‘Business Unusual’ for insurance industry conference

David Harpur, CEO of the ISSA.

The 43rd annual Insurance Conference will be held at Sun City from the 24th to the 27th of July.

The 43rd annual Insurance Conference hosted by The Insurance Institute of South Africa (IISA) alongside The Financial Intermediaries Association of Southern Africa (FIA) and the South African Insurance Association (SAIA), will be held at Sun City from the 24th to the 27th of July.

‘Business Unusual’ is the main theme of this year’s conference, which aims to provide a platform for insurance industry professionals to learn more about the state of the insurance sector, stay up to date with industry trends and connect with peers across the sector.

David Harpur, CEO of The Insurance Institute for South Africa (ISSA), remarks, “Delegates attending the 2016 Insurance Conference are set to learn a great deal that can be passed on to their colleagues and clients,” adding, “The conference will again give global and national leaders in the industry the opportunity to exchange knowledge and engage with topics and challenges that face the industry. The theme ‘Business Unusual’ aims to set the tone for new thoughts and ideas that will break free of limitations set by 2015’s financial challenges that hampered both the growth of the insurance industry and the global economy.”

Industry trends

A host of relevant topics relating to current industry trends, from financial service regulation and the role of the insurance industry in the local economy to social media liability and the impact of climate change in Africa, will be addressed at the conference.

“In terms of industry trends, South Africa faces massive new legislation changes, and regulatory changes are swamping the local insurance industry. Twin Peaks, Retail Distribution Review, SAM (Solvency Assessment and Management) and TCF (Treating Customers Fairly) all contribute to this changing environment. The impact of social media, the sustainability of motor insurance, the lack of third party liability cover, insured vehicles, fraudulent driver’s licenses, fraud and corruption in claims and risks, the emergence of cyber liability issues and skills shortage are just some of the challenges that are currently impacting the industry. The Insurance Conference 2016 will be a prime opportunity to share and gain insights on these,” says Harpur.

Change is a certainty

“Currently the local industry is an a state of change, with new technologies like driverless cars and the advent of UBER set to change the way the industry operates and continues to evolve. The industry must adapt to the changing needs of its customers, who dictate, through their behaviours, that new solutions are to be found and offered by the short-term insurance industry,” comments Harpur, who goes on to say, “The best way the industry can respond to this is to understand its markets and adapt its offerings to deliver on its promise of good insurance cover for risks and methods of prompt and effective claims settlements. Improved customer outcomes must be a top priority for sound financial insurance companies and professional broking firms.”

Due to the global and local attendance at the event, networking opportunities, which lead to many beneficial business relationships, are a significant draw card for professionals wishing to attend. Furthermore, it offers a niche platform for professionals to learn, engage and network with leaders and service providers in the short-term insurance industry. “The 2016 Insurance Conference, which we at IISA are proud to be hosting, is a high-level event and has become a pivotal platform for industry professionals to engage in new ideas around products and services, and to stay abreast of changes in the insurance and business sectors in South and southern Africa. We look forward to looking at things differently this year through the lens of ‘Business Unusual’,” Harpur concludes.

Delegates who attend the Insurance Conference business sessions and who comply with the IISA’s verification procedure will be awarded 11 IISA CPD hours on the advanced level. Furthermore, the conference is open to anyone who is interested in attending.