Insurance Institute of South Africa has potential to energise insurance sector

The Insurance Institute of South Africa (IISA) is no new kid on the block. In fact, its been around in one form or another for 109 years. In this time it has seen South Africa develop one of the most dynamic, sophisticated and competitive insurance industries in the world.

Traditionally the IISA has produced learning materials and provided standards as well as professional qualifications for the whole industry.

IISA recognised programmes can be written through UNISA or the Academy of Learning and range from the entry level COP (Certificate of Proficiency) through to the Advanced Programme in Risk Management - allowing the qualifier to use the title Fellow of the IISA.

Going forward, the IISA aims to maintain high industry standards by developing a Continuous Professional Development (CPD) programme to ensure that practitioners keep up to date with national and global industry innovations and trends.

Anton Ossip, CEO Alexander Forbes Risk and Insurance Services, was recently appointed the 37th President of the IISA. Ossip believes that given the IISA’s long and distinguished history as well as the esteem with which it is held by the entire industry, it is well placed to change the way the public and the industry regard insurance in South Africa.

And Ossip believes a change is necessary for a number of reasons. 

Firstly, “As an industry we need to ensure that matriculants and graduates are attracted to join the industry or the skills shortage will only worsen. Attracting new entrants of a high caliber is particularly important given the need to transform the demographics of our industry. ”

Secondly, “We need to increase awareness amongst customers and the public of the benefits of using qualified insurance practitioners for advice. Insurance is one of the only products where the benefit of the product is only realised at the very end – in the event of a claim. Hence the need for the correct advice upfront is crucial to prevent disappointment later.”

Measures like these will make the insurance industry more attractive to new entrants, encourage people to stay in the industry longer and continually upgrade their qualifications throughout their career – to the benefit of the entire industry, their clients, the public and the economy.

After all, suitably qualified people in the administrative heart of insurance organisations are essential to effective service delivery.

Insurance professionals go through years of studying while gaining valuable practical experience in what is a rapidly evolving and highly competitive global industry.

As such, argues Ossip, “Insurance professionals should be regarded as highly skilled and valuable business advisors – alongside other key professionals like accountants, lawyers and actuaries.”

In future, concludes Ossip, “We would like to see the whole industry encourage their employees to study towards IISA approved qualifications.”

To facilitate this the IISA plans to increase interaction with the industry to ensure that IISA practitioners meet the needs of the insurance industry as well as provide better reporting on IISA activities and services.