance to build a satisfying future.”

IS IT FOR

YOU?

There is a lot more to being successful in the short-term insurance industry than just a tertiary qualification. “It is a business that demands that you have a good all-round general knowledge, an inquiring mind and, above all, patience. It is a business in which there are no instant solutions. It requires a commitment to learning and gaining practical experience,” says Jonathan. “The formative years in this business are the most important. It is during this time that it is essential to begin building your career by learning as much as you can. This means tapping into the knowledge sources available to you, asking questions of senior people around you who have had years of practical experience and constantly learning as you go along. Combining this approach with the benefits of a tertiary education while working in the industry is a recipe for success, Jonathan says. The call of the insurance industry could also be measured by the fact that many people who had qualified at universities for specific professions were now working within insurance companies like Lion of Africa. “It is not unusual to find engineers, quantity surveyors and other professionals working within the insurance industry. They are able to use their skills and knowledge of their disciplines in a number of capacities within the insurance industry as assessors, loss adjusters and other professional capacities.

INmag | 2011

su cc e ss P la n t a se e d o f

STEP ONE:JOB. GET THAT : GET STEP TWOL ADVICE FINANCIA

THEAD S MA W

e all measure success differently, but one thing thatâ&#x20AC;&#x2122;s important to g sure that kin ma is e on ery ev for them. We rks wo y ne their mo have fun ll, we all want to live s and our lve rse ou t or pp su and ead. ah ars ye families in the

In the end, lifeicis all about cho es

INmag | 2011

Financial advisors use the latest technology to show you how to build your own dreams and create a quality of life that suits your lifestyle. The key is to start sooner rather than later. Seeking independent financial advice could be the best decision you make for your financial well-being. Consult an independent financial advisor from when you get that first pay check and start earning bucks.

Starting with the basics, what is the role of an independent financial advisor? Simply defined, an independent financial advisor or an independent financial planner is a professional who renders financial services and advice to individuals. They can advise you on various areas of your life such as saving for that first car or house, or life insurance to make sure your family is taken care of should you pass away unexpectedly. These professionals can also advise you on income protection insurance, critical illness insurance or savings plans. Just like a doctor or lawyer, an independent financial advisor (IFA) is a qualified individual who charges for their services, through commission or fees. They will hold a financial planning qualification (such as a certified financial planner) and must be authorised by the Financial Services Board (a regulatory body) in order to give advice.

When is the right time to consult an independent financial advisor? It’s advisable that you consult an independent financial advisor the minute you start earning a salary. The earlier you put a financial plan in place, the better off you’ll be financially when you reach retirement or when those unforeseen setbacks in life occur, such as sickness, family deaths or job loss. No matter how small your pay check is when you first start working, an IFA can show you different ways to make your money grow. Most financial products such as savings plans, investment plans or retirement annuities will accumulate compound interest over the years. This means that the earlier you start, the more interest you will gain, resulting in more money in your bank account when you need it.

The difference when consulting with an independent financial advisor? When a financial advisor is independent, he or she can find the best financial products or services for you – they don’t have to choose solutions from only one company. You know that he or she will give you the right package to suit your unique needs. It is also a good idea to talk to an independent financial advisor who belongs to a reputable network or body such as Masthead Financial Advisor’s Association. This means they work within a professional group where there are high standards, and they take care of their clients by building long-term relationships.

What can you expect from an independent financial advisor? Because they are specialised and well trained, IFAs will make sure that they get as much information from you as possible. In following a specific process, they: 1. Make sure you understand how your business relationship with them works. 2. Collect as much information from you as possible to know what is important to you. 3. Have a look at your financial situation. 4. Put together a plan that suits your needs. 5. Implement the plan that you both agree on. 6. Monitor and check that you stay on track. In a nutshell, the independent financial advisor will give you a description of all the services that

INmag | 2011

they can offer you, and find out about your current financial situation, your commitments and financial goals. Once they have gathered all of this information, they will develop a unique financial plan and present it to you in writing. Once you and your financial advisor have decided on the package best suited for your needs, they will continue to offer you advice on your road ahead; making sure that together you build your wealth and safety for your family. You should also request reviews when you experience any life-changing events such as the birth of a child, sickness, death of a spouse or divorce, etc. to enable your IFA to adjust their recommendations to your financial plan. Remember that a good advisor will help you through your life as your needs change.

What questions can you expect the independent financial advisor to ask you?

What questions should you ask the independent financial advisor?

There are numerous questions that the advisor will initially ask you in order to get a sense of your unique situation. Typical questions that you can expect are:

Ask them whatever questions or concerns you may have, no matter how silly you think they might be. In addition to that, some useful questions are:

• How much money do you earn? • How do you earn your money? Do you work and earn a salary or do you get money from other sources as well? • Do you have anyone dependent on you to provide for them? • What investments or assets (such as cars, property) do you currently own? • Do you have any current medical cover or insurance policies? • What are your goals or dreams in life? • How long are you willing to save for?

a) Which, and how many insurance companies’ products and services, do you have access to? b) Which products and services are you qualified to offer advice for? c) What is available to me if I want to save for a house, plan for a holiday or lose my job? d) What financial cover should I have at my age? e) What savings option plans are available to me and which would earn me the most return? f) For which financial needs should I be saving? g) What is the best product for me if I am concerned about possible job loss in the future? h) What is the commission or fees relevant to all services? i) What is my responsibility to make sure you are informed?

The benefits of using a Masthead independent financial advisor Masthead is South Africa’s largest independent financial advisor network and is backed by the country’s leading financial service providers. When you work with a Masthead independent financial advisor you can choose from a variety of options and be guaranteed to find the financial solution that suits you best. Masthead has the tools and means in place to develop IFAs and their practices to ensure that you deal with accredited professionals who can deliver independent advice.

How do I get in touch with a Masthead independent financial advisor? Masthead has a network of independent financial advisors across the country. Go to www.masthead.co.za and you will be put you in touch with an accredited IFA in your area.

speaking to an IFA. Make a wise choice from the day you get your first job and consult a Masthead independent financial advisor. Let them help you to make sound choices will which open doors for you, and ensure lifelong success.

In the end, life is all about choices … and consequences. You have the power to decide how your hard-earned money will be spent. Remember though that these financial choices will carry consequences, for you and your family. The better quality of life you want, the more determination you have to achieve your goals, the more financially independent you want to be one day – the better you have to plan. There is no better and easier way to achieve this than by

INmag | 2011

m A co m p le x sy st e

A DYNAMICENT ENVIRONM S R E T R A T S F L E S R FO

TUM N MOME I

n and ndividual attentio of theory n tio ina mb co the the seeds and practice are will have for success. You iderable access to the cons ancial fin the knowledge of . rts pe ex industry

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take education At Momentum we we see our e us ca seriously be ess. cc su ur yo in ure fut skills in South Building a pool of an urgent me co be s ha Africa which we are to e on priority and d. intensely committe

INmag | 2011

m— At Momeanntu go to t where yo0u%wup to you. is 10

CAN YOU

KEEP PACE WITH US?

As our name suggests, Momentum is a place of constant change and energy. We form part of the MMI Holdings Limited (MMI), the recently listed third largest insurer in South Africa. As a wholly owned subsidiary of MMI, we offer a variety of financial solutions including health, retirement, investment and insurance products to individuals, businesses and institutions like universities and schools such as your own.

LIVING LIFE WITH MOMENTUM Since we are all equal, there is no executive floor.

Momentum believes in people who believe in themselves and have a strong desire to make a success of their lives. We strive to create an environment where motivated people with a positive attitude can really make a difference in their own lives and the lives of others. We achieve this through out-of-the-box thinking and a lateral approach to conventional company standards and structure.

AN INSPIRED ENVIRONMENT

The unique, triple-volume design of our building, with its sense of openness, honesty and physical transparency reflects the people who work here and the Momentum brand itself. Our company culture and this atmosphere within our working environment result in a workforce that challenges norms and exceeds boundaries. Filled with infectious energy, our offices house a diversity of people whose original, inspired outlook is backed by a solid foundation of experience and knowledge. Good old-fashioned fun, respect and transparency are key aspects of our work philosophy. Holy cows and formal structures are out; challenging the norms and inspirational thinking are very in. And, judging by the positive response from our staff, intermediaries and clients – it seems we’re on the right road.

DYNAMIC FANTASTIC Financial planning is indeed a complex discipline, with extensive legislation aimed at advancing consumer interests. However, within this dynamic industry there are fantastic opportunities for individuals and companies who want to make the move from good to great with Momentum. People are our most valuable asset; our managers are encouraged to lead by example and inspire. They are asked to seek out only the brightest and most passionate people and then to empower them to engage in lateral and entrepreneurial thinking. We strive to create an environment where people with a positive attitude can make a success of life.

No reserved s parking meaonu y that if snooze, you walk further

GRADUATES

S NT A UL C I TR A &M IT’S ALL ABOUT YOU

Individual attention and the combination of theory and practice are the seeds for success. You will have access to the considerable knowledge of the financial industry experts. At Momentum we take education seriously because we see our future in your success. Building a pool of skills in South Africa has become an urgent priority and one to which we are intensely committed.

GRADUATE DEVLOPMENT PROGRAMME

Are you currently in your final year or busy with your honours in one of the following fields?

Are you a graduate looking to enter the financial services sector? Then our Graduate Development Programme (GDP) is right for you.

Information Technology • BSc Computer science • BCom Informatics

Run by our Momentum College in conjunction with the Insurance Sector Education and Training Authority (INSETA), this programme gives learnership opportunities to talented graduates in the finance, information technology and investments fields.

Actuarial Science • BSc Actuarial qualifications

The GDP assists graduates in acquiring business skills and knowledge, combined with work-based experience in the financial sector at Level 5 Wealth Management. Students receive a monthly allowance during their participation in the programme and our focus is mainly on previously disadvantaged groups.

MOMENTUM MARKETING ADVISER ACADEMY

Marketing • BCom Marketing

Finance • BCom Financial planning • BCom Accounting • BCom Financial management To find out more about Momentum College, call 012 673 7060 or 012 673 7380

CHARTER LEARNERSHIP PROGRAMME

Are you a third year university student looking to enter the financial services industry? The Momentum Marketing Adviser Academy could be for you.

Are you a matriculant wishing to enter the financial services sector? The Charter Learnership Programme could be for you.

Marketing advisers are one of the most sought after people in the financial services industry. With a combination of financial product knowledge, relationship building and management skills, the marketing adviser acts as a go-between financial advisers and product providers to ensure the latest, up-to-date information is being used.

Also headed by Momentum College, the programme accommodates African, Coloured and Indian (ACI) candidates with grade 12 as their highest qualification (mathematics and English required) in Level 3 Financial Administration. This programme will give successful learners an entry level qualification for the workplace after three months of intensive classroom training, with six to nine months of practical work thereafter. Charter learners receive a monthly allowance while on the programme and all materials and resources required are provided at no cost.

Momentum Distribution Services delivers training to budding third year university students through the Marketing Adviser Academy. The academy trains graduates to reach NQF 5 National Certificate in Wealth Management in nine months through a unique balance of theoretical and practical field training and application. In conjunction with this, the Academy runs a bursary programme with a specialised qualification that specifically targets the products the marketing adviser would be interested in. This takes place at NQF level 6.

INmag | 2011

TUM N E M O M A G IN BECOM ER

NN A L P L A I C N FINA

There are a number of financial service providers in South Africa, but what determines their success is a commitment that goes beyond selling policies or products. The Momentum motto is that financial planning is a lifetime process, and not a once-off event.

BECOME A COMMISSIONEARNING FINANCIAL PLANNER CONTRACTED BY MOMENTUM

FINANCIAL PLANNERS HAVE EXCEPTIONAL WORK ETHICS

At Momentum we don’t simply sell policies or schemes: we partner with our clients through their life journey. We first discover then help achieve their financial dreams. Having a clear understanding of a client’s personal situation, current responsibilities and future life goals, we create a unique financial plan suited to them.

BUILDING STRONG SUSTAINABLE RELATIONSHIPS Momentum financial planners always build strong, sustainable relationships with their clients. They will develop and put a strategy in place to bridge the gap between where their client is now and where their client would like to be. Any life-changing events their clients encounter along the way will have them right at their side to offer support and guidance.

Besides the standard technical requirements, we seek individuals with a high level of tenacity and an excellent work ethic. Trust is non-negotiable. Our financial planners adhere to strict client confidentiality requirements and put their clients first.

A DYNAMIC ENVIRONMENT FOR SELF STARTERS Momentum offers exciting career prospects to self-starters with loads of self-belief. Through a range of innovative products, academy training, advanced financial advice software and support with regulations, you can have the life success and superior income you really deserve.

OUR APPROACH TO FINANCIAL PLANNING Our process is straightforward: we follow the internationally recognised six-step approach to good financial planning. This involves establishing a professional relationship, collecting information, setting life goals, analysing financial needs, creating a plan, and consistently monitoring and evaluating that plan to ensure that it is in line with the client’s goals.

Be exactly who you are, there is no formal dress code.

Communications is key and a a result there are very few walls in our offices

ND U F M U T N E M O M E M M A ROGR P RY BURSA The Momentum Fund Bursary Programme had its first uptake of students in January 2009. The programme aims to support the fund’s two focus areas: disability, and orphans and vulnerable children (OVC). The programme was developed after research identified skills shortages across the country. The fund offers postgraduate bursaries in the following fields: • Social work. • Physiotherapy. • Occupational therapy. • Speech therapy. • Disability studies. • Disabled students in any field of postgraduate studies. The Momentum Fund Bursary Programme currently supports eleven students in these fields, contributing a total of R412 000 to their studies.

INmag | 2011

n sh ip s B u il d in g re la ti o

ACTION JOB SATISFC UL BY THE BU KETF

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INmag | 2011

about Mutual & Federal peace of mind

Looking for a company that offers real development opportunities; is a highly reputable brand; and truly dedicated to growing you as a person? Mutual & Federal is a leading southern African short-term insurer, with branches in South Africa, Botswana and Namibia, and is always on the look-out for motivated self-starters interested in the financial services sector. We try to attract the best young people to our company.

Our business is to sell peace of mind and we do this by protecting our customers from financial loss through a range of short-term insurance products. We are committed to being a responsible corporate citizen and to transformation. Through a number of service excellence initiatives, Mutual & Federal was placed second in the shortterm industry category â&#x20AC;&#x201C; ranked higher than other broker-based short-term insurance companies â&#x20AC;&#x201C; in the 2010 Ask Afrika Orange Index. This service excellence benchmark is recognised as an independent reflection of the views of South African consumers on service delivery.

want to work for a great company? come work for us

INmag | 2011

If you are interested and believe you have what it takes to join our 2 200-strong team, please visit www.mf.co.za. Mutual & Federal offers a variety of FAIS accredited training courses for staff. There are also a number of skills development learnerships available at various times in the year. These cater for disabled as well as previously unemployed candidates. For more information visit our website.

isla fredricks team leader and assistant manager in the motor claims division

explore

Isla joined Mutual & Federal in 2006, having qualified in logistics. The company had centralised its motor salvaging operations and created a new head office position requiring someone with strong administrative and logistics skills. It was a match “My career at made in heaven. Isla was thrilled to be offered the Mutual & Federal has been one job as she has always admired the Mutual & Federal big adventure,” she said. “I brand and felt privileged to be joining the company. am given all the opportunities I need to prove myself. If I told While setting up new processes and running all the my manager I felt like growing salvaging for the company, she worked to obtain wings and flying today, he would accreditation in the insurance industry through the tell me to go for it; to knock Mutual & Federal Insurance Academy (MFIA). myself out. I get the opportunity to be me, to be passionate “I developed a real interest in insurance, and a about what I do. hunger to learn more,” she said. She then applied That’s awesome.” for a claims negotiating position and moved from head office to a branch office. “There’s a high-performance culture here, combined with “At branch level, you get to learn about all lines a very personal touch. The of insurance – commercial, personal and motor. company is highly intuitive about Claims, underwriting and production are also all in its staff. If I have an idea, I get one office so it’s a great way to gain experience.” the support to explore it. It’s such a privilege to work under The company restructuring in 2008 saw her return those conditions. We all bounce to head office, to a different manager and more ideas around the whole time – opportunity to prove herself. management invites us to come forward with our initiatives.” “2008 was a year of adventure, and I was exposed to things I wouldn’t normally do at that level. It was Isla gets bored easily, and says exhausting, but exciting. The following year, when management picks this up and more positions opened up, I decided to apply for a ensures she gets new projects to much more senior position and was able to jump keep her challenged. two levels. I had to prove myself, but I soared, and had my first real sense of achievement after my first “They’re interested in big project; which involved winning back a chunk of developing me as a person, business we were in danger of losing.” and turning me into an asset for the company. I feel validated “My five years with the company have been here. I get thanked, and I‘m amazing as I have been given so many given new challenges.” opportunities,” she says. At only 29, Isla holds a leadership role which offers the challenges and variety this go-getter needs.

Brett joined Mutual & Federal in 2008 as an intern in Cape Town, having graduated from the University of the Western Cape with a BCom (economics). He finished his internship as the top student. Today, he is the youngest person in the history of the company to be appointed as a team leader, and the youngest ever to have gone through the new management development course run by the University of Stellenbosch at Mutual & Federal.

brett brinkhuis

acting team leader, claims division, personal lines call centre

In his current role, Brett oversees and authorises everyday insurance claims, ensures that the 10 call centre agents in his team handle claims fairly, and assists with employee growth. “Mutual & Federal is very big on training,” said Brett. My training certainly didn’t stop with my internship, and every year I do at least three courses.”

If I were an outsider looking in, I would definitely want my job. I would look in and think: So cool – I want to be her.

After his internship, Brett spent a year in Cape Town as a claims negotiator in the motor department, before moving to Johannesburg. Wanting to learn more, he joined the call centre which deals with all types of insurance. “The call centre is vital, and there’s a huge focus on mentorship and training as we are the front line of the business. If we do badly, it impacts the entire company.” He describes his department as family. “Everyone here is willing to do something for the next person; we all help each other out.”

There are so many “There’s also a culture of information-sharing throughout opportunities Mutual & Federal. People are not shy to share what they know here, and the and I’m very grateful for that.” company fastBrett left university when the recession hit and there were no tracks people jobs. He then joined Mutual & Federal knowing nothing about when it sees insurance. potential. If you want to be “Since then, Mutual & Federal has really invested in me, and I’ve grown so much.” He believes that among the key skills part of a family, Mutual & Federal looks for are motivation and a ‘can-do’ of a winning attitude. Loyalty and determination are also important. company, Mutual & Federal is the employer of choice. INmag | 2011

mpho khalema business development consultant, sales division

“Vibey, happy, fast-paced and young.” That’s how Mpho describes the sales division at Mutual & Federal, his home for the past two years. Mpho joined Mutual & Federal on a year-long learnership programme, which covered theory and practical work in personal and commercial underwriting, straight after school. “We spent three months studying personal lines insurance, then three months doing practical work in that area, continuing along the same course for commercial underwriting. After that year, I was FAIS-compliant.” Mpho went straight into personal and commercial underwriting, which he describes as the basis of insurance. “I then got too comfortable with underwriting and it was time for a new challenge. I applied for a promotion to sales, with a recommendation from my manager. I had all the necessary qualifications – but I did need to get a driver’s licence!” Mpho works with brokers, his job being to keep them happy and make sure they understand the products provided by Mutual & Federal.

“The company is staffed by very skilled people because of the Mutual & Federal Insurance Academy,” he said. “I did most of my qualifications during my learnership, but skills development is an ongoing process here. I probably did four courses in 2010. I am also studying through UNISA, paid for by the company. I have finished the programme in short-term insurance, and will start on the advanced programme next year. “The company has invested in me with education and training. It has also invested in me from a social aspect, teaching me about sales and human dynamics. My time here has really socially impacted my life.” Mpho said that Mutual & Federal is on a big push to become the best short-term insurance company to work for. “This is very motivating. When they succeed, I want to be here.” He added that those thinking of joining Mutual & Federal must be intelligent, friendly and have a good work ethic. “You must be self-motivated, and constantly striving for excellence and honesty. Mutual & Federal really motivates its staff, and tries to up-skill and upgrade them. We are really taken care of.”

I did most of my qualifications during my learnership, but skills development is an ongoing process here. I probably did four courses this year. I am also studying through UNISA, paid for by the company.

excellence

renushka pillay

business development and sales consultant, marine department

INmag | 2011

Renushka’s job involves building relationships with brokers and much of her work is face to face with them. Now 27, she has been in her current job for a year and believes that the culture at Mutual & Federal is relaxed and one of integrity.

“Mutual & Federal is highly reputable, and has built up trust with external stakeholders and clients. People can identify with the group.”

“We have amazing team spirit in our department, and our managers are very approachable. Our colleagues are open-minded and easy to get along with.

“People my age tend to move around a lot, but I am happy with this company. Many have left and come back again. Mutual & Federal takes care of its staff and offers good benefits.”

Renushka joined Mutual & Federal when she moved to Johannesburg from Durban. She has worked her way up, starting as a cashier, before going into underwriting and then becoming a business development and sales consultant. She is currently completing the programme in short-term insurance through UNISA.

She added that the company has given her the opportunity to grow and learn. “It’s fun and exciting. I also really enjoy working for a big corporate, and was always drawn to that.”

To work here you need to be a people’s person, very approachable, with high levels of integrity and honesty.

INmag | 2011

a ri e s P u sh in g b o u n d

l old muturaic : south aflena where ta ndt, passion aance perform reat lead to g things

OLD MUTUAL O

ld Mutual South Africa is a financial services organisation that has been in South n 165 years. Africa for more tha Old Mutual the of rt pa It forms with a head ies an Group of Comp bu and sinesses office in London rope, Latin Eu , UK in the USA, d Asia. The an ica Afr , ca eri Am out 50 000 staff group employs ab s. (Read more se es across its busin l.com) at www.oldmutua

Old Mutual isciaal leading finannization services orga

INmag | 2011

Our vision is to become the international long-term savings and investment provider of choice and the premier financial service provider in South Africa. We will achieve this through being our customers’ most trusted partner – passionate about helping them achieve their lifetime financial goals. Our values form the foundation of how we operate as individuals and as an organisation: with integrity, respect, accountability and pushing beyond boundaries. The group provides innovative life assurance, savings, protection, asset management, banking and general insurance products and services.

IN SOUTH AFRICA WE STRIVE TO BE… First for our clients who want their needs to be understood and met. They expect choice, transparency and flexibility in the products available to them. Our primary objective is to preserve and grow the money that our customers entrust to us, either directly or through their advisers. First for our shareholders to whom we deliver sustained and superior financial performance, adding value

to their investments and rewarding confidence placed in Old Mutual. In a recent international survey of corporate reputations, Old Mutual SA came out tops amongst all SA-listed companies. First for South Africa by being involved in a number of initiatives that promote learning, growing and excellence in the field of education in SA. We are passionate about transforming our nation through our

involvement in retirement reform, black economic empowerment and workplace transformation initiatives. Old Mutual has been involved in corporate social investment initiatives since 1965. The Old Mutual Foundation was established in 1999 and focuses on enterprise development, skills capacity building, formal education and encourages staff to volunteer their personal and some work time in giving back to the community.

“Where talent, passion and performance lead to great things.” To achieve the above we need first choice staff – employees who are hard working, goal-directed and passionate about their field of expertise. Our employees continuously think about new and better ways of doing their work, servicing our clients and maintaining a healthy work life balance. They want South Africa to succeed. As an employer, Old Mutual is a leading financial services organisation built on a proud heritage, the quality of its people and their passion for making a difference to the future of South Africa. Employees have access to a broad range of local and international career paths, competitive rewards and an opportunity to achieve great things.

CAREER OPPORTUNITIES Career opportunities are offered to school leavers, graduates, young professionals and experienced specialists and managers in the following fields of work: • Investment management • Actuarial • Finance • Audit • Law • IT • Marketing • Human resources • Sales and distribution • Client service and operations • Property development and management To learn more about careers and life at Old Mutual, visit our careers website at www.oldmutual.co.za.

INmag | 2011

OLD M LEAR UTUAL NERS SCHO ’ PROG LARSHIP RAM ME

The Old Mutual Learners’ Scholarship Programme

Dream big and earn yourself a scholarship!

Welcome to the Old Mutual Learners’ Scholarship Programme

We’re on the lookout for dedicated, gifted and talented learners in grades 8 and 9 who are academically inspired and

nurture gifted learners across South Africa who have the

interested in pursuing an Accounting or Actuarial career. Your

potential and early interest to pursue an Actuarial or

special talents could earn you a scholarship at one of South

Accounting career but who are not in a position to access

Africa’s top Model C or Independent schools for grade 10.

Scholarship application criteria In addition to being a dedicated and gifted grade 8 or 9 • Quality Maths education, extramural activities and life

student, you must also meet the required scholarship criteria:

skills from a top South African high school • You must have excellent ability and potential in Maths and

• Individual support, encouragement and mentorship • Funding for tuition and hostel fees

The Old Mutual Learners’ Scholarship Programme English (65% or more)

• Y

• An additional allowance for travel, stationery, books, toiletries, school uniforms and clothes

• You must be a South African citizen

• An interactive job shadow programme at Old Mutual for • The chance to apply for Old Mutual Accounting and

Welcome Actuarial University bursaries after matriculating

• You must stand out as a talented all rounder with leadership qualities

learners exploring Accounting and Actuarial careers

to the Old Mutual Programme Think you’veLearners’ got what it Scholarship takes? Then don’t waste any more time – apply for you scholarship now!

successfully with the required grades • The possibility of an Accounting or Actuarial career path nurture gifted with Old Mutual after graduation

learners across South Africa who have the www.oldmutual.co.za/jumpahead potential and early interest to pursue an Actuarial or Accounting career but who are not in a position to access

• Quality Maths education, extramural activities and life skills from a top South African high school • Individual support, encouragement and mentorship • Funding for tuition and hostel fees • An additional allowance for travel, stationery, books,

ance nd perform a n io s s a in p t th gs.” nt, lead to grea “Where tale

TUARY

G AC N I M O C D WITH UP-AN

A B HO S T A M A N A B I TH A M NO

INTERVIEW

u cope d how do yo ying tip an d u st t es b ur What is yo ythm. k with your rh ress? actuary? st h an it w be ed is to wor to iv a morning d ce e te re ar I an u w tip t yo u y If u know yo ks for you. told me abou The best stud or yo er w d st k late. r si di or ve r n w te de he to ha ol w W ion of ing yourself ade 10, my tinue to do at rc gr ic fo on pl in k C ap or as w s w I ’t ire When it requ tuarial me, it won nce and how d to study ac ss person like actuarial scie ills in business. I decide early. ne si up bu t d ge an er s r Rath al sk d for time fo r mathematic fo mathematic ve lo y m If I am presse of l. w to e el us w ho ca ng ng ni be ni science hour plan ess by plan e time I minutes to an e time. I cope with str th th 30 By t at . s ou gs ie in ab l? ud th st ill take ld Mutua ill go about instance, I w ary from O ns for myself. and how I w u got a burs in my the situation clear instructio y yo d ith k nc w an te in is al th ap ns de u m co My Why do yo because of ill have a road ell rounded. the bursary am done, I w that I am w e ct th I think I got fa in e p th to d ries are... e sults an d(s). Actua cessarily th rt to act in l academic re were not ne missing wor quired leve make an effo e ol re d th e ho an th in sc , e ll do gh Fi ov ey ab do. th ly t ey nt ha th te t w is t results in hi ou wha cons Passionate ab of all people affected by t they were country, bu st re te in l science. the best aries for actuaria about actu nd ople have at school (a pe do do to ns gs tio t thin ncep ? e importan What misco set straight reer? e majority What are th you will ould like to ay w le task for th cure your ca w u ib se is ss yo th to po at In r) im . th te ill an sk alify t is qu y lis n ar ia st tu ca ec te straight af ac le sp up on the la ptional peop develop your That being an just like any trends. Read your at only exce h Continue to th te ng ug d gi da to an an up is , ch e d le ead of of peop ial scienc lected, an always be ah attitude, it is you have se I think actuar mindset and ts in the field as actuaries. ht en rig e pm th lo ve ith de and w owledge. profession, actuary. skills and kn -year-old to become an 7 1 le ib ur ss yo po ll te d an e tim g to go back in uff, but goin for fun? it be? If you could venturous st on it. For hat would t do you do ad n w e ha io , th nt W ng te ite hi at qu yt self an as . cus your tivities, not varsity such thing and fo cnic concerts Outdoor ac ends and pi time work at ey, but Choose one fri rt on ith m pa w et of h t ck ac lo po da the be t for instance, I di ll this is grea ? studies and lecturing. A r the future sing on the that financial cu fo om tutoring and fr ur plans fo n yo eracy. I think io lit e nt ar al te t ci at an ha ur fin W yo t rt ou ture. ve ab fu di r te n ei ca ssiona prove th ur skill. I am really pa can use to im ne t yo er ha mastering yo ev W ol c. to egrees, et at you literacy is a ifications/d every cent th h your qual account for t ug d ou ro an e th ar an s? us pl ie at Take ur stud to do is or ’s in d services th All you have joy about yo 005 to study a bachel ramme on products an og of pr e a ar s did you en aw 2 ity ha y the Univers tions ape Town in spend and be u. The Actuarial Societ science) at ed organisa I came to C to assist yo stuck around k with select e (actuarial e d or nc er w an ie th , ey sc 8 th 0 ss 0 re busine ted in 2 acy, whe ience). I wn. I gradua financial liter lved in that. matics of sc of Cape To e to get invo phy (mathe lik so ld ilo ou ph w I in r’s and pefully be for a maste 0. y skill and ho in June 201 to improve m ue g in in nt graduated ng co le to . It was chal Otherwise, . ore y first degree st at what I do s became m al year of m be se e fin ur th e co th e d nc ye ie sc l t I enjo ia bu ar tu g, that the ac ber crunchin in the sense d of just num is such a based instea d in sight. It n en io e at ic th pl e se ap d journey. ul h co e ug to use on a long and of d exciting beca en e th reaching great feeling ree words. urself in th Describe yo n. Eager to lear day. e. an average st at the tim t you do in r is of intere ve te ha Tell us wha w office at e ad th re to d t an ge e, d I get up at fiv I get ready for work an ect we are ven, s on the proj ing on the nd pe de At about se do s depend The work I work change about eight. e time. The th at on ng worki e. ed at the tim business ne

e rformanc.” e p d n a n io nt, pass lead to great things “Where tale

COMIN D N A P U WITH NTANT INTERVIEW U O C C A D CHARTERE

A L A S O M E W S T E B REA

ountant)

(trainee acc

ound. I ht this time ar getting it rig 10. r, 20 be r em be ov em N for FQE2 in lly on 31 Dec ia fic of s le y artic rs? complete m ent and ing numbe al managem ck to my emory of us ba m e st th fir l al ur t are financi es study os go m to d rs d e. ye ve be ag jo lo m What is yo g a very youn y of using nu I would have e courses I en t m or Th bu fro joyed the em ly, m hs en st at on ly fir m My ve thorough subtraction, . I enjoyed s (in first year ys ha n, tic I da tio is l). di at ol ve st met ad le ho r ve ht sc primary 2004. I ha being taug onal tutor. h to third-yea university in d by my pers memories of right throug d an te nd ar ol fo st e. ho I ve lif e sc y ha on I , in y sinc ses value to m n and division maths and English clas (long) journe have added multiplicatio people who for extra g e in m az nt am se s My parent symbol? n t of a status cation a bi A) qualificatio Saturdays. ifi (S al A qu C e ? A A C Th C . e is is a th it A) Is be (S ve A to lie C wanted a career nt yes, I be ld. Being a u know you like to pursue r in hat To some exte rporate wor w – co s e or th in do e When did yo matric year that I would rded opens th counsello my is highly rega od guidance s the key that g a CA (SA) But I decided in beginning. It’ ally up to you. Becomin had a very go lable to us. e e ai th W av ly y. n on io nc at ta rm re ur field of fo is yo in y in ue ke of rs in accoun er t at lo pu being a lead u do with th mmended I that made a to yo co ol ck re ho tra ho sc st w d r fa gh hi ache on a ncy, as I ha is like being athematics te or accounta it was my m arial studies . tu ss s. ac m ne er le si th bu ob ei g pr a career in s and solvin ds. mathematic in three wor l? passion for Old Mutua ibe yourself cr om t. es fr D en y id ar ciable, conf tential got a burs till have) po Analytical, so u think you t and had (s Why do yo d en an ud st e, e m e day. at in greg sted . First thing in an averag I was an A-Ag things. Old Mutual inve goals. search team hat you do y re w m it r of us t ed t ll cr ea en Te e gr th em ev in and plan fo hi ng ls ac ki ai e or m to achieve th w ecurrently ificantly to k lendar and gn am or si I ca w y I ed , m ut k ds rib ar ec cont ng, I ch (and ws. Afterw in the morni do at school required. on recent ne t things to en I catch up an in between as rt Th gs y. po tin da im ee e e m th th ? g home in e in re ar tu nd go t I te fu at ha til ur W age. Do secure yo edit reviews, view work un rly to cr re r) ea it on te ed an af cr m e ht straig t goals fro have mor about all After lunch I nt to have se e as possible It is importa uch knowledg you. Make a wellg. m in as en in ev ga e th d to sed cope with research an ns available d how you to pursue, ba career optio ying tip an te u would like ud na yo st io t st ss the possible ha w pa be t e t you ar ep cision abou Tell us your portantly wha l-rounded, get ce is key. Ke informed de and more im ss. nic. Confiden r that the only wel re ch pa be st t ar d se no an re do is es grad on th if you nce and remembe towards good tivities. This is important Plan in adva l times and o much about. Work in mind at al ty studies. ar ac not to do to si ul al er try ric iv go I ur t. d un -c bi r en fo e tra by g t th ex in bi in cky. I take is nd ni fu ed nt pa lv p/ ha d hi vo in re sponsors confused an to eat an elep e cu m se ay w ts to ge e lik at would cause th t my goals. le you learn. all at once be when I mee Have fun whi r-old ward myself re ea d -y 7 an 1 ks ur brea d tell yo tants are … ck in time an ered accoun rt ba ha C go . d s) ul d( If you co ld it be? much as issing wor , what wou Fill in the m wer; learn as open to essionals. self anything f that knowledge is po , skilled prof Be . ed us nd rio ou cu el l-r ys el Be w m . ll ng te hi yt ld I wou d ever u learn, ? t anything an fun while yo r the future l business, you can abou and opportunities. Have in love ur plans fo ll e Old Mutua yo fa th t e n’ in ar t do ith w d ha es s an W tie ng grow my h, ni le to O al rtu . ch an y) po pl bl w ne this year. I h (responsi oking for op ut lo of yo d am en ur in the I ! e yo ty ed th y si lv but enjo t at univer e articles at lly get invo boy you mee s. mily, hopefu as I complet nt fa l ta ua un t ut co M ha ac with the first g aspiring er in the Old rees, etc. W un re eg yo ca /d of ns g tio rin alifica d mento ugh your qu udies? and is grooming an Take us thro ifying exams ee, ur st gr yo t de ou ce er ab m her final qual y m jo ed co en ss of u pa or e e yo el d nc di bach has si rsity of Cap a three year (Reabetswe at the Unive I completed accounting ified CA.) graduate al al st ci qu an po a a fin w e in no et pl specialising t on to com . I then wen UCT. Town in 2006 unting in 2007 also at co ac in first diploma d passed the l in 2008 an t ua ut lis ia M ec ld sp O a les at mpleted I started artic at year. I co t for the final d exam in th in 2009, sa t en em SAICA boar ag an m ly did not te al ci na an rtu fin year but unfo will sit again certificate in e m sa e th and am in qualifying ex ar of articles in my third ye am I it. e ak m

INmag | 2011

ey E n jo y th e jo u rn

m a t SAn

santam at a glance

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Embrace, inspire, think big

INmag | 2011

ce n a l g a t a Santam

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INmag | 2011

re most is they a th d n a , times with the change d n a t ica, p da outh Afr ed to a any in S r that p they ne oing. m o c d ed o the rance fashion certainly est insu rate nough in the larg ing that it is old r a big corpo n’t be e e disaster d ld n u a o t s w fo e k gly th re g ld in n f e o in o o th th tr e rk , s le to o e th a the sc t does tam is me tim l you in ves very and rones w n e n a o e s d s e a li u t fo S e m e s a t e b c th ju a g e t a th a n eb ’t let ere are ! Santam are embraced re of ance of t risk ma everyon but don work th pposite kitty for too huge. Wha t reduce the ch case, ple who mpletely the o nd. New ideas d to be the futu o e a is p e th th b e e th o e ra would in plac rime. In y – it’s c re the b . d groom rs and c raging clients, easures compan – the people a is nurtured an re a way of life is put m natural disaste u o c t a n n n ff e a n le ta s y o d , ta ti n s la ts a a it g p n ! n e e rm in u to is o fo accid te W yees the limit ented, y nge and trans e risk of g Clima d emplo e sky ’s th implem a ’, h c ig B by joinin government an environment, th society y, , Think e , compan t, , Inspire suppliers in improving th the environmen we can the mbrace , ‘E le d If f . o te ro n c y e e ph less activ d prote philoso begins to managed an ning. With a disaster re e a p p ls a a h u s ivid ing and ind of bad th ing the risk en work reduce have be s to live in. rs e m m u rs, Santa orld for g r 90 yea better, safer w et on with livin a For ove g g n n a ti c ping a e e e re w k c o s e s c toward r risks xperien for the nage ou nty of e They ma hey ’ve had ple ntinue to do so They co s. T at. our live y plan to ng time after th and have and the lo , rs e d a le us safe, ars, and for a e e industry y em hav s th 0 a 9 d n t n o x ne reputati as things arou formation, a a t il u b s nged have g of tran and cha eriencin journey adapted They are on a le is exp r to stay o h w a as d. rde change th Africa long haul. In o the best, that Sou e be to e u journey m is in it for th n ti nd con ta a n a e S m d a n g a ir p of the at the to

, e c a r b Em ire, inspk big thin

e, “There mond Le orate but d E te a du orp g to gra rk – its c ployer of Accordin al touch at wo the em n re . o a e the rs y c e e is a p why th s in pla nised as s system l. That’s not only recog yees, but th u a o n n b o o b d rs e d te p is plo bra rd an Santam own em y to Work for re rewa gnised and cele ember of the choice.” f choice by its There a mpan reco . ch m o in is a o C a E r rk h st e t. c o y e n re w e B e emplo loitte Great to ensu nagem art of th n the De and ma ers a vital p ht ey strive was give 009. hard; th bout what mig by peers knowledged as rded. Santamm rk o w 2 ac g rry a mers set of is rewa f coaward in team is Santam n’t have to wo assured knowin a strong thinking culture o do e entire rned by rest the-box ess through a e th e v tn h th u o . a g g n c n O u o is io e that we greatn , and w rried thro right the way recognit test are Santam g a h t to st d c n g a e n e ri b a ro e ir re b if s w a e L sp e e t a n se tiv go g th d th d and the ior manageme gs quite rightly n, incen best an on havin ople an values, operatio that the m prides itself ompany. While le for Pe e best om sen mmand. As Ye b fr si , n ss c o you live ta e , e n n sp th busi values if d on job. Sa ho is re d that “to get in of co ing at th ork for Santam e w a rk ir , h o h c sp w ia e in e th m st e w e down Yegs Ra antam, explain est”. can only also pass nse of of the b rs are hard at ating a happy e b d, “You ese values are S th e e t e se t re a m rv a th c g d m n se th u n rk b ta o ro o Bra Th San ive y at wo is a st on ing sure work. to urself.” ou we g is hard ts. There ity, transformati nd mak t es back them yo out of y Santam il nd clien nment a d for their grea b a tam giv o si n rs ir n a e v s is o S li n si lf p e sp a h to sup cial re t emph in whic its beha ble working le are rewarde as grea e ways nce on te and so op ne of th rive for excelle e service availa k. ty of corpora eration, as well ri O jo right pe a s. e m n p issu ho st cierg of ra nds the it is and co-o environmental those w ow. It is a con gardless rson spe ake a living – rt reer. It’s there, re cleaning, rage pe m r Yell a ed on s c fo rk sm la ll t o p e n Y w a it’s a ca The ave life working to o t a job, one wh collect your dry book your o if we w our families. lt o ere are d ry u n h e d T to v is a . e lf e ir m v e to the ework, life for e all ha ow will at Santa forge for yours d! . m ll w d d e g o o fe g Y e h in li o r ic in g ir rk ir fo rv th e e o a W an Yell seize ith th be se some rt of th s and at you c g to be ur kids w for your car to ich is why Yell e clothe h this pa find the a path th rtunities waitin help yo cars, nic ople go throug use they can’t wh ge , n e a m o th rr ta p a is h n p uate it a e a s, is p you w great o the grad holiday is of value to S ttled bec with. Th A lot of ently in e to help Yegs went nd unse eople to work mer rr e ic a u m rv m y c ti ta p g se is n r p n a u ti a a Yo es who do. unh ge S ght p marke Isaacs, time to lla is w provid or the ri tam – the avera rs. This is a Cape s in the Hayfah for Yello don’t have the e Yellow Umbre right job nd work head offices in bol that yea a San t e 5 a 1 m r r u e se th m e o d a v r y m ra ’s c n o e s g u sy r m d e g n ro a ta fo th rk in u p t n o y is th a o n n ow pa that “life ent at S mbrella ce that the com t the people wh se it is a departm , “The Yellow U fe haven, a pla ol n to say y one”. o stays in u a a th c e n b p g . id sa ho p si e re a a v sa sc e d h a , r is o th n le ) o (o ry Tow a ve very g lla are antam duate also on want to blems ork but w Umbre and they don’t ou this (S u, and as a gra g for.” w y ro o ll s p n ll e o g Y te in st e v o ju th , lookin after y other s is not u are ha ce to be will look t is what you are ployer, I The focu well-being. If yo ith work or any h good pla reat em a e it g v w th e e w , a li e r) y u ip e h e o b c v lo sh y lea ide emp lation antam ntam su will prov , in a re s, the remost S akes Sa at home our life, Santam need. What m sk? First and fo d. In other word f the u y o f a n o u e help y aspect o hear yo eople are its bra are a reflection of g and th p m re unsellin o c that their o work at Santa There is a cultu f is. wh -being o people y Santam the well compan orkforce with f o d in k w a happy creating a strong focus. s e e y emplo

INmag | 2011

-termy t r o h s e Th e industr insuranics filled witihg for b le s e i t i n u t oppokrers; for peogpto thin are lookin nce who ke a differe in ma et involved y. and gthe econom

lood t b g n u o y alen t w e n d an

loyees in 00 emp surance 0 5 1 ly re on erm in There a n short-t l to th Africa very small poo the Sou l a is n a is h th C ta – industry in for talent said esourcing. R g t in n go fish r in Tale manage gnised the lack Syce, a co re sh e v ha ck of fre Santam nt, the la To address le ta g n of you inking. of d new th a series ideas an ave introduced for the nt yh this, the es to grow tale s a whole. a m program and the industry y, n a p m co than women ys more s employees lo p m e Santam 4 per cent of it d, re d5 men an Indian or colou ess is busy sin k, are blac to Yegs. The bu innovative, g g, n in u rd o y o c h c it a of offices w Santammers e th Yegs g e y h fillin T rg . e ey with rs n thinke with e n a journ le are our o d e ld creative ntury are filled o rk s emba r peop ce ok at an ntam ha s ethos that ‘ou its Graduate the 21st n. “They can lo come up you, Sa it h d io g d to n u n ss fi e a a ro u p to s tr , eye and this is th mains ut there with fresh said Chantal. ntam re achieve talent o a S to st t s e a n ” b th concept s, la e g p solution To find th wheel, ensurin t the company with new ajor stry is ind the ays tha u h w d e e in b all the m th e c f One o , visiting n actively insuran r big thinkers; or GAP. a ’. , d ic rm e n fr e m A -t ra rt m b e nce as be d South The sho pportunities fo to make te Progra rm insura rs. She h g aroun g ho Accelera travellin aking to learne and the short-te portunities n filled wit who are lookin e e e b th e ed in le antam reer op am hav eek, spe for peop e and get involv largest d her te their careers w to understand S hat fantastic ca ctuaries, d nc Yegs an n w g re a ters to a mpany f m n e fe o e ri st if rk u e g th d a d t ld in a e s m , o d g a ie n e it m ic co ta to th rs fr ro e rs s e A ts F e th y. A uth univ uired. studen er und within econom company in So ing with ive them a bett at skills are req limitless both orld of g w a g e n e th e c h n g insura , and w and to player in ing to work oices are is a key industry, r within Santam s, the career ch and, ose look ected, Santam e e th ff rc r o u fo n so o plicants d on d an resp are 000 ap uman re ole. se h 2 a r finance, stablished, well b to e v e ly w o had e m is th s a wh from la ed pure dent. We dustry a in a well ironment; Santa y Santam ere not award n b in e e n p e th ru d s d w v n an laces that wa ot mark happy e . ramme t these p es are n be ate prog ered places. Bu greed, but plac life.” u d t place to ra u g o The last nly six were off AP must be de nced university le talent a is G la st possib ,o Santam t the be , Santam offers of these plicants for the o has had a ba c ra tt ctor, so a ce se n u To s p h o ie e y ip w “A sc t ic h e c s. rv rs attra arne mark someon ncial se erce or business r a s n fo e fi g there, to raduate and le m e in m th rt of omm progra fg are look stry is pa elor of c . variety o es. It is in these tam are nce indu cy skills. A bach rest in finance n ra m a S su m f in ra o e g te rs ra rm in e e e d pro d n -t e m a e rt p u e le o a n y test. Th k nd sh future The sh le with as is a umerac p , n o d e e e n p e d li k r n that the and groomed a egs. She n e ta fo omm m to e an o Y d looking ngly rec and tak test and for the l set mentore w, according to m is eir CVs e ree is stro th is a fina g o th ta it e rr n d re d o a m e e S b m h ss t T su a a . p e th ts d P is a b o n for to te A l in h a il is c G w la -l w li who to exp AP, app st those re further short re offered. The ting new, li G rt o e th sh goes on develop people ers in the a to a to in crea ak to To get in the process is he interviewees de and places rst step looking ny’s decision-m -getters, step in ill be a fi are ma iews. T t w x s o rv a e n g is p te n o th m ti in re t c o l a the c e sele ationa eople are tha a sense These p part in n s, after which th pes at Santam future. “ motivated with se of w o dustry. h ie in rv e e te th c t in n n nd of insura me, bu m rm driven a . They have a se they stand ra e g -t rt ro o se nd new p the sh of purpo hat they want a ded. These lent for w ad vibrant ta g e in sh w o ,” n d k the crow out from ld be you. u o c people

in g n i t t e g t and u o g n i h reac

theseple peo d coul be you

AP G e m m gra o r p e t a r e ccel a e t a u d gra e h t d n i m

loping to deve pproach g a ic st li an ho learnin P takes is a structured ching sessions, The GA re oa c e h d T n e ent of s. ith the raduate : graduates att the developm e w g ss e c d ro e m ll n p m a m a c g m ra l g in il g ra in w rn prog “The pro personal wth train nts that f the lea nal gro siness writing. r nsion o rent departme egs. u o te o rs x y e e p to n u is a id Y diffe t adds t I’ve ch as b gths,” sa y to see . “Wha lated bu skills su been flexibilit ty of core stren u work re duate Edmond fe. Thinking o y me has ly s n m y o w it ra t e o rs g li o ri ll is n my unive g id gra me a te Pro on a va ughout too” sa etween ccelera nd givin program d to growth, be applied thro information a nd duate A the transition b easier one. It nt of the e business an e m le e g a n e c The Gra e n n a k tion of th finan ork orld a my life learnt c , gatheri d to ma The rota different areas se you studied in the w rking w take into lanning designe wide wo being out there of varsity, the u know cau head, p ll things I can dded. ig o e e a y b b se n e st a t th to e t Ju n and ea re a ough onme all out. ssarily m e GAP insight a daily basis,” h nting th ake the re envir try them , doesn’t nece . Well, with th g to is a dau r the safe secu me you can m na o o ss in ly e d y p n to tr p to si e le b a t u m ft p or b u wan t b to jo place a is great progra plenty of peo what yo move from jo ramme you ge der th are exactly cure un g to se a ro d but with ing that there s e p d e t’ n e n a a th h ’t f T safe ow you don out. As part o arn and earn. leap kn t you are brella. lated t m u; in fac gure tha at, while you le arn a market-re ce it fi catch yo of the Yellow U w e th n o l n il ta st , w is ju e de – you to do ramm any ass nancial the sha vantage also give you the prog egins. fi d a in to t e e a v ’r re u a l b g il le really lied, yo antam w m study taken ’ve app re the learning ndant amount salary. S our studies, fro ted exams are ided So, you e bu h , a w d y v la n e h is e ro a d it “ p d -r is a h can w industry toring is e posed to Hayfah. She ow it what? T nce. All mpany and tu th s are ex to n ta k n te g is a o u in ss u s o a d y rd se o Gra acco think nly focu by the c g in the ledge”, ity, you practice care of The GAP not o lved in workin rsonal of know u leave univers learnt put into P o A . v pe G se in n e e o o e re y th for th at you’v “When is what ls that a dustry, but also u eing wh ble.” And this ing part ical skil o e n in y se b h s e t c , g c u te n m b in ra all, lua se th em At Santa an rm insu more va t taking all tho plying th short-te as team work. s operating as eryone is much and ap you are bou s a a h ev re t c is t n tu a su It a c rt th t t. skills s impo pany ensures is abou xt books and le ifference is tha steer am is a m te te d to o a e e c in f h n t e T o o rn e th lea ons. som al, and fe situati mentor: w and exciting individu r. to real li d taught by a so ne is the r th e o g n n choice, g o a to fits r career ance to try guided irection o spoon feedin so u d o t y h t g c ri e h n e e, ays refl gives you a c t you in th owever, there is chance to shin about fi on’t alw H ur Marks d te programme egs. “It is also ment journey. ing – this is yo a Y rt u a d ld the grad first,” explaine finding the dep ur hand ho bout are o you gs out a le rs in ! d p e it n th o ff a e e o k p ta that it onality e our ique in ments and pers gel. We believ individual.” AP is un gh the depart s. “The u G ery o y v m e re ta u in e n o h w The Sa ove thro orking scenari xposed e invest w m to so , e d c e w n bran the cha ence different graduates are t. This eri at ou and exp stem means th y not know ab a sy e rotation ces that they m on of th rien troducti phic to expe d the in in ra h g e o b tion t dem e motiva ry’s clien South Africa Part of th grow the indust t in e rk a m erm to erging e short-t SBIDI is mes; the huge em that market, th m et. a rk ra a is g m ro re – the reach other p k to this tored o to a e r tw e sp rs rd o e o off kers wh mme are men and, in Santam SBIDI. s eds bro ra d hip and ustry ne and give d the prog rm industry an ts in r n te la Learners n u e at matric skills straight short-te tional activities, ers who k d e e ro th B f im o a b is e areas y opera on the jo rnership . Once on all th , including dail The Lea hance to learn building g that the ip e g sh c n ra o e n e ti k bro them th nd rela at ensuri e brand. service a working hard hool. th t sc n f re e o li ry a c t y ia u o termed ss ntam is ompan and in Black In loped to addre gain, Sa represent the c ver a million R a m ta n a e S o o v r h d e o e w d in I, st s le e ry a ID v p peo ate, in e indust black The SB ent Initiative, w ve, to d insuranc m of They ha mme. Develop t the short-term vere shortage ra tha a se sustain ion of the prog the fact able to ers from ects the provis h ff ents at to be frica suff d branc th n d a se w li South A is particularly a raditional segm ’s has rea ds to gro nd its business h -t e m T m n e . ta o ta n rs n n n it e a a k , S to S ss a bro ice rt of orm as ployees a busine ithin the IDI is pa rage serv itself as ompany, its em dapt and transf way a broke ulation. The SB rmation both w me a e c , th e e m p o g th d o sf out – to chan in order to lea of the p nt to drive tran ustry. The progra s needs s e e e d c o m in ti in d it c ly e m ty ra ri th p cie com ithin ecessa frican so y and w e , “not n South A stry. compan t success in diversifying th don’t a re u g d a in t I n in the kers, bu has bee the SBID black bro o participate in y have e th h creating t u w b kers, – those shortto be bro s of the industry ly go on rs in other area lained. ri a ss e c ye ne l exp to be pla Chanta gone on nce industry”, ra term insu

es m m a r g o ip pr h s r e n r a other le

rica f a f o t u o

are markets ng, new d this. To be ti if sh is ise my s recogn d econo rizons The worl and Santam ha xpanding its ho e , e ug g emergin of the pack, it is es. There are h d the ri r n o e a it d , rr a a te le si the new ast A South E ving into gions. and mo ies in India and ess in these re reas, n a nit g its busi in these opportu is growin rward thinkers . y n a p com for fo y, too a need portunit There is great travel op is so there

INmag | 2011

the ng to m ise s Stickid o r p n a br prevention i, that r than cure ing betteam is invest Sant e youth now in th sure that to enare strong, ting they thy contribu iety heal bers of soc meme future. in th

ay issue n everyd a w o n – this is portfolio veryone. e g n rm ti part c e affe short-t have a l, in the utside t we all a a iv s th e rv f lv u e s e li d by o ility, or to ours e ne m’s be is Santa ducing the risk h ustainab dustry is affecte ement arena, o T S It . le p s is ce in in re by exam table s these ey word manag insuran to play y, two k y are the risk nd lead rammes such a unpredic e a a In d e , . ty th to s ie e is a c c ic he g th lems influen and so tation of prog outh Afr stainability. T ple ravagin est prob cares. en ess in S su sim the bigg l impact that is arming. f ry o e implem n that Santam v In busin rmation and a w ta d is l l n e t ta a e e p n ig b n e s m e fo c s lo n r u m n n g o a o envir a cle ult of are tra Environ d the co our business y he s the res Nation up, Santam ere, an an? T stain y planet a ith the United e u ro s everywh m g to is g r th in w rk tive orde does rwin’s Working e Insurance wo of being reac one: in ut what use Da m ad But is is to form. B Program ded that “inste ustry can be to trans y to explain th al of the fittest. e ur ind clu wa surviv st or th has con nd claims, the lyst for behavio a easiest olution; arily the bigge adapt v a g E ta s f in a e c o d s il s a u to lo Theory is not necess act as test to ed in b at is fas es in that tive and re much need nessa. st c th e a tt e fi ro n p e o a th e ng ined Va s which st, it is th any cha what ,” expla change stronge undings and , this is ting. t society g n in ie o k il s rr a ds e e u risk-r ply sp to its s f adap ght, floo cts ing. Sim the process o by drou e d ff d n a e u s s o u n a rr io – su station c r condit ty ation is ival. he deva xtreme weathe uals and socie T transform ility is the surv ab individ other e inking n by the t, th d e n n v e a rd ri a m d Sustain s are on a govern be forw re for principle e company is ica farmers, . “We need to a h fr usiness le tter prep Santam T A b e o . h b n th ’s w o u m to ti o a a S w . s t o a id rm a n a Santa s fo th g s n e y rt acti e,” sh e of tran w with journe and sta process at mirrors the ontinue to gro od to com r forecasts to th te c e p x tt e e c th t O th is s y a t u a e e a to s m h s w rn w ers jou nal ane ustry s seaso y enabling farm ability and ategy, V the The ind provide is on. “ aid head of Str the industry in ing vari dustr te in a re m li u s c lt g rm agricu ties of nt which society,” ntam is leadin and a transfo this. the reali n to pla n, d Sa manage effectively whe nt at work. Mentz. f transformatio g forces behin tion re me o in ua plan mo is risk manage process one of the driv ange as the sit is This ch t . d e p n reduce rk ro a c a t m helping rough is to adap d m e ta e n n You s. clients th y that Sa you doe ther wa nt impact of its via solar water the o d n n A a around , onme tion is nation pions in m of the envir nergy consump t a desti be cham mand to e rney, no There is a syste change and u is d e jo c re a e u d red “It is g the e ing. ugh goal h is ongo tion. It is thro sustainability rs. “The ment in reducin omberg, in te a e h a journey re lu . John L govern n an ensu rding to Yegs t re-eva assisting onal grid,” said partment. As a ic o constan ation that we c c c a ati de ture,” rst electr u on the n older relations b transform nce for the fu a r im fo eh va steer ents cla the stak ven by and rele when cli ntam’s policy to geyser. , ss is dri eing e le c p ro m p r a a x la n b S e o o y s is ti b a it a n r, h wit lar eyse drive nsform ded. water g rds replacing it one million so “The tra markets and is rkets,” she ad ue wa a n lled g ti to m ta in n s e g o m . s c in e n 4 o a th 1 e ch er to hav of th f 20 steer t in ord ntative im is to e end o represe as realised tha e, it is vital to in the The a in homes by th ent m h s a rs e geyse governm Santam e top of the g ith the chang ith local overnance ds w e w t th e it a g n n in e it g b rk li G o to da man is also w t of Corporate climate t e every iness an Santam the bus to represent th is employmen with rtmen s a e p ti e li D a s is – e ip a and th l munic ting and country A big part of th the company, The the loca hey are educa e . t t. in is rs p h e ss a it li a d p w k T a to to rsity d sup t they ta al itiatives. nd dive so ents an ange in uncillors so tha rt of their politic h c equity a ersity in its cli e is constant, it o a c t p u g s b n iv g a li ; d n o es up up-skil well as ing, cha e constant, to ental issu is ongo b which nvironm e process ation needs to t the pace at . s id Yeg tha transform nt to “ensure ble,” sa sustaina rta is o p rs u im c c is ation o transform

ttest i f e h t f o survival

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ntrol o c e t a clim

It is a ey, journ not anation, desti the and ey is journoing ong

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africaâ&#x20AC;&#x2122;s t special foremos rer for risks insuears over 30 y

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Covering the extraordinary

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vision

aboutus

We strive to • Provide quality customer service. • Develop the skills and capacity of its own employees. • Maintain current strategic partnerships and establish new ones. • Provide innovative and relevant products to the market. • Optimise shareholder value.

Sasria was founded in 1979 as a political risks insurer as a result of civil unrest at the time. As riots, violence and protests are not uncommon in an emerging democracy, Sasria has played an important role in securing the country’s socio-economic stability and prosperity since then. Over time, Sasria’s product offering has extended to cover non-political risks such as strikes, public disorder and terrorism.

transformation

Meaningful transformation remains a challenge in South Africa, especially in the financial services sector. Sasria has, however, taken the lead in this regard, with all levels of the company reflecting the country’s demographics, and with both the board and executive management showing an equal split in gender.

Currently enjoying its 30th year of successful business, the organisation was originally established by a collective of South African short-term insurers, in consultation with the government of the day, to act as an extension of the short-term insurance industry. The collective was converted to a limited company in 1998 with the South African Government as its sole shareholder and, in 1999, the acronym Sasria was officially adopted, derived from the South African Special Risk Insurance Association.

Training, skills transfer and mentorship support this effort, and are designed to ensure that Sasria will continue to represent all of the country’s people in both its structure and functioning.

SAADP

The South African Actuaries Development Programme is a programme that seeks to address the problem of the acute shortage of actuarial skills in the black community in South Africa. After careful selection, students receive a comprehensive bursary and support for their studies over a four-year period. The South African Actuaries Development Programme (SAADP) is an independent, non-profit organisation that was established with the backing of Sasria. Its primary aim is to unearth and harness mathematical and analytical skills amongst black students in order to expose them to career opportunities in the field of actuarial science. The programme is geared towards creating greater awareness, understanding and appreciation of actuarial science as a field of study. The programme provides potential actuaries with academic and financial support as well as life skills, workshops and training. Find out more at www.saadp.co.za

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josiasemaroba actuary at Discovery

When did you know you wanted to be an actuary? I was first introduced to the actuarial profession by one of my grade 9 teachers. At that time, I wasn’t really interested but as I learnt more about actuaries, my interest grew. I made up my mind about it in my matric year. It just seemed to be the best option for someone who was really good at maths. How did you get a SAADP bursary to study? My dad was on a state pension so he was never going to afford to pay for my studies. I approached several companies and funders but couldn’t secure a sponsor for my first year of study. I managed to get a NSFAS loan though. Wits also offered a tuition bursary for students who performed well in their matric year. So in the first year, the Wits bursary covered my tuition and NSFAS covered my meals and accommodation. When I started my second year, I was approached and offered a full bursary by the South African Actuaries Development Programme. It was quite a relief because that was the year that NSFAS stopped offering 100 per cent loans at Wits. Why do you think you got the bursary (i.e. what qualities are needed)? I think they looked at my first year results. They were only starting out so they took anyone with good marks. It has become much more competitive since then because the number of students seeking the bursary has increased substantially. Because of the high levels of competition, they no longer just rely on your marks. I think they look for confident people who are also very disciplined and ambitious. Can you tell us a bit more about what the programme offered you and how it worked? Did you have to get certain marks to stay in the programme? They pay for tuition, accommodation and meals. They also offer a living allowance. What sets the programme apart though is the non-financial support. They have fulltime co-ordinators and tutors at each of the universities who provide a support base for the students. They also encourage students to form a support network among themselves. You need to pass to retain your bursary. If you pass but with very low marks, you will probably lose part of the bursary. If you could go back in time and tell your 17-year-old self anything, what would it be? If I met 17-year-old me, I would tell him that he has greater potential to excel than he thinks. Also that he should work harder, be more confident, and stop acting shy. He should speak up in class and not sit there like a bag.

SAADP success story

What advice do you have for the 17-year olds of today? Work hard and play hard, but work first. Avoid TV and video games, pick a sport instead. Read lots of books, especially during holidays. Teach yourself discipline and persistence. Be good to people without expecting anything back. Make lots of friends, especially with your university classmates. They are your initial set of contacts, and in the business world, contacts are highly valuable enablers. What qualifications do you have? I completed a BSc honours in actuarial science in 2005 and continued to write exams with the Faculty of Actuaries until I qualified as an actuary in 2008. I enjoyed the non-academic side of my life at Wits quite a lot. I was involved with several student organisations and had good times with good friends. Describe yourself in three words. Humble, humorous, disciplined. What makes you successful? I am always setting goals, achieving them, and setting new ones that are more daring than the previous. For that reason I never consider myself successful, because as soon as I achieve something I forget about it and look for the next goal.

Tell us what you do in an average day. Wake up between 5h30 and 6h00, shower, have a quick breakfast, and leave the house. I love getting to work before 7h00. It gives me time to check e-mails and Facebook, read the news and stuff. At around 8h00 I start working. There’s lots of number crunching and lots of meetings to discuss past, current and future projects. My responsibilities in any given day vary a lot; I could be assisting in the design of a new product one moment and drafting a paper for publication in an international journal the next. I always take 30 minutes to an hour for lunch. It’s a good refresher. I leave work mostly between 17h00 and 18h00. After work I go straight home, go to gym or go for golf practice. I love cooking so some days I’ll cook for myself and my wife. After dinner I read, relax or work some more. I’m usually in bed by 23h00. What is your best studying tip and how do you cope with stress? When I was at university, I used to spend the few weeks during the year-end holidays (especially in January) revising some of the more difficult topics from the previous year. It would be much easier to understand them since stress levels would be much lower. It worked miracles. I would recommend that to anyone who wants to get As for a particular course. I’m still trying to find ways to deal with stress. Exercise helps quite a lot, so does going out and having fun with friends. I also avoid worrying about stuff that I can’t control. Fill in the missing word(s). Actuaries are... ...experts in financial modelling and risk management. Some also make good business leaders, especially in financial services. What misconceptions do people have about actuaries that you would like to set straight? The most common misconception that I know of is that actuaries are boring nerds. That’s based on an old-fashioned generalisation that smart people are social misfits. There’s also the belief that all actuaries are millionaires. I genuinely wish the latter was true. What do you do for fun? I enjoy going out for movies and live shows, especially standup comedy. A Saturday night at Parker’s Comedy & Jive in Montecasino is one of my favourite treats. I also love kart racing and have recently started playing golf. I call friends over for a braai whenever I find an excuse. During long weekends and other breaks, I prefer to travel to interesting places with my wife and close friends. What is your favourite thing about the financial services landscape in South Africa? The financial services industry is one of the few industries in South Africa that are truly world class. You can take any professional and stick them in an equivalent position anywhere in the world and they would hold their own with commendation. Also, our companies are much more willing to embrace young talent than many in the First World. Young professionals in South Africa are generally allowed to take on greater responsibilities than their international counterparts. They thus tend to have more challenging roles and become mature leaders much earlier. What are your plans for the future? My main focus in the short to medium term will be my job. I will be working hard to establish my credibility and to learn as much as I can as quickly as I can. I would like to grow in my role and participate and lead larger and larger projects. There are also some projects on the side that I have been working on with some close friends and associates that I am very determined to make a success of.

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eke steeringthe ship

collinmacheke BCom Marketing and Finance (University of Natal), Honours Investment Management (RAU), Diploma Commercial Administration (CATS – Germany).

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Keep your head high, find your niche and work hard. The world is your oyster.

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executivemanager

businessdevelopmentsasria Specialising in marketing and finance at university means you have the unique combo of people skills and numbercrunching abilities. Did you always know that insurance/ financial services would be your ‘thing’? I have always been fascinated by complex financial instruments dynamics. Having done a BCom (marketing and finance), I knew that I wanted to play a part in the marketing of finance, particularly within corporations. If you are just a marketer, you won’t know much about financial dynamics and therefore it would be difficult to market complex financial products. This is why I decided to do finance as well as marketing at university.

What are the perks of your job? I don’t need to sit at a desk for the whole day; I can go out there and interact with different people. I am right at the coal face of the industry and I delight in it. It’s a really dynamic area in which to work. If you have the right skills and personality, it can be extremely rewarding. Business development is results-orientated and you can see the effects of your hard work. I do work hard: my days usually start early and end late.

Because I took maths at school and was good at it, I knew I could broaden my choice of studies at a later stage. Maths opens up a whole lot of possibilities, and I knew studying a BCom would help me develop my talents and acquire the skills I wanted.

What misconceptions do people have about insurance that you would like to set straight? The public does not engage too much, and they see insurance as a nuisance – they sometimes don’t realise its value. Policies may seem complicated with all the fine print and contracts, but cover is so important.

What should learners do at school to secure their career success? Study hard and enjoy life, but without being irresponsible. If you could go back in time and tell your 17-year-old self anything, what would it be? My best advice would be: keep your head high, find your niche and work hard. The world is your oyster. And as Shakespeare said: “All the world’s a stage.” What did you enjoy about your studies? When I studied for my honours in investment management (part time), I was already a channel manager of franchising and new market development at Standard Bank, but this course took my knowledge to the next level. I learned about all the aspects of finance and investment: corporate finance, foreign exchange management, derivatives, interest-bearing instruments, property finance, share evaluation as well as insurance. This positioned me to continue my career at a high level. The diploma in commercial administration utilised a duel system of learning – I spent time doing my apprenticeship at a company, and I also learned the theoretical aspects. A degree doesn’t necessarily give you the practical skills to go out there and work, but this diploma meant I was qualified as a certified commercial administrator and able to proceed into the job market.

Describe yourself in three words. Exciting, dynamic and people-orientated.

When 9/11 happened in New York, the payout was $32 billion. If a catastrophic event were to occur in South Africa, it is the insurance industry that will guarantee that the country can pick itself up, redevelop and move on. Sasria’s role in this scenario, as a large government reinsurer of extraordinary risks, would be fundamental. What hobbies do you have? I enjoy golf, jogging, watching and playing tennis. (At school I represented my province on the court.) Attending jazz music shows and watching movies are also favourite pastimes, as well as reading a good book. I am a master at braaing and love to cook, too. What issues are close to your heart? What’s close to my heart is making sure that we collectively work hard to transform the industry – I feel Sasria leads the way in this mission. Also, in terms of corporate social investment (CSI), I strongly believe we need to attract the people of South Africa, from all fronts, to industries such as insurance. The education of our young people is key – they are the future of the country.

With all my studies I enjoyed being able to attain a higher level of understanding of complex financial instruments, and the skills to analyse the markets. In business development, one needs to come up with new products and new initiatives, so it is necessary to have an understanding of what’s out there and what would be profitable. Tell us what you do in an average day. It’s a combination of things. My role involves research and talking to people. I need to meet with internal departments – especially the underwriters. As part of my marketing role, I regularly have meetings with media as the official spokesperson for the company. I ensure I am in touch with my staff, as my role requires managing people who have similar objectives. I would say I spend half my time in the office and the other half visiting clients and attending seminars and events. For business development, especially in financial services, one really needs to have the heart for it. You have to love meeting and engaging with people, and be able to build on opportunities for the company. I am like a bridge between the actuarial scientists, underwriters and the public. In my marketing capacity, I need to translate what the underwriters say (they have their own language) so that the public can understand it.

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m thokozilemahlangu BJuris (UNISA), HCiI (UNISA), MDP (GIBS)

Policies may seem complicated with all the fine print and contracts, but cover is so important.

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mahlan executivemanager businessoperationssasria When did you first know that you wanted to study law? When I was in standard eight (as we used to call it), I realised that I had a passion for law. My dad was a magistrate at that time and my brother also studied law so I was exposed to the profession at quite a young age. It wasn’t actually my first choice – I wanted to study dentistry. However, in matric I did more research and once I got the details, I realised that dentistry wasn’t for me. I like to talk quite a bit and I enjoy negotiation, so law seemed to suit my personality. At school I did science, maths, biology and accounting so my options were wide open. Even though I didn’t end up needing these subjects for my degree, they all helped my thinking capacity to develop quicker and exposed me to different ideas. Studying law gave me the option to venture into a number of fields.

steeringthe ship

How did you end up in the insurance industry (and graduating with a higher certificate in insurance)? In the final year of my law degree, I realised that I had lost interest in practice, but thought I would be happy as a legal adviser; someone behind the scenes somewhere, but not in court. Once I graduated, I began job-hunting and the opportunity to move into insurance presented itself. Fortunately my law degree was extremely useful for the contractual interpretation that is needed in insurance and it remains relevant today.

What are the important things to do at school (and straight after) to secure a career? Study very hard. Learners should stay focussed, and take the time to engage with teachers and people who work in different fields. Read, get exposure to a number of careers, and make sure you pay attention in life orientation when you learn about the options in the job market. If you could go back in time and tell your 17-year-old self anything, what would it be? Discipline yourself. Focus is so easy to lose when you are that age. It’s an exciting time; your body is doing exciting things, so you tend to miss the goal. So keep disciplined, but also have fun.

”

What did you enjoy about your studies? I loved so many things. Law really built up my interest in reading. We are all forced to read at school, but law made me absolutely love it. I like to think of new perspectives and interpret what the writer is saying. Insurance taught me about risk management, and identifying risks as they come along. My management diploma showed me different management styles, how to manage transformation and about financial management.

How do you cope with stress? I like walking in the rain and I do a lot of self-talk, too. My brother recently gave me advice which I have been trying to follow: The function of the heart is to pump blood. It means never allow the heart to be affected by anything else. Follow your brain, take emotions out of the equation, and think logically about the situation.

Complete the sentence: insurance professionals are... ...good at building sustainable relationships, and are equipped to provide advice and management of insurable risks.

What misconceptions do people have about insurance that you would like to set straight? The insurance industry is sometimes seen as purposely hiding the fine print. However, we need to educate consumers with the necessary information, making it real and relevant. This is a challenge that all players in the industry need to address.

Do you think there are enough women in the insurance industry? On one hand, there are a lot of clerks and such, but at senior level women are scarce. I think this is mainly due to historical reasons; men have been more involved in the business world while women were at home. But in the next few years, this will change. Slowly but surely there will be more role models for young girls. What issues are close to your heart? Empowerment, in two forms: 1) Skills development in general, and mobilising people to work. I would be happy to be able to offer opportunities to the less fortunate. 2) South Africa needs effective leaders in government and in the corporate world. This is vital for an effective economy. There is debate about whether a leader is born or made, but I think an effective leader has empathy while remaining goal-driven. It’s important for leaders not to forget the people. What do you do for fun? I like to dance and sing, but only when I am alone or with close friends! I enjoy reading, as well as mingling with people. I’m quite a socialite. Either having challenging academic/ intellectual discussions or just chatting about nothing is really a pleasure for me.

I am currently doing my masters in business leadership. In this course, I enjoy conversing with people from different backgrounds, learning to accommodate them and their view. I thoroughly enjoy team work – working together as a group, discussing various angles and agreeing on a final decision. The support and the trust I have experienced is so motivating. Describe yourself in one sentence. I’m a born learner, vibrant and analytical. Tell us what you do in an average day. A bit of everything. Days are always different. I do spend a lot of time in meetings and managing relations. I have to be an all-rounder. Stakeholder relationship management is important for my position so I am in meetings often. I read, write and appreciate these skills that studying law gave me: to express, interpret and negotiate. I have to make difficult decisions and understand stakeholders’ interests and needs before trying to meet those needs.

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ndo steeringthe ship

cedricmasondo BCom Economics & Business Economics (University of Durban-Westville), FIISA.

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Life doesn’t always go according to plan and has its ups and downs, but it’s important to stay positive and keep trying.

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executiveunderwriting sasria

Cedric, why would you recommend working in the insurance industry to young South Africans? Insurance is such a misunderstood field. It’s probably the only industry where there are such a great number of people with different skills all working together. As a youngster, it doesn’t matter what you enjoy or what your personality is, you will find something to suit you in insurance. It is such a diverse field that can offer you so much for your career. An underwriter is a jack of all trades, really. You come across risks from aviation and transport to manufacturing and even small coffee shops. It’s a wide industry and you come into contact with every sector of the economy. And why have you chosen to work at Sasria? Sasria traditionally wrote only one type of business, but the company has a new vision. I would like to grow with the company – we have increasing premiums and the type of business that we write is very exciting. I also wanted the opportunity to deal with overseas reinsurers. If you could go back to when you were 17 and change anything, what would it be? Looking back at my career, I think I would change my attitude towards school work as a teenager, and my attitude towards to life. I was like most teenagers at that age – just okay with getting average results. So I would tell myself to aim high and excel! Was it easy deciding on your course at university? Well, I went to a normal government school and, back then, career guidance was not as advanced. I took maths and science as well as commercial subjects for matric, but then faced a dilemma about whether to study engineering or go into commerce. All my friends were going to a technikon, so I wanted to join them, but I was really confused. My mom then sent me for a psychometric test. I discovered that engineering and sciences were actually not for me, so I applied for a BCom.

What misconceptions do people have about insurance that you would like to set straight? I think there are two: 1) Many members of the public think that insurance companies are there to rob people and avoid paying claims. But what the public doesn’t know is that there are fraudulent claims made to insurers every day. It’s our duty to ensure that only legitimate claims are paid – it’s in everybody’s best interest. Otherwise premiums would be inflated and everybody would suffer. 2) School learners may have the misconception that if you work in insurance, you will be a sales rep. That can be a great job, but there are many other career paths. In insurance you can do claims analysing, marketing and loss adjusting; there are HR people, lawyers, scientists and actuaries. It’s so much bigger than just selling the products. What do you do to relax? I watch TV. I love TV! I have a wife and two boys though so I do fight a lot for the remote. I enjoy documentaries and listen to the news often. You have to with the business that we are doing – if there are floods in Australia it might affect us indirectly. The insurance industry is one worldwide industry – everything is linked. I love watching sport and am an excellent coach (from the comfort of my living room). I should win trophies for my coaching. What message do you have for South African school-leavers? There is no such thing as luck in life. You must work hard, and study throughout your schooling career, not just in grade 12. Also, stay positive. Life doesn’t always go according to plan and has its ups and downs, but it’s important to stay positive and keep trying. To secure your future, practice safe sex.

Should everyone go for a psychometric test? I would say there are three groups of learners: 1) Those who know what they want to study and are ready. 2) Those who know what they want, but they can’t do it due to their personality and/or skills. 3) Those who are not sure what to study and who need a little guidance. I think psychometric tests can really help with the second and third group to help them realise their options. It’s not always the case that if you have great results, you should go into the expected fields of medicine or engineering. Your personality is really important. Describe yourself in three words. Calm, hard-working, private (I wouldn’t want to be a DJ or or TV presenter!). What does an underwriter do in an average day? Well, it changes at an executive level. Now I do more reading and writing. But the average underwriter spends most of his time reading submissions from brokers, analysing, calculating and deciding on risks. Underwriters deal with different accounts and spend a lot of time making decisions. They need to read a lot and do research. I would say underwriters spend most of their time in front of the computer and on the phone. There is a lot of negotiation between an underwriter and brokers. Fill in the missing word(s). Underwriters... …analyse a risk and decide on whether or not to take it. Underwriters look at the terms of the insurance contract, the premium, the value and the conditions of the policy. It becomes more sophisticated as an account becomes bigger, so corporate accounts are much more complex than personal lines insurance. Obviously, underwriters also need to look at whether or not a contract will be financially viable.

For more information, visit www.sasria.com, send an e-mail to info@sasria.co.za or phone +27 (0)11 881 1300/086 172 7742.

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Once you are on the first rung of that ladder, don’t be content to just sit there;r reach out fo more, grasp opportunities to grow and move in new directions ce and embra the working world and its many benefits.

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subsidy tion of money. A grant or contribu underwriter or rejects risks for One who accepts lly, by writing the na an insurer (origi der the contract person’s name un issued). ing be e of insuranc tml om/glossary/index.h http://www.ahtins.c

policyholder t who has a contrac The person or party an to um mi and who pays a pre provide insurance insurer for them to as insured.) protection. (Same portfolio ance policies A group of insur ts. en or investm

INmag | 2011

109

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Etana FIA Institute Financial planning Hollard IISA INSETA Lion of Africa Masthead Momentum

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110

INmag | 2011

www.etana.co.za www.fia.org.za

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