Risks and risk management… let’s think about this

Left with eight contestants things are getting heated, more complicated and tougher as we draw nearer to the end, and the spot they are all competing for, which is the title of The Insurance Apprentice 2021, is getting closer.

Small business sustainability

In episode six, sponsored by Hollard Insure, few businesses were selected to better understand the SMME market in South Africa.

In the task, The Insurance Apprentice participants were tested on their ability to understand the SMME environment, risks that these businesses face and how best to manage these in an ever-changing and complex world, to ensure their ongoing sustainability and growth as key contributors to the South African economy. With judge Simon Colman, Business Head of Digital and Financial Lines at SHA Risk Specialists and guest judges.

Each team then had to present back to the judges on how and what needs to be done to ensure that their selected small business is protected against various risks facing SMME’s in the South African market, to ensure their sustainability, business growth and long-term value creation.

Meeting the mandate

With a brief background to the businesses selected, the apprentices had to identify what the risks were and the potential new risks that have not yet been considered by these small businesses, present their recommendations on how to mitigate these risks and whether there are risks that they do not believe warrant mitigation. i.e., cost versus reward.

With their final summary, did they provide valuable feedback in terms of what needs to be done to ensure small businesses are protected against various risks?

Watch it here

We would like to thank Hollard Insure for sponsoring episode six of The Insurance Apprentice 2021.

1. To watch the episode on YouTube, click HERE
2. To watch it on the website click HERE
3. To watch it on Facebook, click HERE

Can we just remind you of the prizes that are at stakes?

The WINNER wins:

• 1 year access to the Lloyd’s virtual mentorship platform; Introduction to Lloyd’s virtual seminar (value R2000); Sponsorship of a unit module of the winner’s choice at the Chartered Institute of Insurance (CII) in the UK (value R3000) or R3000 paid directly to CII if the course exceeds R3000; Sponsorship of a Gordon Institute of Business Science (GIBS) short course of the winner’s choice (value R50 000) or R50 000 paid directly to GIBS if the course exceeds R50 000; and cash prize of R20 000, sponsored by Lloyd’s of London;
• A bursary worth R75 000 at any public university, sponsored by Inseta;
• R10 000 CASH from Tracker;
• R30 000 CASH from Auto & General;
• A Garmin watch from Genasys;
• The winner attends the African Insurance Exchange (AIE) conference; and
• A one year coaching and mentoring package to the value of (R30 000) sponsored by Ultraverse Consulting.

The TOP 3 win:

• A hospitality prize package, sponsored by Bryte Insurance; and
• A 6-month coaching package to the value of (R18 000), sponsored by Ultraverse Consulting.

The TOP 10 win:

• AIG is sponsoring a professional photoshoot for the TOP 10;
• Each of the 10 contestants will receive a gift bag filled with goodies, from Santam.
• Simply Financial Services is sponsoring vouchers to the value of R1000 for Bathu; and 
• A coaching package to the value of (R8 000), sponsored by Ultraverse Consulting.

What’s not to like? So many giveaways for the winner, Top 3 and Top 10, plus a whopping R60 000 in CASH!  

Apply for TIA 2022

TIA 2022 is open… enter, enter, enter! If you are younger than 35 and have been working in the short term insurance industry for four or more years then this is your chance.

Take the step and apply… you have nothing to lose!