FANews
FANews
RELATED CATEGORIES
SUB CATEGORIES General | 

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

No developing economy has ever built a single-payer complementary NHI equivalent covering the entire population. NHI promises comprehensive care but it is also 100% free at the point-of-service. Is this practical?

ANSWER

It is doable but collaboration is key
South Africa is not in a position to build NHI
The only conclusion possible is that the private healthcare sector is not going to disappear or change
There is little chance that the NHI will be able to receive significant government funding
A E fanews magazine
FAnews August 2019 Get the latest issue of FAnews

This month's headlines

Create designer policies through AI
Are advisers in a precarious position?
A claim, COIDA and a dog bite
Non-disclosure never an innocent fraud
Prescribed assets: The threat to pensions
Cannabis and the issue of trust
Getting the most from disability claims
Subscribe now