Claims notifications for the year… what are we likely to see in 2021?

Principal agents being held liable in the contracting environment (0%)

An increase in defamation lawsuits between professionals (0%)

Undertaking professional work outside the specific field of expertise (0%)

Impractical and unclear contracts that do not reflect the intentions of parties (0%)

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

[a] Eliminate non-advice sales / telesales (7.46%)

[b] Implement industry standards for non-advice information (29.85%)

[c] Introduce an insurer-funded pro-bono advice network to low income earners (52.24%)

[d] Reinforce the Policyholder Protection Rules (10.45%)

What could be the biggest differentiator in 2021?

Operations and customer experience (40%)

Generating continuous innovation in insurance policies (46.67%)

Sales strategies (13.33%)

There may be a view that the client is always blameless and the broker/adviser, the perpetrator of bad tricks. Do you believe the industry is dragging its feet when it comes to TCF?

No, there are many cases where the adviser/broker did provide suitable advice, yet the complainant still approaches the Ombud (45%)

Yes, many still do not understand TCF (21.67%)

No, because some (33.33%)

ASISA’s lobbying of the SARB to suspend Circular 15, which contained significant changes to foreign exchange controls. What is your take on this accusation?

[a] ASISA was right to seek clarity on Circular 15 (31.82%)

[b] Large asset managers are conflicted & will suffer financially if Circular 15 stands (54.55%)

[c] Savers get enough exposure to offshore assets under existing Reg 28 (9.09%)

[d] Who cares? (4.55%)

Which of the following business models do you favour to achieve a sustainable succession outcome in your financial advice practice?

[a] I will find an independent financial planner to buy my business (17.65%)

[b] I will sell a portion of my advice practice to a large corporate (14.71%)

[c] I will join a large firm and give up my independence (8.82%)

[d] I will invite another independent financial planner to join me (44.12%)

[e] I will partner with a large firm (14.71%)

How ready are you for the 1 July 2021 deadline for full compliance with the Protection of Personal Information (POPI) Act?

We are 90% of the way there; just putting the final touches to our POPI plan. (41.67%)

We are more than halfway there; we will not struggle to make the deadline. (13.89%)

We are still figuring out what is required from us for POPI compliance (30.56%)

Remind me, what is POPI again? (13.89%)

How can medical schemes demonstrate value in a post-pandemic economy?

Focused yet simple communication is crucial to demonstrate the cover's value (25%)

It is critical for medical schemes to focus on the customer experience and satisfaction (18.75%)

It is vital to get benefit communications and customer experience on point (56.25%)

Which of the following factors will make the biggest difference to the profitability of a short-term insurance brokerage over the next five years?

Implementing tech-backed distribution platforms (25.86%)

Diversifying into specialist risk management & risk advisory services (27.59%)

Renewing focus on the broker-client relationships (46.55%)

Regulatory relief, payment holidays… are you happy with the level of support offered by the FSCA and PA through the COVID-19 pandemic?

Yes (66.67%)

No (0%)

I believe more could have been done (33.33%)