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Inseta helps realise a vision

10 March 2006 Mike Abel

On 3 March 2006 a vision was realised through the establishment of a coordinated Council representing the majority of black brokers in South Africa.

At a breakfast hosted by Mike Abel, the Chief Executive Officer of the Insurance Sector Education and Training Authority (INSETA), the three largest Black Broker members associations and bodies, unanimously accepted the vision, brokered by INSETA, to establish the Black Brokers Council of South Africa.

The breakfast, was attended by the Presidents/Chairpersons, Vice Chairpersons and Executives of the three largest Black Broker Associations in South Africa, namely, the Black Brokers Forum (BBF), the Association of Black Insurance Brokers (ABIB), and the Black Insurance Professional of Southern Africa (BIPSA).

In an inspired presentation, Mike Abel presented the vision of a united Broker Council, which would include all the Associations representing Black Brokers, in order to present a united voice and negotiating body for all Black Brokers, to drive Skills Development for Black Brokers, and to advance and negotiate Broad Based Black Economic Empowerment deals, for black brokers.

Those present unanimously accept the proposals, which covered the basic Terms of Reference for the Council, and its initial membership and brief.  The founding members of the Black Brokers Council of South Africa (BBCSA), agreed to have an interim Council, interim Chairperson, and secretariat for 6 months, until all legal aspects are finalised.  Artwell Hlengwa, Deputy President of the Black Brokers Forum was elected, as the interim Chairperson and Shirley Steenekamp, of INSETA will perform interim secretariat functions on behalf of the BBCSA.

What characterises the new BBCSA is that this Council will actively promote BBEEE deals, through which black brokers will be able to participate in traditional brokerages.  The Council will also ensure that a core focus will be on the skills development for black brokers and intermediaries who need to be licensed in accordance with the FAIS Act, and especially the Fit and Proper component of the Act, says Mike Abel.

Mike Abel emphasized the fact that it is through a skilled, confident and competent network of black brokers and intermediaries that the opening up, to a far greater extent, of the largely uninsured black market, would take place.  The BBCSA would be a major contributor to bring this about.

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We have watched with interest as each of the country’s large life insurers report their 2021 life claims statistics, with soaring claims and claims values. That got us thinking: how do the big life insurers compare against one another, from an IFA perspective?

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