Mastering the art of cyber insurance
With two of the tasks for The Insurance Apprentice 2019 complete, and the sad news of Ditebogo Mokgalabone's elimination, the competition gets intense as the apprentices begin to fight for their spots.
Viewers will get a glimpse of the apprentices putting on their thinking caps when assigned with task three, sponsored by Marsh Africa, based on cyber risk management. Make sure you read the full article on www.FAnews.co.za on what their solutions should have entailed.
With guest Judges Justin Keevy, Divisional Executive: Commercial Crime and Cyber Risks Broking and Advisory Practice and Bridy Paxton, Client Advisory Services (CAS) Lead at Marsh Africa on hand to assist with the task, and join Judge Simon and Judge Kedi as judges, the apprentices receive their task.
Thank you, Marsh Africa, for sponsoring the third episode of The Insurance Apprentice 2019.
Task three #cyberriskmanagement
In this task, the apprentices have been called to a meeting with the CEO and Risk/Insurance Manager of their broker firm's client. The client had a ransomware attack and wants to know why he was not covered, and what to do now.
In preparation for their meeting with the client, the apprentices had to advise the client on how they can assist them with an effective cyber security strategy to ensure that adequate controls are implemented, focusing on the importance of cyber risk management. In doing so, they had to give a detailed break-down and explanation of the cyber security controls the organization needs to implement in order to prevent a ransomware attack and data loss in the future, explain what cyber insurance covers are available, how much insurance the client should take out and why the client is not covered for the ransomware attack under their assets and liability policies.
They were then required to prepare a financial impact analysis for the given scenarios, and pitch to the client what is covered under a cyber policy. Did the apprentices meet the mandate and understand the detailed requirements of the client?
What solutions were Marsh really looking for? Read the full article to find out on www.FAnews.co.za under the CPD tab.
Earn CPD hours
Earn Continuing Professional Development (CPD) hours for every episode you watch. Each episode plus an article about the episode will carry 1 CPD hour. Simply:
- Visit www.fanews.co.za;
- Click on the CPD tab;
- Register by filling in your personal details;
- Confirm your log-in details via email once you have registered;
- Log-in using your email and password;
- Click on The Insurance Apprentice tab and go to the episode you wish to complete; read the article and
- Answer the multiple-choice questions related to each episode listed and click submit.
The #Superfan competition
For every episode of The Insurance Apprentice, we have a question. Answer the SuperFan question, up to episode seven, to stand a chance to win R20 000, sponsored by Constantia Insurance. Simply visit www.theinsuranceapprentice.com and answer the question in the chat box bottom right of the screen.
In episode three, which apprentice came forward with the reinstatement (immunity) card?
Winner and runner up prizes
The winner of The Insurance Apprentice wins a trip to Lloyds of London, a R75 000 bursary from Inseta, a cash prize of R20 000 from GIFS, dinner in London to the value of R5 000 sponsored by Hogan Lovells, an Apple watch sponsored by Genasys Technologies and also R15 000 from Hollard. Thank you AIE conference organisers for sponsoring the winner of The Insurance Apprentice to go to the African Insurance Exchange at Sun City in July.
The runner up wins R10 000, sponsored by Tracker and a bursary from GIFS worth R27 500. Third place will also receive a bursary from GIFS worth R27 500.
Each of the eight apprentices will also receive a book 'Everything you need to know about non-life insurance in South Africa', written and sponsored by Gareth Stokes and Liz Still and motivational/business books sponsored by Insure Group.
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