Do you believe embedded insurance, is the next logical step in the evolution of the insurance industry and the silver bullet for improving coverage access for underserved consumers?

Yes (70%)

No (30%)

D&Os are placed in a position they may have never been in before and placed under heightened scrutiny when making decisions. Do you agree?

Yes, there are multiple risks - global conflicts, the COVID-19 aftermath, ESG-related issues, the digital age etc. (66.67%)

No, directors and officers are well-prepared (0%)

They are placed in a position they may have never been in before and placed under heightened scrutiny (33.33%)

Cybercrime is one of the most potentially fatal risks SA businesses face today. With many companies having cyber-related risks as one of the top three risks on their risk register, do you believe this places brokers in a precarious position should they not advise their client accordingly and they subsequently become the victim of a cyber incident?

Yes (68.97%)

No (31.03%)

A three-component retirement system…

Retirement fund administrators are quite anxious about how the new legislation will treat transfers between components (0%)

Financial advisers and planners are going to have to study up on how future withdrawals from the retirement and savings funds of their clients will be treated (0%)

The changes are complex and technical. There are challenges facing retirement fund administrators (33.33%)

The system development that needs to happen to accommodate these changes is extensive because you need to accommodate three different components - keep track of the vested and non-vested parts pre-March 2024; and develop system rules around the entitlemen (66.67%)

Do you think it is time to start adding crypto assets to your clients’ portfolios? Or is it still too risky?

Yes (15.29%)

No (20%)

Still to soon to consider (64.71%)

The disclosure of medical information is non-negotiable when you or your clients apply for death, disability or severe illness cover. Are you happy with today’s life insurance disclosure landscape?

Duh, it is non-negotiable (26.67%)

No, far too intrusive (6.67%)

No, results in too many exclusions or rejections (23.33%)

Mostly, there could be some improvements (13.33%)

Yes: cover, risk and premium are in balance (30%)

Succession planning… there is no better way to make your advice practice attractive than to know what a potential suitor is looking for. What do you think is the most important factor?

A culture fit between the acquiring and target business (23.33%)

The target firm’s advice and investment philosophes and values that are aligned in terms of the advice process (10%)

The quality of the practice’s book (13.33%)

It’s a mix. The ‘weighing up’ of factors such as financial versus investment planning or commission versus fee income are unique to each acquiring firm (16.67%)

It is also worth doing a deep dive into the mix of products and services the target business offers to determine potential mismatches, and the consequences of same (36.67%)

The Constitutional Court recently got involved in a pension fund case, ruling that a fund / fund administrator could not retrospectively apply fund rule changes to a member’s withdrawal benefits. Their decision was:

Common sense, how else can members plan for retirement (27.59%)

Equitable, fair and reasoned, as always (12.07%)

Meddling, the CC should not be involved in this (10.34%)

Sensible, provided the ruling did not impact fund sustainability (32.76%)

Sorry, no comment from me (17.24%)

Cell captive insurance structures are all the rage these days, with many commercial insureds considering such structures to assist with their Alternative Risk Transfer (ART) requirements. Are any of your clients using first- or third-party cell captive structures?

Need more information before answering (23.33%)

No, too ART-sy for my clients (13.33%)

Not yet, but some clients are considering it (23.33%)

Yes, first-party cells (6.67%)

Yes, third-party cells (33.33%)

In his presentation to the SAUMA 2023 Virtual Conference, Peter Olyott commented that the broker and UMA have a joint responsibility for meeting treating customers fairly (TCF) outcomes.

Agree (100%)

Disagree (0%)