What’s inside… FAnews Magazine April 2024

As an industry, one of the most important topics of concern revolves around the climate change crisis and its implications, particularly the looming risk of certain regions becoming uninsurable. Climate change is affecting the insurance industry. As the climate continues to shift, insurers face increased financial risks from claims payouts. It is becoming evident that certain risks stemming from climate change are surpassing the capabilities of insurers. The question is, how can we, as an industry, address this challenge? How do we navigate discussions with our clients on this issue? What role do we play in tackling climate change and how can we enhance resilience throughout organisations’ value chains?

Similarly, on the topic of a shifting industry, Alexforbes recently published their 2023 Manager Watch™ - Survey of Retirement Fund Investment Managers, and one of the things they have picked up is that the asset management landscape in SA is witnessing a profound shift driven by the integration of Artificial Intelligence (AI) and Machine Learning (ML). Currently, only 32% of asset managers have embraced these technologies, indicating early-stage adoption. However, this cautious approach underscores significant growth potential. As the industry evolves, strategic investments, skills development, ethical considerations and collaboration, will be vital for maximising the potential of AI and ML.

Before I conclude, I’d like to remind you of the upcoming Continuous Professional Development (CPD) deadline. The deadline, 31 May, is fast approaching, and I urge you to make use of those last remaining days sooner rather than later. Get those hours sorted out well ahead of the deadline, wise you might experience high levels of frustrations.

Below we have highlighted some of the articles in the April edition. Enjoy the read.

IISA Approved Articles
The Compliance Officer dilemma: internal or external?
AI versus AI as cybercriminals eye your clients’ data, wealth… education remains the key issue here.
FAIS Ombud lashes broker for multiple compliance blunders… there was just no excuse.
Translating cyber-babble and navigating the digital frontier… it’s all still about the human involvement.
Understanding the nuances of insurance policies... and why policy wording is critical.
Strategies for effective risk management.

FPI Approved Articles
Brokers' vital role in ethical insurance practices - it’s non-negotiable.
The impact of NHI on medical malpractice insurance - the potential impact is crucial.
Two-Pot Retirement System: application of ‘pension interest’ upon divorce unintended consequences.
Healthcare, housing inflation: challenges before and after retirement.
What more can employers do? Let’s ask the question…
Draft CIS managers’ conduct standards: raise admin and compliance cost concerns.

The list of articles worth reading continues….

In the news
Exceptional relationships drive sales and business success.
Assessing the aftermath of the Francis Scott Key Bridge disaster.
The power of personalised communication in advice.

Profile
Nontuthuko Mhlungu's journey into insurance entrepreneurship.
Santam Specialist Solutions: Charting a new course.
Empowering success: the mutuality manifesto.
Navigating the future: insights on advice-led business from Wikus Luus.
Safeguarding against political and social unrest: an interview with Sasria's CEO.
Strategies for growth: a conversation with Discovery Insure's CEO.
Elite Risk: The power of relationships and growing your own timber.
Innovation in benefits: CEO Nonku Pitje talks Discovery CEB.

Regular Feature
Prof Vivian & Co: TCF… a regulatory misfit initiative?

Compliance
Compliance principles fundamental to a compliance culture.

Short-term
The Exeter Blitz, concurrent causes and war exclusion – Part 2.
The clock is ticking: the escalation of climate-related claims in South Africa.
Delving into the complexities of delictual liability.
Navigating the climate of change in underwriting.
How premium finance unlocks value for your HCV clients.
Ombud cases and court rulings: the onus to prove…
The power of exponential underwriters in the industry.

Risk Management
Don’t just endure but thrive; and tackle those challenges head-on.

Investment
Investment opportunities in the global energy transition.
When behavioural biases affect decision making.
Investing… simplicity alone isn’t going to do the trick.
Emerging market equities… undervalued?
Fixed versus variable: can you have your cake and eat it too?

Life
Preventative healthcare strategies: the advantages for insurers.
Early protection: kids should have cover from birth.

Healthcare
A roadmap for affordable, quality healthcare.

Employee Benefits & Retirement
Empowering SA’s workforce: the vital role of private health insurance.
Navigating the shifting healthcare landscape.
Fall foul of the definition of insanity.
Unlocking employee engagement.
How excess tax contributions can benefit investors.
Beneficiary funds help the elderly.
The future world of work… it’s about the mix.

Editor’s thoughts:

We like to talk about important things, share helpful advice, and tell you about the latest stuff in our area. We're also here to help you keep learning. If there's something you want to know more about, just let us know and we'll check it out for you. Our network has lots of knowledgeable people who can answer your questions. We're excited to find and share information that you're interested in, so please don’t hesitate. 

P.S On 18 April the finale of The Insurance Apprentice will air - it is live, and it will be great if you can join us. Tune in at 6pm on Thursday 18 April - either on the TIA YouTube or Facebook page. This season - season 10 - was most certainly one for the books with lots of education and a good shot of drama. 

Enjoy the read!