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What’s inside… FAnews Magazine February 2021

11 February 2021 Rianet Whitehead

We are kicking the year of on a high note with some great content. Not only do we have some solid CPD articles for you; there are actually a lot more in here that you have to read. It was another fantastic team effort, so thank you to all who contributed. Rumour has it that we are the most read industry publication… and this comes from a few different players in the market. Very happy to serve this industry and hope to do it for a lot more years to come. We have highlighted some articles we believe have good value, and we have marked those you can get your CPD hours on (IISA and FPI). The links will take you directly to the digital copy of the FAnews February 2021 edition.

CPD Articles

  • IISA

BI and COVID-19: a new rule of interpreting contracts.  How does one arrive at a specific conclusion when the policy wording is clear, and no physical damage has occurred? Let's get some clarification on the whole BI matter.

Major changes in 2021 on the regulatory front. In this article we will examine the most important regulatory changes that we see potentially coming in 2021.

Specialist insurance. Helping corporates weather the storm.

The broker’s dilemma. Courts lambaste non-life insurers for business interruption shortcomings.

What has COVID-19 taught us about risk management? Post COVID-19, it is clear that the risk management discussions ought to gain traction throughout businesses. 

Leading experts warn the world about the dangers ahead. For the last 15 years the WEF’s Global Risks Report has been warning the world about the dangers of pandemics. 

  • FPI

FNA vs compliance. Advisers still tripping up on Section 8(1) of the Code.

Building resilient portfolios. It is not about avoiding risk, but managing it.

Trends that will shape the life industry going forward. The COVID-19 pandemic has acted as a catalyst to push life insurers to accelerate their digitalisation efforts.

Blurring the lines. FAIS Ombud unhappy about mis-selling in the endowment space.

Annuitisation of Provident Funds. Help members secure post-retirement income.

Benefits from T-Day retirement fund reforms. Wide ranging new reforms on retirement savings, which come into effect on 1 March will have a considerable impact on the decision’s retirement fund members’ make with their money.

 

And more…

  • The year ahead

Taking the lessons of 2020 into 2021. “With every challenge you face, there is an opportunity hidden that will lead you towards the path of wealth and abundance.” What lessons are we taking into 2021?

Company culture in the new normal. Covid-19 has opened up a new way of working. In this new normal, however, how do we keep employees engaged? 

 

  • In the news

Fight for your share of customer attention. Customer engagement should be relevant, impactful and focus on making life easier for consumers, whether they are seeking information, service or advice.

The reality of today’s customer. The importance of customer engagement has grown… because the global market continues to evolve.

Advice has become the product. If great advice is a product, what are the differentiating features that set it apart?

 

  • Profile

A go to market strategy to cater for all your end-to-end software needs. Ellipsys has been involved in developing, supporting, and consulting on insurance solutions since 1999. Read more about the company and its extensive offerings.

Inseta appoints new CEO. Having assumed the role CEO of INSETA, on 1 December 2020, FAnews spoke to Gugu Mkhize about her new position and what the future holds.

SmartLegal bridges the legal assistance gap. Brokers can easily engage clients through the web-based SmartLegal portal, which is a direct interface into the Policy Management System, where leads, quotes and new policies can be signed up. Read more about it here.

PPS optimises critical cover.  PPS has optimised its critical illness cover with enhanced benefits, including the coverage of diseases detected at an early stage such as pre-stage one cancer. Keen to know more? Read the article.

Metropolitan on understanding consumer needs. With the arrival of Covid-19, the awareness around illness and death has increased, and reports from insurers highlight a growing demand for funeral and life cover solutions. Read more about some of the developments in this space at Metropolitan.

  • Regular feature

Claims made against company Directors and Officers. Let us take a closer look at whether there have been any changes in the increasing claims made against company directors and officers (D&O) since 2019, and what we can expect in the year ahead.

  • Technology

Capturing value across the insurance echo system.  The core discipline of design thinking is to put client needs at the centre of any problem or opportunity.  

Leveraging opportunities of the digital era. Digitisation may not be new, but it is consistently and rapidly advancing, swiftly extending its reach, and effectively integrating (sometimes obtrusively) into every aspect of life. 

  • Short term

Motor insurers take note. Replacement parts cannot compromise an insured’s safety!

The noble purpose of Medmal insurance. Regardless of the cover a medical practitioner chooses, it is important to ensure that their indemnity provider has the right experience in managing claims.

Changing driving trends. Bring about more personalised cover.

  • Investments

Happy new year. Five trends for financial advisers through 2021.

  • Life

The world of work 2021. Smarter, faster, simpler.

Nothing certain but the uncertain. During 2020, we noticed an increase in termination rates from mortality and a reduction in incidences, due to slow diagnoses.

  • Employee benefits

The effect of COVID-19 on the mental well-being of employees. The COVID-19 pandemic is having a significant impact on mental wellbeing on a number of levels.

Assessing the potential impact of COVID-19 on claims. At this point, we assess each claim on its own merits and against the policy definition, whether COVID-19 related or not.

  • Healthcare

Added benefits rule. Against the backdrop of a second wave of COVID-19, medical scheme members are increasingly looking beyond the cost of medical scheme cover, to value and benefits that will withstand the turmoil of an altered world.


Editor’s thoughts:
Remember that we have now launched our CPD platform on WhatsApp. Register for the WhatsApp service on our website under the CPD tag and make sure you have access to our content 24/7 in a very convenient way. We have received fantastic feedback on this way of doing content, so go and experience it for yourself. Enjoy the first one for 2021 and let us know if you have any burning issues or some specific topics you would like us to cover. Please comment below, interact with us on Twitter at @fanews_online or email me your thoughts.

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