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Scarce skills addressed with SA’s first occupational qualification for insurance underwriters

10 October 2019 INSETA
Group Photo of Graduates

Group Photo of Graduates

Nadia Starr – CEO of INSETA at the launch of the Underwriters Qualification NQF

Nadia Starr – CEO of INSETA at the launch of the Underwriters Qualification NQF

Mr Vijayen Naidoo – CEO of QTCO (Quality Council for Trades and Occupations) and Ms Nadia Starr INSETA CEO congratulates a graduate

Mr Vijayen Naidoo – CEO of QTCO (Quality Council for Trades and Occupations) and Ms Nadia Starr INSETA CEO congratulates a graduate

The first group of formally recognised underwriters in South Africa officially graduates on the 9th October 2019. 21 candidates will graduate with an ‘Occupational Certificate: Insurance Agent: Insurance Underwriter NQF Level 5 (91784). This follows the introduction of the first ever formal underwriter occupational qualification by the Insurance Sector Education and Training Authority (INSETA) at the end of last year.

INSETA introduced a pilot project to enable experienced candidates without qualifications; to obtain an ‘Occupational Certificate: Insurance Agent: Insurance Underwriter.

Nadia Starr, CEO at INSETA, explains “We are focused on training insurance underwriters in South Africa and growing the pool and quality of scarce and critical skills. In the past, many in the sector chose not to follow the career path as there were concerns that positions would be automated. But the truth is that while some aspects of underwriting can be digitalised, a person with a finely tuned skillset is needed as there are so many variables. Underwriters assess financial risks without being an accountant, predict medical outcomes without being a doctor and defend a decision within the set parameters without being an attorney.

“For those already in the underwriting section of short term, long term, medical insurance and reinsurance career mobility had been hindered. This has changed with INSETA completing its pilot project to deliver this qualification.

“The qualification aims to prepare candidates to evaluate and interpret information to protect stakeholders’ interests by using specialist technical knowledge to determine, price, manage and transfer risk. The course can be completed in 12 months but there is a further six months available to allow candidates to complete their Portfolio of Evidence or assignments.” concludes Starr.

INSETA has adopted a learning strategy, which is aimed at all levels of employment in the sector and is aligned to the National Skills Development Strategy.

 

Quick Polls

QUESTION

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

ANSWER

Give fund members emergency access to retirement savings
Let fund members invest 40% in infrastructure
Let fund members invest 40% offshore
Mandatory preservation when resigning from a fund
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