FANews
FANews
RELATED CATEGORIES
SUB CATEGORIES General | 

Nedbank and Cunningham Lindsey partner to bring a first for South Africa

23 September 2016 Nedbank and Cunningham Lindsey
Nedbank Insurance Interns (L) Amukelani Baloyi and (R) Tebatso Maesela

Nedbank Insurance Interns (L) Amukelani Baloyi and (R) Tebatso Maesela

Nedbank has partnered with Cunningham Lindsey, leading loss adjustment firm, to create the country’s first graduate training programme for loss adjusters.

This initiative will train graduates in the specialist field of interpreting policy cover and be equipped to asses and quantify a loss. 

The loss adjusting fraternity, which is integral to the insurance industry, has been around for more than 100 years, both internationally and in SA.

Less than 20% of young people are absorbed into the industry each year. 

For SA, where more than half of the youth are unemployed and many graduates struggle to find work, the industry presents a viable platform where young people can develop invaluable skills that will enable them to earn a living and make a meaningful contribution to the economy. 

A recent report published by the International Monetary Fund revealed that young people who have never worked were increasingly unlikely to ever get jobs, highlighting the importance of graduate training programmes such as the one being pioneered by Nedbank Insurance and Cunningham Lindsey. 

So far, two graduates from Wits University have been selected to join the 24-month internship programme. They have undergone intense training in both the practical and theoretical aspects of the insurance industry since the programme kicked off in January. 

As part of the practical experience, the graduates have accompanied specialists at Cunningham Lindsey on site visits when assessing claims for private homes and commercial properties that resulted from theft, burglaries, fires or storms. 

In addition, the interns have written their higher certificate in short term insurance exams at the Insurance Institute of SA (IISA), which will insure that they have a solid foundation for their future as loss adjusters.  At the end of the two-year training period, they are expected to be sufficiently proficient to perform the task of a loss adjuster either at Cunningham Lindsey or be employed with Nedbank Insurance. 

Amukelani Baloyi, who has an undergraduate degree in Construction Studies and an honours qualification in quantity surveying, says she knew very little about loss adjusting when the programme started. “But it has been an interesting and exciting experience so far. There is so much to learn,” she says. 

Amukelani hopes to work at SERGON, Cunningham Lindsey’s Quantity Surveying division when the internship ends. 

Tebatso Maesela, who also has an undergraduate degree in Construction Studies, says she was pleasantly surprised that a person with a construction background could be useful to the insurance industry.  She is currently completing her honours degree at Wits in Property Management, and hopes to become a loss adjustor for either Cunningham Lindsay or be employed with Nedbank. 

Manager of Cunningham Lindsey’s Johannesburg branch, Bernd Gerhard, says the building qualification held by the graduates will give them an upper hand when assessing structural damage to property.  The skills requirement for loss adjusters are, however, not limited to buildings alone as the firms’ internal experts include accountants, engineers, lawyers and property specialists.

“We are very excited that we will be able to offer these young people an opportunity to ultimately write their own cheque,” says Gerhard.  “No other loss adjusting company in SA is offering this kind of programme, but through the partnership with Nedbank Insurance, we are able to do so because of the size of our business and the expertise we have within our structures.” 

Through this project Nedbank Insurance hopes to contribute to sustainable economic activity and growth by exposing individuals from previously disadvantaged areas to the opportunities of entrepreneurship. The interns will not only learn the fundamental skills of Loss Adjusting but we are hoping through our partners in Nedbank Business Banking and alike to enhance and develop their entrepreneurial skills. 

Our ultimate aim is to create a long-term strategy through similar programs and training initiatives that will allow graduates to enter the workplace environment to meet and deliver on the requirements necessary to function in today’s insurance environment and beyond.

Quick Polls

QUESTION

With regards to the COFI Bill, do you believe lumping the health and finance sector in the same basket will sustain the financial sector?

ANSWER

Yes, it forms part of the FSCA’s mandate to protect and maintain the sustainability of the financial sector, and to legislate fairness and make it the law
No, the products are different therefore the health sector should not have to be subjected to similar conduct requirements
This will cause problems. More consultations should be conducted before the final version of the COFI Bill is sent to Parliament for promulgation
A E fanews magazine
FAnews April 2019 Get the latest issue of FAnews

This month's headlines

Differences aside… in the name of fairness
Advice… now more important than ever
COFI… is this a reason to be positive?
Cyber cover: One size does not fit all
The need for member education
Subscribe now