Developing the next generation of black brokers through Old Mutual Insure’s Greenhouse Project

13 December 2019 Old Mutual Insure

Old Mutual Insure is pleased to announce the launch of the ‘Greenhouse Project’, a project funded by The Insurance Sector Education and Training Authority (INSETA).

Stats SA reported that the unemployment rate amongst youth aged between 15 – 34, during the first quarter of 2019, is at least 55.2%. The Greenhouse Project is aimed at increasing the pool of black insurance brokers for the future, through credible education and mentorship, which is in line with the organisation’s transformation strategy.

According to Old Mutual Insure, the overall objectives of this initiative are designed to:
• Make an investment into the Old Mutual Insure future workforce and inherently build a pipeline of readily available black brokers;
• Deliver qualified and FAIS compliant young black brokers; and
• Grow capacity within Old Mutual Insure’s own broker network, whilst ultimately transforming the demographic profile of the industry’s financial planners

Garth Napier, Managing Director, of Old Mutual Insure says: ‘Old Mutual Insure are extremely excited with the partnership with INSETA in launching our inaugural Greenhouse Project. The intermediary space within the insurance industry is still largely white, male dominated, and as such, the client base is mainly white with an average age of over 45. Transforming the intermediary element within short-term insurance, will result in a shift in the clients who participate in the sector, and we believe that Old Mutual Insure is at the forefront of this movement with the Greenhouse Project.’
Following a rigorous selection process, a total of 61 candidates were selected from Gauteng (26), Western Cape (15), and Kwa-Zulu Natal (20). Approximately 80% of the incumbents are black females and the remaining 20% black males. The expected projects duration is 18 months.

Nasreen Ravat, Learning Manager: Worker Programmes at INSETA says: “INSETA’s vision of creating young, black owned, sustainable insurance brokerages is being met by initiatives such as this, and it is with great pleasure and pride that we are involved in a project such as Old Mutual’s Greenhouse Project. We at INSETA firmly believe that the only way to truly transform our nation is through providing quality education, and continued support for the future generation.”

The programme will cover elements such as work-based experience, the INSETA accredited Financial Advisory and Intermediary Services (FAIS) Short-Term Level 4 qualification, product knowledge and overall business skills, work orientation programme and RE exam preparation, a broker toolkit, and finally the graduation ceremony.

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