This industry is about people
FAnews recently attended the 2015 SAUMA Conference, which was held at The Forum in Bryanston. The conference was well attended and included a list of high level speakers who provided key insight into topics affecting the industry. Below is a brief overview of some of the talks.
Be your own voice
Carel Nolte, Head of People and Brand at Fulcrum, gave an insightful talk into how simple marketing ones services in the industry can be although so many people feel that marketing is a strenuous exercise. It comes down to finding your own voice and integrating your own personality as essential DNA within your business. Nolte firmly believes that at the end of the day, the insurance industry is about people.
Speaking to a vast array of underwriting mangers, Nolte mentioned that “the marketing of each underwriting management agency (UMA) will be different because we all operate within a niche market. You need to trust yourself and define what your value essentially is”.
He added that some of the key elements within the industry is that it has the ability to influence, challenge and guide people. As a broker in this space, people need to share their experience, learn from their clients, and effectively communicate the value proposition of the product.
While the theories behind marketing yourself may take years of education at a tertiary institution and years of practice within the industry, the value of your brand is what will carry the most weight when you meet with clients. Nolte pointed out that the best brand-work in the industry comes from people who don’t necessarily know anything about branding.
“People are at the heart of marketing. Marketing is not rocket science - sit and engage with your client. Engage with each other and learn from each other. Collaboration is also a key ingredient as it gives clients the opportunity to tell you what they want from a product,” said Nolte.
He concluded his talk by urging UMA’s to protect their niche as it adds significant value to the industry.
The social media dichotomy
Technology is increasing its influence on the industry, but there is a dichotomy that we need to be aware of.
A dichotomy is a division or contrast between two things that are or are represented as being opposed or entirely different. Nolte points out that clients can learn a lot about a broker through their online presence. And Emma Sadleir, a media law consultant and speaker, agreed with this, provided that the right content is put online.
“If your content is seen by one person, it is seen by all. And if you put the wrong content online, you are infringing the law,” said Sadleir. She pointed to the example of the Justine Sacco saga which caused an international social media frenzy. There was also the incident where the social media account of the Associated Press was hacked and a tweet was sent out reporting that the White House was subjected to two explosions and President Obama had been injured. The tweet was false, but the result on the stock market was devastating. In the immediate aftermath of the tweet, the Dow Jones plunged more than 140 points and bond yields fell.
“Be aware of your online presence. If you tweet something, it is your opinion. If you re-tweet something, you are guilty by that person’s infringement of the law, there is no such thing as innocent dissemination. If you like something online, you are aligning yourself to that view,” said Sadleir. She concluded by pointing out how this can affect your relationship with your employer.
Starting up the skills train
David Harpur, CEO of the Insurance Institute of South Africa (IISA), who was one of the first speakers at the conference, pointed out that there are over 2 500 students studying insurance related qualifications at various tertiary institutions. He added that this number is likely to grow as the IISA increases its collaboration with these institutions.
“While this number is growing, there is still a need to approve and accredit more colleges, academies and training institutions which will deliver quality assured insurance educational services. We need to actively engage with industry bodies, local and international associates, professional bodies and regulators in order to achieve this.
There was some concern regarding Continuous Professional Development (CPD) points and the role that they will play in the industry going forward. While Harpur acknowledged the concerns, he stuck by his guns defending CPD as a necessary way for industry participants to remain relevant in an industry that is continuously evolving.
The move from CPD points to CPD hours will be a major change in the industry as will the increase in the number of CPD hours that one has to accumulate to retain their designation within the industry, which will increase from 10 hours to 15 hours. The change from points to hours is most certainly a positive development in the life of all who has to comply with CPD issues.
Editor’s Thoughts:
The mood at the SAUMA conference was upbeat and attendees were confident about the future of the industry and what it holds. This conference was definitely one of the best SAUMA has ever hosted which really makes me excited about the future. If we took anything out of the day, it was that the insurance industry is about people and it is easy to build a successful business if people are at the heart of your business. Please comment below, interact with us on Twitter at @fanews_online or email me your thoughts [email protected].
