What’s inside… FAnews Magazine October 2024
It’s a reality… the “silly season” is fast approaching. This time of year is always filled with excitement. Industry representatives are already marking their calendars for the annual gala dinners and year-end events. Diaries are filling up, and you start hearing that familiar phrase: “The year is over.” I’m not quite ready for that yet.
October is Breast Cancer Awareness Month, and the latest statistics from the National Cancer Registry show that breast cancer remains the most prevalent cancer among women in South Africa. It’s a crucial reminder for everyone — especially advisers — to talk to their female and male clients about the importance of regular testing. Most importantly, to respond the moment they feel something, whether it seems like a big issue or not.
One of the biggest highlights in the industry this past month has been the realisation of the Two-Pot Retirement System and its impact. Feedback from insurers indicates that the process has gone smoothly, and people are starting to access their money. Interestingly, this has also opened up conversations around financial planning, leading to upselling opportunities in some cases — which is a positive development. Another takeaway is how industry players have stepped up, and continue to do so, in educating people, creating a more positive sentiment towards the industry overall.
In this edition, we’re focusing on all things short-term. It’s fascinating to see how eager people are to talk about tech, yet there are still so many practices resisting the paperless route. Yes, there are still some out there! A recent comment I made about claims in the short-term space opened a can of worms. Many brokers have approached me to discuss the poor state of claims, specifically expressing how smaller brokers don’t always feel the love from insurers, despite all the messaging about how valuable they are. So, how do we sort this out?
Below, we have highlighted some of the articles in the October edition. There are more, so be sure not to miss out on the ones we have not highlighted below.
CPD Articles
Short-term (IISA Approved)
Drying up: how climate change is reshaping the insurance landscape
The next era of claims management
Cell Captive insurance: not as complicated as you first think
Climate chaos: the weather's impact on insurance
Deepfake: the new edge of danger in cybersecurity
Prescription laws for incapacitated claimants and insurer impact
Life, Investments, EB, Healthcare, etc (FPI Approved)
Stranger things: 10-year risk-return performance hints at ‘rift’ in bond-equity behaviour
It's Will-able: safeguarding your legacy through divorce
Swiss Re report: excess mortality post-Covid - a lasting impact
Reimagining life insurance
Behavioural economics: emotions impact clients' financial decisions
Trends shaping retirement and investment planning
The list of articles worth reading continues…
In the news
Building trust: one epic client experience at a time
Attitude and soft skills eat technical expertise for breakfast
Planning for tomorrow: the key to effective succession
You get what you pay for: think twice before going ‘all in’ on some finfluencer’s say so
The importance of investing in the client user experience
Profile
The Old Mutual Gift of The Givers Life Fund
Sustainability for insurers and reinsurers in South Africa
Momentum's innovative value proposition for financial advisers
Navigating change: insights from Discovery Insure CEO, Robert Attwell
Compliance simplified: meet Astute’s innovative Compliance Inquiry Service
Swiss Re Corporate Solutions: where insurance meets innovation
Fedgroup’s investment suite: the Leatherman of financial solutions
Regular Features
Looking at the law through the lens of the Constitution
Technology
The challenges of data, analytics and decision-making
From legacy systems to AI: navigating the future of insurance
Data dilemma: balancing challenges and opportunities for insurers
Investments
Decoding innovation: it’s about relevance
The FSCA regulates crypto assets: a new era for investors
The power of offshore investment opportunities
Are your clients taking the right risks?
Life
The waiting game: the nuances of waiting periods on Income Protection benefits
Retirement
Two-Pot System rollout underlines the value of financial advice
The corroding effect of inflation in retirement
Short-term
Insurers and re-insurers are walking away from certain risks…
Captives in South Africa – reflecting on 30 years of resilience
Opportunities in micro-insurance for the small SA business market
The township economy: an overlooked insurance market
The new paradigm in catastrophe insurance: collaborative advantage
The future looks bright for construction
Navigating contractual liability: unpacking the risks and pitfalls
Commercial underwriting under threat as climate change-related risks rise
How fraudsters exploit tech for insurance scams: it’s just the start!
Editor’s thoughts:
Our aim and purpose is to inform, educate and share news and updates on everything happening in the insurance and financial services space. We take what we do very seriously, and our invite stands: tell us if there are specific things you are keen to hear more about. If we don’t have the answers, we’ll find them, because our network is big and filled with people who know their stuff. Enjoy the read!
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