Industry unites at Sun City conference
Every year, the insurance industry comes together at Sun City in order to look at the current state of the industry and to gain insight into the possible future trends that will affect the industry.
Regulation and the implication thereof received a lot of attention at last year’s conference and a number of companies listened intently to the Financial Services Board’s (FSB) view on regulation that would be imposed on the industry in the next year or two. The key topics at this year’s conference will be focused on the industry’s future and how compliance is necessary for a progressive industry.
Looking towards the future
The implementation of South African legislation comes off the back of similar legislation being implemented in the UK and Australia. This was intentionally done so that the FSB and government could gain insight on how to effectively implement this legislation within the local industry, enabling South African companies to learn valuable lessons from these markets to effectively comply with this legislation.
Therefore, at this year’s conference there will be a distinct international flavour with a number of delegates from the UK outlining their thoughts on compliance and the future of the global insurance industry.
The first session of the conference will be presented by Paul Jardine, Deputy Chairman of Lloyd's, who will be talking about the company’s reaction to the market needs in the UK. This will bear an importance on the local market as a lot of South African legislation has been adopted from the UK model, which would make local reaction and market needs similar to those of the UK.
The second session of the conference will be presented by Stephen Cross, Chairman of Aon Global Risk Consulting and CEO of GRIP and Global GRIP Solutions, whowill be discussing the issues of broking in the 21st Century, with a focus on risk, rewards and opportunities.
Adrian Gore, Chief Executive Officer (CEO) of the Discovery Group will focus on the application of behavioural science in financial services.
These discussions will give National Treasury and the FSB an opportunity to provide updates on regulation, which will be of particular importance as the industry is still waiting for the FSB to release the Retail Distribution Review (RDR) White Paper and for Treasury to provide insight into the progress on the implementation of the Twin Peaks model.
Technology: a role player
Technology is becoming a major role player in the industry, and the main theme on the second day of the conference will be based on the importance of technology and how companies need to adapt in order to stay ahead and efficient, with Mike Pritula from McKinsey & Company in the US discussing Advanced Analytics and the way in which it can be used as a new source of competitive advantage.
Anton Ossip, Chief Executive Officer (CEO) of Discovery Insure, will then discuss the growing role of telematics and how it is influencing the industry, with an update on the Discovery Driver’s Challenge.
Building anticipation
One of the most anticipated talks at the conference from an adviser’s point of view will be the RDR panel discussion, which will include industry experts from the FSB, the Financial Intermediaries Association of Southern Africa, the Association of Savings and Investments South Africa as well as Altrisk.
Great enthusiasm and eagerness also awaits as FAnews will announce the official launch of The Insurance Apprentice tomorrow at The Insurance Conference held at Sun City.
As the conference winds down for the year, Sheralee Morland, Executive Committee Member at the Institute of Risk Management of South Africa will outline the future risks in the South African insurance industry.
Adding value proposition
The Sun City conference has always been an opportunity for industry representatives to come together to network, build and improve their skill sets, which enables them to add a significant value proposition to their clients. This year the conference will be of particular importance as a distinct flavour of the conference is focused on how to take all of the talk around compliance and put it into practice.
It is also an opportunity for companies to display their latest products and services.
Editor’s Thoughts:
As the industry moves forward into a future that is becoming clearer to the local insurance industry, conferences like the Sun City conference add significant value to the industry. What are your thoughts and feelings? Please comment below, interact with us on Twitter at @fanews_online or email me your thoughts [email protected].
Comments
I would say that the people who would benefit most from attending the conference are those that generally cannot afford it. Sometimes it really suck to be a pleb in the working class :/ Report Abuse