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Price and product

08 March 2019 Myra Knoesen

 

 

 

 

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Price and product

It is now down to the last five apprentices in episode five, task five, sponsored by Innovation Group South Africa. In this task the innovative side of the apprentices is tested as Judge Simon and Kedi, joined by guest Judge Catherine Naidoo, Executive Product at Innovation Group South Africa, set the bar high. Make sure you read the full article on www.FAnews.co.za on what their innovative ideas should have entailed.

Thank you Innovation Group South Africa for sponsoring the fifth episode of The Insurance Apprentice 2019.

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Task five #developingavalueaddwarranty

Whilst the demand for electrical vehicles with a smaller environmental impact is taking shape in South Africa, insurers are starting to look at developing and adjusting the traditional motor vehicle insurance model/policy. One of the key value add products available to policyholders is a Mechanical Breakdown Warranty. This is very often offered at an unlimited benefit, at an affordable upfront premium or monthly premium to repair the vehicle at the point of a mechanical or electrical failure. Traditional vehicle models are changing, this means less mechanical components and more electrical components requiring specialized technical skills for repairs. In their teams the apprentices are challenged to develop and price a warranty product for electrical vehicles. In their presentations they are required to include the premium, components covered, exclusions, the risks, what the limitations of liability are, the payment options and terms of cover.

What innovative ideas were Innovation Group really looking for? Read the full article to find out on www.FAnews.co.za under the CPD tab.

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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:

  1. Visit www.fanews.co.za;
  2. Click on the CPD tab;
  3. Register by filling in your personal details;
  4. Confirm your log-in details via email once you have registered;
  5. Log-in using your email and password;
  6. Click on The Insurance Apprentice tab and go to the episode you wish to complete; read the article and
  7. Answer the multiple-choice questions related to each episode listed and click submit.
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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.

 

Superfan question

In episode five, task five, the two-man group consisted of?

  • Kishan and Palesa
  • Palesa and Mitesh
  • Colin and Jake
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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.  

Quick Polls

QUESTION

Speaking of change, on the innovative side, do you believe:

ANSWER

Change will happen faster in the next 10 years, then it did 10 years ago
Things have changed over the last few years. Nothing major will happen in the next few years
We have just begun to see change happening
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