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SA Insurance providers need to foster meaningful transformation growth through innovative in-house training

31 August 2011 Lion of Africa
Adam Samie, CEO of Lion of Africa Insurance

Adam Samie, CEO of Lion of Africa Insurance

Prominent insurance providers need to review their approach to in-house training programs, in order to meet key transformation goals and assist with skills development in South Africa’s fast-growing short-term insurance sector.

This is according to Adam Samie, CEO of Lion of Africa Insurance - one of South Africa’s leading short-term insurers, as well as the first insurer in the country to achieve Level 1 B-BBEE status - who says that training is a key platform to achieving meaningful transformation in South Africa, as well as long-term skills development.

“Many local businesses currently bemoan the standard of education and graduates entering the workplace, but do very little to improve skills internally. Companies should take a lot more responsibility by developing and running in-house training and education programmes in conjunction with Sector Education and Training Authorities, at both matriculant and graduate levels.

“These programmes are then tailored to ensure that staff members are able to meet and exceed the requirements necessary to function in the modern short-term insurance environment.”

Lion of Africa Insurance currently runs in-house programmes that provide learners with structured, workplace-based learnings, consisting of a theoretical component with The Workers Academy of Insurance (an accredited INSETA provider), as well as providing practical training in underwriting, finance and claims. “Approximately 15% of our workforce is currently made up of programme learners and graduates.”

Samie says that locally, the Insurance Institute of South Africa can also play a more activist role in educating and informing insurance industry players about key transformation targets and available programmes. “Currently, training programmes are also too rigidly in line with South African Qualifications Authority standards and the result has been too few candidates with the required knowledge to perform to internationally-accepted service standards.”

He points to the UK example as a potential solution whereby the country’s Chartered Insurance Institute proactively formed a professional standards authority to ensure that all employees meet the required standard to function effectively in the insurance sector. “This approach is an effective way to set and maintain insurance industry standards amongst employees and can be mirrored in our country. We need to urgently step up procedures to upgrade our insurance force.”

According to Samie, transformation in the short-term insurance sector is not about mere compliance, but about contributing to the development of the previously disadvantaged people in South Africa’s multi-cultural society, ensuring that the country can ultimately achieve its economic goals on a sustainable basis to the benefit of all.

“True empowerment will also aid South Africa’s market share on the continent, specifically in the short-term insurance sector, which, while small in global terms, is the largest segment by far on the continent. This market represents one of the biggest opportunities for new products and growth in our country and I believe local companies can play a key role in servicing other African markets, as well as other emerging economies globally,” concludes Samie.

Quick Polls

QUESTION

The two-pot retirement solution has shone a spotlight on certain shortcomings in SA’s pension fund landscape. Which of the following steps would you take to improve compliance and retirement outcomes?

ANSWER

Enhance communication between members, funds.
Enforce penalties for non-compliant employers.
Enhance fund oversight to reduce arrears.
Simplify the withdrawal process.
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