INSETA introduces top bursary learners to industry

INSETA’s CEO, Sandra Dunn.

INSETA’s top bursary learners, with INSETA’s CEO, from left Kefilwe Sepako; Msawakhe Nyangwa; Danielle Mitchell; Portia Nkadimeng; Sandra Dunn (INSETA’s CEO) and Johann Frederik – absent from the photo is Maria Kurczewski.

Scarce and critical skills qualifications require true grit.

INSETA recently held an awards event at their offices to recognise and introduce the top six bursary learners studying towards qualifications in the scarce and critical skills at the Universities of Johannesburg and Pretoria, to the insurance industry.

Also in attendance were the University of Venda, the Insurance Institute of South Africa (IISA), the South African Insurance Association (SAIA), INDWE Risk Service, an SMME company and a representative from the media.

INSETA’s CEO, Sandra Dunn says, ”It’s very important to recognise the achievements of our top bursary learners and by introducing them to the industry, they (the learners) immediately feel part of the industry. These learners demonstrate the character and behaviours that are needed to excel in the industry – it’s exactly what we need to promote. For most young people, insurance is not seen as a profession or a career yet. People land in the industry by chance. More needs to be done to promote careers the industry.”

Mike Pierce an Executive Manager at the IISA, echoes Dunn’s sentiments, ”The desire to succeed through application and dedication to challenges presented by the industry and the qualities of honesty and integrity and the willingness to offer service of outstanding quality to both employer and customer alike, play a vital and fundamental role in the achievement of success, as does the wish and striving to continue to acquire knowledge and further education on an ongoing basis and to conscientiously gain further experience by the involvement with challenges and opportunities, while at all times accepting responsibility and accountability.”

Industry challenges drive skills development

INSETA’s research indicates that the industry faces many challenges that require the right skills and competencies – these challenges include:

• Increasing regulation and the rising cost of compliance which puts pressure on the need for qualified, skilled compliance officers.

• The emerging “buppies” and related market segments which drive a shift toward greater use of technology and social media, as well as direct selling in the personal lines market.

• As new technologies emerge and big data takes on greater significance, more innovative companies will gain a competitive edge.

• The need to develop and retain specialised professional and management skills within the industry.

• The revised BBBEE scorecard which intensifies the pressure on companies to meet the demand for social and economic transformation.

• Companies will increasingly seek opportunities to expand into Africa and markets hitherto unexplored, eg the ‘uninsured’.

• Ethical leadership skills that promote vision, purpose and values - the right business culture to ensure success in an increasingly democratized world where a more balanced perspective of profit, social profit and environmental sustainability is needed.

Pierce explains that with increasing professionalism in the industry there is a great need for qualified graduates and this is a trend that will inevitably continue unabated into the future.

“The IISA continues to work constructively and beneficially with INSETA on various levels to enhance insurance knowledge sharing and will continue to develop the potential of this relationship with the correct plans and vision. The IISA has also always maintained a sound and collaborative relationship with the FSB.

“Companies within the financial services industry and most certainly the insurance industry are extremely supportive of initiatives to fast track the work readiness of graduates, both by means of internal programmes within the structures of the respective companies as well as through the application of interventions from outside the organization by providers and specialists in the area of skills training and the broadening of work related skills, at lower levels and certainly in respect of more sophisticated positions. The role of mentorship by senior employers within the organizations plays an important role in this process and serves to instill a sense of belonging, personal guidance and of involvement, in the young graduate, as he/she is familiarized with the culture of the organization, while simultaneously gaining relevant experience of the operation of the organization, and he/she also receives informed direction for future development.”

What are the right skills and competencies?

INSETA’s research highlights the following:

Specialist skills. There is a greater demand within the corporate environment for high levels of professional skills. In 2012 the most sought-after executive professional positions were specialist underwriters and actuaries, followed by capital management and risk management professionals. Non-executive directors and audit committee members were also in high demand.

Risk modeling need rising. The frequency of natural and manmade catastrophic events has been increasing over the past 20 years. Managing these types of risks will not only demand more sophisticated risk modelling and innovation, but highly specialised skills.

Range of other skills needed. Engineers, already in short supply within their own industry sector, are among the scarce skills within the insurance industry. Other skills listed by respondents include actuarial, mathematics, economics, general underwriting, death and loss adjusters, and technical accounting for insurance and reinsurers.

Retention of actuarial skills. The number of actuaries qualifying has risen, but this skill set is not necessarily feeding into the insurance industry. Needed skills are moving into consultancy companies or non-insurance industries.

Who are these top learners?

INDWE’s Shoki Motau congratulated the top six university learners in acquiring skills and knowledge that will enhance their employability in the corporate world.

Motau, among others highlighted the careers that are possible at INDWE, ie Individual insurance (House contents, personal motor etc.), Business insurance (Commercial & Corporate) and Special Risks (Aviation, Engineering sectors, Construction, Marine). Entering the workplace you will start as an administrator to acquire an understanding of the business operations. Depending on the area you want to specialise in you can follow a number of career paths such as sales/service consultant/Techical Broker, business development specialist/Account Executive, Manager, national head, etc.

The learners below who achieved the top honours and who demonstrate the qualities and skills needed to excel in the industry are:

University of Johannesburg

Maria Kurczewski: She completed her third year BCom degree in Finance last year and obtained 7 distinctions out of the 8 courses that she enrolled for. She achieved an average mark of 80%.
Portia Nkadimeng: She also completed her third year Bcom degree in Finance last year and obtained 5 distinctions out of the 8 courses that she enrolled for. She achieved an average mark of 73%.
Johann Frederik: He completed his second year Bcom degree in Finance last year and passed all of the 10 courses that he enrolled for with distinctions. He achieved an average mark of 83%.
Kefilwe Sepako: She also completed her second year Bcom degree in Finance last year and obtained 6 distinctions out of the 10 courses that she enrolled for, achieving an average mark of 74%.

University of Pretoria

Msawakhe Nyangwa: He completed his final year Bcom degree in Internal Auditing last year and obtained 5 distinctions out of he 14 courses that he enrolled for, scoring an average mark of 71%.
Danielle Mitchell: She completed her second year Bachelor of Science in Actuarial and Financial Maths last yea and passed all the 10 courses that she enrolled for with distinctions, achieving an average mark of 82%.