SaSria coverS the following:

• Politically motivated riots• Damage caused by non-political riot, public disorder (including labour disturbances, civil unrest, strikes and lockouts)• Loss in respect of mortgage loans as well as terrorism

SaSria’S current ProDuct baSe incLuDeS variouS cLaSSeS of inSurance Such aS:

• Material damage• contract Works or construction Plant• consequential Loss: currently this is only limited to fixed expenses, Sasria will extend this cover to include profits and variable costs• Motor Policy (private and business usage)• Marine and Goods in transit

SaSria ScooPS 2010 MetroPoLitan oLiver eMPoWerMent aWarDS:

• 70% of the board is made up of black directors• 55% of the directors are women• 80% of black representation at executive management level• 50% female representation at executive management level

corPorate SociaL inveStMent ProjectS:

• noah’s ark• Sasria/uj Maths and Science centre• Sa golf development board• South african actuarial Development Programme (SaaDP).

Sasria provides 2% of its after tax profits for Socially responsible Projects.

The FuTureneW buSineSS oPPortunitieS:

• Disaster relief (covering of disaster owing to environment for the benefit of the Municipalities affected)• relaunching of Sasria Wrap product

ProDuct enhanceMent:

Sasria continues to research and implement the enhancement of our cover.

securing the country’s socio-economic stability

& prosperity

boarD MeMberS:

cyril M ramaphosa (board chairperson) • Karen Pepler (acting Managing executive) • caroline Dey Da Silva (non-executive Director) • Mohamed adam Samie (non-executive Director)

• julliette rachel Kathleen Du Preez (non-executive Director) • Moleboheng Pauline Lehutso-Phooko (non-executive Director ) • bulewa jeanie njenje (non-executive Director) • charl higgo Du toit (non-executive Director)

When Was sasria esTablished and The reasons For ThaT?

the institution was established in 1979 following the township uprising that occurred during that era.

Sasria provides short-term insurance solutions to both corporates and individuals.

the South african government continues to be the sole shareholder of Sasria.

sasr

ia

providing short-term insurance solutions to both

corporate and individuals

www.sasria.co.za

INmag | 2011 3

publishers

Copyright cosa communications 2011. All rights reserved

Opinions expressed in this publication are those of the authors and do not necessarily

reflect those of this journal, its editor or its publishers, COSA Communications. The

mention of specific products in articles or advertisements does not imply that they are

endorsed or recommended by this journal or its publishers in preference to others of

a similar nature, which are not mentioned or advertised. While every effort is made

to ensure accuracy of editorial content, the publishers do not accept responsibility for

omissions, errors or any consequences that may arise there from. Reliance on any

information contained in this publication is at your own risk. The publishers make no

representations or warranties, express or implied, as to the correctness or suitability of the

information contained and/or the products advertised in this publication. The publishers

shall not be liable for any damages or loss, howsoever arising, incurred by readers of

this publication or any other person/s. The publishers disclaim all responsibility and

liability for any damages, including pure economic loss and any consequential damages,

resulting from the use of any service or product advertised in this publication. Readers of

this publication indemnify and hold harmless the publishers of this magazine, its officers,

employees and servants for any demand, action, application or other proceedings made

by any third party and arising out of or in connection with the use of any services and/or

products or the reliance of any information contained in this publication.

INmag is published by

Publisher | Andy Mark

Production editor | Nicky Mark

Editor | Linda Scarborough

Copy editor | Margy Beves-Gibson

Art director | Gareth Grey

Contributing designers | Dries van der Westhuizen, Robyn Schaffner

Advertising and sales

Michael Kaufmann | michaelk@comms.co.za

Blake Dyason | blake@comms.co.za

Two things struck me while working on this spectacular new issue of INmag. The first is the fierce passion that insurance professionals feel about their industry and the value it adds to this country and its people. My hope is that you will also be inspired by this pride as you experience it in the chapters that follow.

The second is the fact that so many of these top-notch leaders accidently ended up here. They simply did not consider insurance as a career when they were your age. Just think of how much time, money and effort they could have saved if their route was more direct!

That’s why, as you stand on the brink of your future, INmag aims to show you the opportunities for growth, accomplishment and wealth in the insurance industry. We want to get your feet walking the path to success immediately, leaving nothing to chance.

South Africa is facing a crippling shortage of skilled workers and trained professionals, especially in finance and insurance. This book is asking you to fill those gaps, and become part of the solution.

INmag is a guide jam-packed with information and stories to open your eyes to the world of potential offered by the financial services industries. Within these covers are employment possibilities, bursaries, internships and career paths waiting to be carved out by you.

No matter where your interests or skills lie, you are bound to find a place that suits you within the pages of INmag. Your unique abilities and personality – combined with relevant qualifications detailed in this book – are your passport to lifelong success.

Give yourself the best chance of launching a winning career in one of the longest standing industries in our country ... turn the page right now.

Linda Scarborough Editor of INmag

DEARREADER

...As you stand on the brink of your future,

INmag aims to show you the opportunities for

growth, accomplishment and wealth in the insurance industry.

A division of COSA Communications (Pty) Ltd

Ground floor, Manhattan Towers Esplanade Road,

Century City, 7441

PO Box 60320, Tableview, 7439

Tel +27 (0)861 555 267 | Fax +27 (0)86 618 3906

E-mail: info@comms.co.za | Website: www.comms.co.za

med

ia

INmag | 20114

contentsp6 Crafting your career - steps to a happy career

p8 Take the aptitude test - understand your personality type

p12 Insuring your future - the perks of insurance

p15 National Student Financial Aid Scheme

Associations (A-Z)

p21 FIA

p25 FPI

p29 IISA

p37 INSETA

p43 SAIA

A-Z Intro

p51 Hollard

p59 Lion of Africa

p65 Masthead

p69 Momentum

p75 Mutual & Federal

p81 Old Mutual

p89 Santam

p99 Sasria

p108 Glossary

p110 Contacts

Insurance offers options, excitement and the opportunity to live and breathe what you are truly interested in.

6

co

nten

ts

con·tent1/ˈkɒntɛnt/–noun 1. Usually, con-tents. a. something that is contained: the contents of a box. b. the subjects or

78

20

92

contents

con·tent1/ˈkɒntɛnt/–noun 1. Usually, con-tents. a. something that is contained: the contents of a box. b. the subjects or

INmag | 20116

<<THE INGREDIENTSFOR A hAPPy

CArEEr

If you can, grab

opportunities to experience the career first-hand

through job shadowing,

internships, volunteer work or part-time work.

CrAftIng YOuR CAREER

INmag | 2011 7

ca·reer [kuh-reer] –noun 1. an occupation or pro-fession, especially one requiring special train-ing, followed as one's lifework:

The concept of a career in the new millennium is not the same as it was in your parents’ time. No gold watch at retirement; instead the

modern worker will move through more than one career in his or her lifetime. For this millennial generation, job satisfaction is a priority and

its definition of that satisfaction has also changed.

Those in

the know

say that

choosing the

right career –

one that you will be

happy in –

requires looking

at four

aspects: self,

options, match

and action.

Once you’ve looked yourself in the mirror, you will have a better idea of where to start looking for that dream job. This

brings us to the second component: options. In this step you do your homework – yes, homework, but not the kind you get

from the teacher. Instead you will need to research potential careers that match your interests, skills and circumstances.

Think outside of the box and look in areas that wouldn’t necessarily spring to mind straight away. The working world holds

much more variety than you may think, so don’t limit your thinking.

You know that when you leave school or university, you will

spend most of your waking hours at your job – so you’d

better be sure you enjoy it. After all, you are going to be

spending more time at work than with your significant other,

friends, family or Facebook acquaintances. So what do you

need to have in place to be truly happy in your job?

The consensus is clear: the ingredients of a healthy and

happy relationship with your career involve passion,

persistence, perseverance and understanding of yourself.

In fact, those in the know say that choosing the right career

– one that you will be happy in – requires looking at four

aspects: self, options, match and action.

The first step is perhaps the most important because it

means getting to know the number one person in your life:

you. Self-knowledge is crucial in choosing a career so sit

yourself down and do some soul-searching to discover

a) what you’re interested in, b) what skills you have and

c) what you can realistically hope to achieve given your

current circumstances.

If you can, grab opportunities to experience the career first-

hand through job shadowing, internships, volunteer work or

part-time work. This will help you determine the third aspect,

which is match. In this step you will look at short-term and

long-term options. Goal setting may seem like something

your dad would do, but it is vital in ensuring that you have a

clear direction for your future. It is that focus, direction and

vision that will help you to achieve your dreams.

Lastly, you need to take action. This is a challenging but

exciting part of the process, which means sending out job

applications, going to interviews, experiencing rejection

and disappointment and ultimately, hopefully, landing the

job that will fulfil your expectations and make your working

life a joyful one.

Of course, landing the job is not the end of the process – far

from it. At this point you need to work at being happy in your

job. Work at work? Yes, that’s what you are going to have

to do. As human beings we have certain needs that we work

towards fulfilling. A smart guy called Maslow researched

these needs and theorised that right at the top of the pyramid

is the need for self-actualisation. Self-actualisation means

doing and experiencing things that fulfil you, challenge you,

develop you and grow you in some way. It is about fulfilling

your potential. Once you are on the first rung of that ladder,

don’t be content to just sit there; reach out for more, grasp

opportunities to grow and move in new directions and

embrace the working world and its many benefits.

Self-actualisation means

doing and experiencing things that fulfil you,

challenge you, develop

you and grow you in

some way. It is about

fulfilling your potential.

STEPS TO A hAPPy CArEEr

INmag | 20118

Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy.

tAkETHE TEST <<APtItudE

TEST

Norman Vincent Peale

Find the career suited to you

INmag | 2011 9

APtItudETEST

Finding that

ideal job

means matching

your interests, strengths

and talents

so that your

career is

the perfect

fit.

SECtIon A: Extraversion – Introversion

Finding that ideal job means matching your interests,

strengths and talents so that your career is the perfect

fit. You may have heard of a Swiss psychiatrist, Carl

Jung, who is considered to be the father on analytical

psychology. Jung proposed that the key to understanding

personality type was based on classifying people according

to three parameters:

Extraversion – Introversion

Sensing – Intuition

Thinking – Feeling

While he believed that we tended to exhibit aspects of each

of these, we have a dominant form which determines our

personality type. understanding your personality type is key

to locating the ideal career for you. Take this test, based

on Jung’s ideas, to determine where your passion and your

talent really lies.

1. I feel more comfortable:

a) Working alone

b) Working in a team

2. In group environments, I:

a. Express my opinion clearly and easily

b. Hold my tongue and let others do the talking

3. I like to:

a. Be open and honest with those around me and easily

share information about myself

b. Keep my opinions, ideas, interests and activities private

except with a select few

4. Speaking to people is:

a. Natural and easy for me

b. Terrifying; I would rather face a spider or a snake

If you answered mostly a in this question, your

dominant dimension is extraversion.

If you answered mostly b, your dominant trait is introversion.

understanding your

personality type is key to

locating the ideal career for you.

uNDERSTAND YOuR

PErSonAlIty tyPE & uNLOCK YOuR FuTuRE

INmag | 201110

Be patient with yourself. Self-growth is tender; it’s holy ground. There’s no greater investment.

tAkETHE TEST <<APtItudE

TEST

Stephen Covey

Take advantage of

the opportunities

for career

counselling and

aptitude testing

that are

presented to

you and

be honest

with yourself.

INmag | 2011 11

Take advantage of

the opportunities

for career

counselling and

aptitude testing

that are

presented to

you and

be honest

with yourself.

1. I enjoy working with:

a. Concrete and tangible objects

b. Concepts and ideas

2. I rely on:

a. My senses – what I see, hear, smell, taste and touch – to

form opinions about things

b. My intuition – how I feel – to form opinions about things

3. I am: a. Oblivious to subtle signals and codes

b. Highly sensitive to underlying messages and codes

4. When making a decision I:

a. Rely on hard evidence and reliable data

b. Rely on my gut instinct

5. I am more interested in:

a. The specific details of a plan with timelines and assigned

responsibilities

b. A general idea than in the details of its realisation

If you answered mostly a in this question, your dominant

dimension is sensing.

If you answered mostly b, your dominant trait is intuition.

1. I am most often guided by:

a. Rational and logical thinking

b. Emotions

2. In times of conflict, I:

a. Talk the issue out reasonably and negotiate a solution that

works for all involved

b. Have an emotional outburst and say things I regret later

3. When watching films or television programmes, I:

a. Analyse the plot and reason out the possible endings

b. Become completely involved in the plot and emotionally

engage with the characters

4. I am: a. Calm and confident

b. Energetic and forthright

If you answered mostly a in this question, your dominant

dimension is thinking.

If you answered mostly b, your dominant trait is feeling.

By determining your personality

type, you can start to see the career

areas that deserve

additional exploration.

Considering that you

will be spending most

of your time at work, it

is important to ensure that you make

the right choice.

SECtIon B: Sensing – Intuition

SECtIon C: Thinking – Feeling

Your personality type can be any combination of the above pairs. If you

are dominant in extraversion, sensing and thinking you will tend to thrive in

an environment where logic and reason is valued and where you have the

opportunity to interact with others and expressing your opinion. Possible

careers include law, insurance or financial advising.

If extraversion, intuition and thinking are your dominant parameters, you

will do well in a career that involves interaction with people and where your

powers of intuition are valued. A good option is a career in analytics.

A combination of extraversion, sensing and feeling points to an outgoing

personality that is in touch with reality and enjoys engaging with others on an

emotional level. Counsellors, teachers and writers often fall into this category.

Introversion combined with sensing and thinking translates into inward-

focused personalities that are usually meticulous. Careers in administration or

librarianship are possibilities.

If you are dominant in introversion, intuition and thinking, you will tend to

thrive in careers such as science.

Introversion, intuition and feeling point to an interest in creative fields such as

writing, art or journalism.

By determining your personality type, you can start to see the career areas

that deserve additional exploration. Considering that you will be spending

most of your time at work, it is important to ensure that you make the right

choice. Take advantage of the opportunities for career counselling and

aptitude testing that are presented to you and be honest with yourself about

your skills and talents.

Note that while this test is based on a variety of aptitude and personality tests,

it is not a scientifically validated test and should be used as a pointer only.

YOuRRESuLTSDetermine your

personality type

INmag | 201112

A career in insurance takes the best of a variety of career opportunities and combines it in such a way that it caters to every taste.

<<InSurIng

YOuR FuTuRE

thE PErkS OF INSuRANCE

INmag | 2011 13

fu·ture [fyoo-cher] –noun 1. time that is to be or come hereafter. 2. something that will exist or happen in time

Consider for example your dream of being a pilot. You love

planes; you love travel; you’re excited by the possibilities

for adventure – there’s just one problem: instead of 20-20

vision, you were born with 5-5. That’s the end of your

aviation dreams, you think … unless you opt to follow a

career in aviation insurance. Imagine travelling all around

South Africa and beyond, talking to plane owners and pilots,

visiting airfields and airlines and talking to people who love

the aviation industry as much as you do. That’s what working

in aviation insurance is all about and there are companies

that specialise in exactly that.

Or perhaps you’re a frustrated artist struggling to get into art

school or have your first big break? Or you appreciate art,

but don’t have the talent for a career as an artist. Specialist

art insurance could be a career path for you. You will attend

gallery openings and exhibitions around the world. Your days

will be filled with discussions about art in its myriad forms. A

few local specialist art insurers are on Interpol’s help list and

have been pivotal in tracking down stolen artworks around

the world.

There are as many different types of specialist insurers as

there are career fields, from specialist jeweler insurance

to construction insurance, cycling insurance, insurance

for the hair and beauty industries and even equine (horse)

insurance. If you love the great outdoors, you might look at

a career working with specialised wildlife insurance products.

Hobbyist sailors might enjoy working in marine insurance,

while event insurance might attract those who are interested

in the entertainment industry. Outdoor adventure more

your style? Extreme sports lovers can venture into selling

insurance products to other extreme sports lovers.

And there are additional perks to insurance, one of which

is the money. The financial services industry is in the

business of money and working in insurance can mean a

very attractive pay cheque at the end of each month. One

insurance partner, who loves racing classic cars, travels all

over the world to do so and owns a $17 million Ferrari. Not

too shabby, hey? Of course, it does mean hard work and

dedication, but when you’re doing what you love and have a

passion for, that’s an easy thing to do.

Look a little closer at insurance and you’ll see that it’s a

career that changes and grows with you, shaping itself to

your interests and needs and providing challenges and

excitement throughout the career life span. Boring? Not

likely. Dull? Indeed not. Insurance offers options, excitement

and the opportunity to live and breathe what you are truly

interested in.

Fancy yourself as a bit of a James Bond instead? Then how about a career as a hostage negotiator for an

insurance company that specialises in kidnap and ransom insurance. Recently a high profile executive’s wife and

children were kidnapped and the insurance company’s hostage negotiator had to go in to deliver the $5 million

kidnap ransom to the kidnappers. Exciting stuff!

The most you’ve probably heard about insurance is when your parents moan about the premiums or lament the excess after an accident

or break-in. It sounds dull; it sounds boring, but a career in insurance takes the best of a variety of career opportunities and combines it

in such a way that it caters to every taste. Yeah, right, you’re saying, but it’s true. Insurance is one of the most varied and flexible career

opportunities out there.

There are as

many different

types of

specialist insurers

as there

are career fields, from

specialist jeweler

insurance to

construction insurance,

cycling insurance, insurance

for the hair and

beauty industries

and even

equine insurance.

Look a little closer at insurance and you’ll see that it’s a career

that changes and grows

with you, shaping itself to your interests and

needs and providing challenges and

excitement throughout the career life span.

INmag | 2011 15

NNatioNal StudeNt FiNaNcial aid Scheme

If you’ve ever felt hopeless

because of a lack of finances

and career opportunities to

get you where you want to

be, then studying after school

may be the answer to your future

success. Education can open up

many doors and will not only boost

your résumé, but will also give you

the chance to earn a living in an

industry you enjoy.

Tomorrow starts now

dream BIGaGaInstall odds

INmag | 201116

BuRSARIES GIVE hoPEScarce skills development is important for the economic growth of our country and that’s why NSFAS administers bursaries to those interested in work-ing in specialised trades. Bursaries refer to money we give students for their studies which need not be paid back to us.

For those battling with disabilities, do not despair. NSFAS further assists disabled students with a special bursary programme aimed to help you reach your career goals.

Besides bursaries, you could qualify for a NSFAS loan to pay for your undergraduate degree or diploma which has a really low interest rate and is only repayable once you start working. The loan repayments you make to NSFAS will be returned to the pool of funds to fund future generations in need. As a bonus, a portion of your loan may not have to be repaid to NSFAS if you achieve good results while studying.

Although the funding is limited and not everyone who applies for financial aid will receive an award, for those who do qualify, this money may cover all or some of your registration costs, tuition, accommodation, books and travel expenses.

If you cannot afford to pay for further education, the National Student Financial Aid Scheme (NSFAS) may be able to help you achieve your goals.

Studying after school could give you a dream career within the insurance industry – whether your dream is to become an actuary, an HR manager or a marketer, studies are possible with financial aid from NSFAS. The government has set aside almost R4 billion in funds for NSFAS to administer as loans and bursaries to underprivileged students. These funds are available for those who plan to study at one of the 23 public universities or 50 further education and training (FET) colleges in our country.

StudEnt loAnS OFFER MANY OPPORTuNITIES

Besides bursaries, you could qualify for a NSFAS loan to pay for your undergraduate degree or diploma which has a really low interest rate and is only repayable once you start working.

INmag | 2011 17

HOW DO YOu APPly for nSfAS fundS?If you ticked all the boxes in the table above, you may be a good candidate to receive financial assistance. What should you do next?

1. Speak to a teacher or guidance counsellor about your interests and what you would like to do after school. Perhaps you want to find out about different career options and how you can use your interests in a chosen field. You should contact the SAQA Careers Advice Centre for more information on the hotline number 0860 111 673 or SMS 072 204 5056.

2. Once you decide what you want to study, apply for this course at a public university or FET college.

3. Once you are accepted to study visit the financial aid office or student support services on campus and ask the staff about NSFAS funding.

4. Staff will help you fill out the application form and explain to you what you need to bring along, such as certified copies of your valid RSA ID document (and those of your siblings) as well as proof of your household income.

5. Staff will administer the financial means test to see if you qualify for a loan or bursary.

NSFAS gives you the opportunity to better your life and become an active part of a growing South African economy. A lack of finances is no longer an excuse to discontinue your education. You can break the cycle of poverty and train as a professional in the workplace.

To find out more about NSFAS loans and bursaries, call (021) 763 3232 or SMS your questions to 32261 (Mark it ‘INMAG’). Standard SMS rates apply. E-mail info@nsfas.org.za or visit www.nsfas.org.za.

WHO MAY QuALIFY for nSfAS fundIng?

TICK THE BLOCKS TO SEE IF YOu COuLD BE A SuITABLE CANDIDATE:

you have financial need or a disability

you are a South African citizen with a valid Id document (or you have applied for an Id document)

you can provide proof of your family’s income

you plan to apply for a place to study at a public university or fEt college

you have the potential to succeed and you are academically able

you are studying (or planning to study) towards your first undergraduate university degree/diploma or the national Certificate (Vocational) or nAtEd programmes at an fEt college

Studying after school could give you a dream career within the insurance industry.

INmag | 201118

hig

h s

tand

ards

INmag | 2011 19

AI

nsurance industry

associations have a vital

role to play in keeping

all stakeholders, from

intermediaries in small

brokerages to employees in

large corporations, in the loop.

Membership to the different

associations is reliant on

certain conditions to keep the

standards in the industry as

high as possible, and a strict

codes of ethics apply.

Whether it’s facilitating

information flow between

members, acting as the

mouthpiece of the industry when

talking to government or the

media, or dealing with issues,

the following associations

ensure the sustainability of the

insurance industry.

Life is a sum of aLL your choices

toz

aSSociatioNS(a-Z)

INmag | 201120

An

cho

red

thr

oug

h st

orm

s

INmag | 2011 21

FS

ome of the hottest

jobs in finance aren’t

in investment banks

or asset management

houses; they’re in

the insurance industry. Jobs

in insurance involve helping

individuals and businesses

manage risk and protect

themselves, their investments

and assets from potential harm

or losses.

Financial planning is a profession

FIND YOUR NICHE as a FINaNCIal INtERmEDIaRY

Fia

The insurance industry in SA is a multi-billion Rand sector which offers jobs requiring a range of skills in the following areas: legal, accounting, administrative, financial, information technology, medical, management, sales and marketing.

Financial intermediaries – or brokers – act on behalf of individuals or corporate clients. In short, their role is to investigate and tell their clients about the most appropriate insurance cover to match their specific needs and budget. There are currently about 130 000 intermediaries who are registered with the Financial Services Board (FSB).

Intermediaries have a range of employment options open to them. They can work for themselves, and for those with an entrepreneurial flair this is an ideal way to start their own business. Brokers can work together with a group of colleagues in a specialised brokerage, or they may opt to work for corporate brokerages such as those within banks and other financial services organisations.

INmag | 201122

Intermediaries in South Africa work in diverse areas of the insurance industry including:

• Short-term insurance, which includes mo-tor vehicle and household cover, as well as various forms of commercial insurance.

• Healthcare in the form of medical aid cover.• Employee benefits such as pension funds

and retirement annuities.• Financial services which includes life

and dread disease cover, tax advice, retirement and estate planning and other investments.

On a day-to-day basis, intermediaries help clients navigate their way through the

maze of insurance and financial products. Far from doing cold-calling or going from door-to-door selling insurance products, intermediaries are professionals who are required to use a broad range of skills in order to deliver a meaningful service to their clients.

A successful intermediary is one who is able to develop life-long relationships with clients. While technical abilities are expected, the softer, relationship components or ‘people skills’ are just as important. They also usually need a good general understanding of economics and the basics of finance and accounts, along with specialist skills in the field in which they operate.

Intermediaries are often called upon in times of crisis, trauma or need after their clients have suffered a loss in some way or another. Because many interactions around claims emanate from a trau-matic experience for the client, financial advisers who exhibit kindness, empathy and consideration are highly valued by their clients and tend to build profitable, sustainable businesses.

The specific professional requirements needed to become an intermediary include a period of work under supervision, relevant recognised qualifica-tion and completion of the required regulatory examinations. All financial intermediaries must be licensed by the FSB and comply with the Financial Advisory and Intermediary Services (FAIS) Act. This includes the need to maintain suitable ethics in your day-to-day work as well as operational and financial processes and controls.

Once you’ve completed your studies, you can deepen your knowledge of financial planning in a number of ways by completing for instance, a certified financial planner (CFP) qualification, which is at post-graduate level. A CFP is the premier financial planning qualification in the world and is recogn-ised in 19 different countries. At present, there are more than 100 000 CFPs worldwide, of which more than 3 000 are resident in Southern Africa.

On the short-term insurance side, you can complete a series of qualifications, starting with the certificate of proficiency (COP) and going up to post-graduate level, which will equip you with the necessary skills to provide the best possible advice to your clients.

The Financial Intermediaries Association of Southern Africa (FIA) represents about 16 000 intermediaries, ranging from those working independently to those employed by large corporate brokerages.

The FIA will accept only members who have been issued a valid licence to practice by the FSB. All members of the FIA are required to subscribe to a strict code of ethics and any deviation from this code is viewed in a serious light.

Working in this industry is not only personally rewarding, but may also be financially rewarding. Because earnings are largely commission-based, the earning potential is determined by the individual concerned.

With millions of South Africans under-insured or not insured at all, the opportunities to make a difference and help cultivate a culture in South Africa of responsible financial planning and management are vast.

Contact the FIA on 012 665 0085 for more information about how to approach potential employers and find job opportunities that suit your

qualifications and aptitude.

A PLACE for you

WhAt trAInIng IS NEEDED?

So WhErE COuLD I WORK?

offICIAl InduStry REPRESENTATION

This is a profession suited to almost any geographic region – everyone from farmers to taxi owners needs insurance – so there are no location-related limitations.

INmag | 2011 23

INmag | 201124

take

flig

ht

INmag | 2011 25

FF

inancial planning is the

process of developing

strategies to assist

clients in managing

their financial affairs to

meet life goals through the proper

management of their finances. Life

goals can include buying a home,

saving for their child’s education

or planning for retirement. The

process of financial planning

involves reviewing all relevant

aspects of a client’s situation

across a large breadth of financial

planning activities, including

inter-relationships among often

conflicting objectives. This enables

the professional financial planner

to deliver integrated financial

solutions that allow clients to take

control of their finances to create

and secure lifelong wealth and

financial security for clients in an

holistic way.

Meet life goals through the proper management of finances

a career in financial planning

Fpi

ABout THE FPI

Given the complexities, uncertainties and confusion the consumer faces on a daily basis, financial planning professionals are called upon to help them through the principles and practice of sound financial planning. The financial plan compiled by the professional financial planner is what differentiates professional financial planners from the myriad of other ad-visers in the sector. In the world of financial advice, the Certified Financial Planner / CFP mark ranks foremost worldwide.

Financial planning is a profession, just like medicine, law, account-ing or engineering, and continues to be one of the fastest-growing professions worldwide. As a career, it enables those people with entrepreneurial skills to eventually set up their own businesses. We advise school leavers to get their bachelors degree, spend some time in a large corporate financial services company to gain the experience needed to advance their careers, and to continue as life-long learners.

Once qualified, a wide range of career opportunities exist, not only as a professional financial planners, but as managers, specialists within the life insurance, banking, asset management and investment sectors as well as other providers of financial planning products in the financial services sector.

Regardless of whether the financial planning professional offers compre-hensive financial planning or has chosen to limit the scope or level of services (for example; in one or two components such as estate planning, investments or tax planning), the financial planning professional needs to be able to master the complete set of abilities required to competently deliver a comprehensive financial plan to a client. Financial planning professionals will likely work with other professionals in evaluating and assessing various aspects of a client’s financial situation (for example; working with lawyers on estate planning matters, working with accoun-tants on tax planning matters, etc.).

The Financial Planning Institute of Southern Africa (FPI) is a non-profit professional body formed in 1981 as the Institute of Life and Pension Advisers (ILPA) to improve levels of professionalism. Living in a global village meant ensuring that local practices were aligned to global standards. To ensure that financial planners in South Africa met international standards, in 1998 the FPI affiliated with the Certified Financial Planner Board of Standards Inc. in the united States; in April 2000, adopted the new name (Financial Planning Institute of Southern Africa) and were a founding member of the international Financial Planning Standards Board (FPSB).

Today, the FPI is regarded as the leading independent professional body for financial planners in South Africa that ensures South Africans have access to, and value, competent financial planning. Through the global partnership with the FPSB in the united States along with over 20 other countries, FPI is the only institution in South Africa able to offer the CFP certification.

The CFP mark asserts that the financial planning professional has met appropriate competency, ethics and professional practice standards to provide comprehensive personal financial planning services to clients. In addition to the CFP mark, the FPI also has two local trade mark levels of membership: Associate Financial Planner (AFP) and Registered Financial Planner (RFP).

Professionalism in financial planning rests on competence and ethics. As the custodian of the profession, the FPI is uncompromising in establishing and maintaining world-class professional financial planning standards, ensuring that members remain competent and ethical to retain their professional status. Many top financial institutions have adopted us as an independent standards partner and our members include both general practitioners and specialists in particular branches of financial planning.

INmag | 201126

INmag | 2011 27

In order to be accepted as a professional member of the FPI at the three levels of membership, candidates must meet the FPI’s four ‘E’s:

• Education• Experience• Examination• Ethics

In addition, members are required to maintain technical compe-tence and fulfil ethical obligations by renewing their membership annually. Every two years, CFP professionals must complete at least

60 hours of continued professional development (CPD) to stay cur-rent with developments in the financial planning profession. At least five of these hours must be spent on the Code of Ethics and Profes-sional Responsibility and the Financial Planning Practice Standards. The same requirements are applicable to the other levels but are reduced: AFP professional, at least 50 CPD hours for RFP profes-sional and at least 40 CPD hours are required.

WhErE TO STuDY

rEQuIrEMEntS to BECOMING AN FPI MEMBER

thE StEPS:Step 1 - Obtain a relevant qualification from one of the FPI accredited educational institutionsStep 2 - Obtain the necessary financial planning experience (1, 2 or 3 years)Step 3 - Complete the professional board examinationStep 4 - Apply to the FPI for the professional designation (RFPT, AFPM or CFP professional)

For more information about a career in financial planning, contact the FPI on:

Tel: 086 1000 FPI (374) | Fax: 011 475 1158 | E-mail: fpi@fpimail.co.za | www.fpi.co.za

Institution Qualification nQf level

university of the Free StateB. luris Financial Planning LawPost Graduate Diploma in Financial Planning

67

university of JohannesburgB. Com FinanceB. Com Honours Financial Planning

67

university of StellenboschB. Com Financial PlanningPost Graduate Diploma in Financial Planning

67

Nelson Mandela Metropolitan universityB. Com Financial PlanningPost Graduate Diploma in Financial Planning

67

Milpark Business SchoolCertificate in Financial PlanningNational Certificate in Financial PlanningPost Graduate Diploma in Financial Planning

568

FPI Academy National Certificate: Wealth Management 5

Further Education and Training (FET) Institutions: (Boland College, College of Cape Town, False Bay College, Northlink College and Cape College and False Bay College)

National Certificate: Wealth Management 5

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rea

chin

g g

oal

s

INmag | 2011 29

The Insurance

Institute of

South Africa is

a professional

membership

institute for the

South African insurance

industry. It maintains a

central body of knowledge

and develops and sustains

relationships with local

insurance institutes and

industry bodies, plus other

similar institutes, worldwide.

The IISA is governed by a board of directors

INSURANCE INSTITUTE OF SOUTH AFRICAISiiSa

INmag | 201030

dAVId HARPuR

kEIth KENNEDY

Our members include corporate subscribers and individual professional members. The IISA serves the insurance industry as a whole, with the strongest support originating from the short-term market. The IISA is governed by a board of directors, most of whom are directors of large insurance companies, brokerages or other service providers to the industry. We chatted to our chief executive, current president and a few past presidents about their involvement in the industry and the institute.

I matriculated at St George’s Grammar School in Cape Town in 1967, where I was head prefect and played first team tennis, cricket and rugby.

In 1969, I started my insurance career at the Southern Insurance Association and over the years qualified as an associate and then Fellow of the Chartered Insurance Institute of London. I commenced my broking career in 1971 at Institutional Insurance Brokers in Cape Town, married Belinda in 1974 and transferred to Johannesburg in 1975.

In 1976, I joined Minet Insurance Brokers

and led the management buyout in 1990 to become a solely management-owned business. We merged with Glenrand in 1997 to become Glenrand MIB and listed on the JSE during 1998.

Having been CEO for 16 years, I eventually handed over the reins in 2005 and became a non-executive director with certain contractual commitments to the business. I finally retired from the board at the end of 2008 after a wonderful 33 years of involvement in the business.

I was appointed during 2007 as the acting managing director of the Worldwide Broker Network, operating through independent broking companies in 60 countries around the world. This was a fascinating challenge for nearly two years, during which I travelled the world from north to south and east to west. During all this time, I had served on the board of the IISA as a non-executive director and served two periods as president of the IISA during 2001/2002 and 2007/8. In January 2009, I accepted the position as CEO of the IISA.

The challenges of professionalism and education in the insurance industry offers many opportunities for the development of the Insurance Institute of South Africa as we move to reclaim our significant role in the industry with strong support from the FIA and SAIA. The industry has so many diverse segments and, over time, some coming together and rationalisation of institutes and associations will probably occur.

I have no doubt that my studies through the CII and IISA helped build my knowledge and interest in the industry. Insurance offers a wonderful career path for those prepared to work hard and study to expand their knowledge and value contribution to enhance the professional status of the wider industry and their particular companies. It enabled me to grow as a person and to travel the world extensively. The industry needs specialists and generalists who are prepared to enthusiastically apply themselves to the myriad of applications this great industry offers.

I grew up on a smallholding in Randburg and my father, a plumber, taught me practical mechanical skills. I originally wanted to work with my hands and joined the post office to be a telephone technician, but after doing my compulsory air force training, decided that that was not for me. Instead, I attained a Chartered Institute of Secretaries qualification and started working as an accountant. In

1983, I applied for a branch accountant’s job at Guardian and was employed to run an information centre, which enabled people to use personal computers and computer query facilities which was very new at that stage. I was 31 years old and progressing well to finalising my CIMA (Chartered Institute of Management Accountants) qualification. I am now a Fellow of the CIMA as well as a Fellow of the CIS.

I then took a liking to short-term insurance, which is when I did my insurance examinations. I am currently a chartered insurer and have my ACII. During my time at Guardian, one of the general managers gave me a good performance appraisal, but advised me that as I am not “an insurance man”, I wasn’t really going to have a successful career in insurance. Well, I worked hard, persevered and completed my studies – never thinking that

one day I’d be the CEO of the second-largest insurance company in the country.

I enjoy developing bright young minds and passing on experience and, in so doing, building a stronger, better company. Insurance has many facets, so whether you have a legal bent, financial bent or want to be in sales or procurement, insurance does offer a vast array of opportunities.

Whilst insurance has been around for 500 years, there are no viable substitutes and I see it being around for many, many years to come. It is certainly a noble industry in my opinion, which offers many career opportunities.

This country is seriously deprived of skills and the IISA puts a lot of effort into developing people. I think the ultimate outcome, that we can all be proud of, is passing those skills onto youngsters.

Chief Executive: Insurance Institute of South Africa

Former Managing Director: Mutual & Federal

IISA President 2001/2002 and 2007/8

IISA President 2010/2011

INmag | 2011 31

SIMon CHIKuMBu

dr BrIAn BENFIELD

Chief Executive Officer: Aon Benfield

Chairman: SA Motor Loans & Primary Asset Administrators

IISA President 2006/2007

IISA President 1989/1990

I was born 53 years ago in a small and remote village in the eastern part of Zimbabwe (then Rhodesia) to a large but poor family. It was a struggle to make ends meet in my childhood as our parents had many of us to care for.

During the early part of my life, Rhodesia was a colony of Britain and like most black people in Africa, white oppression was evident in every walk of life. However, with commitment to self-improve at an early age, supported by equally eager and loving parents and older siblings, I was able to attend school and enjoyed it very much. At the age of 12, I went to missionary boarding school, where I was taught by highly educated missionaries from the uK. I also met my best friends to this date. After six years at this highly respected high school, I went to university of Rhodesia in 1977 and graduated in 1980 with a high degree in engineering. I think I can safely say that time at university was probably the best part of my life, as I had some money to spend (from a scholarship) but no responsibilities at all.

Insurance was not on my radar when I was at university, hence the engineering studies. After graduation, I went to work at a mine for two years, then a brewery for another two years and joined insurance in 1984. The main attraction then was the ability to travel and meet people.

I started in insurance as an engineering insurance underwriter and risk engineer and, after a short while, I was loving it so much that I started studying towards a professional insurance qualification, namely the CII’s Associateship programme. At work I was introduced to other classes of insurance and I gradually climbed the ladder at my employer. Six years later, at age 33, I was appointed regional manager of Munich Re. The most exciting part of my job was meeting people and making a measurable difference to the company’s bottom line.

By 1995, I ventured into reinsurance broking and joined Aon Zimbabwe to start its reinsurance broking division. Success came pretty quickly and I was transferred to South Africa to join Aon Reinsurance Brokers as director in 1999. We have now grown to be the largest reinsurance broker in sub-Saharan Africa, including South Africa. In 2004, I was appointed CEO of Aon Re Africa, a position I still hold today.

Having come to South Africa in 1999, I was elected president of the Insurance Institute of South Africa in 2006. Many people in the industry, including myself, carry the diploma

of Fellowship bestowed by the IISA. I have also found that being a member of the IISA enables me to keep in touch with the market trends and up to date.

In 2006, I was appointed to the executive committee of the African Insurance Organisation (AIO), a continental body of insurance companies, brokers, reinsurers, regulators, etc. I still hold this position as a representative of the South African members of the organisation. I have also been a mentor and coach to some young people in the industry and I am pleased that I occasionally receive calls from young people seeking advice on their careers and personal life. This gives me fulfillment.

Whilst I still do a bit of broking, my role now is in leadership at my company, driving company strategy and business development. People or talent management is part of my role and probably the most challenging one, but I enjoy it none the same. We are trying hard to speed up young people in our organisation and I take pride in assisting them.

It is unfortunate that a career in insurance is perceived as not being right up there with other professions, but that is only a perception, which goes back decades. The IISA is doing a great job in trying to change that perception. As far as I know, most people who join the insurance world, stay in that industry because of the opportunities it provides, one of which is that it is still a people’s business.

I attained my matric at Victoria Park High School in Port Elizabeth and continued to complete a BCom, BCom honours, MCom and Phd. I also attained a PMD at Harvard and am an

Associate of the CII (uK) and Fellow of the IISA.

As a boy I never dreamed of joining the ‘boring, dusty, old’ insurance industry. It has proven to be the most interesting industry in the world. We deal with every single aspect of every type of business, from finance to sales, marketing, medicine, engineering, IT, art, travel, health, media, statistics, mining, electronics, law and litigation.

My first job in the industry was as a life assurance salesman. I then progressed to branch manager, regional manager, general manager and MD. Thereafter I started Clientele Life in 1997 and sold my interest to the Hollard Group in 2001. I now have interests in several

smaller finance and insurance businesses in South Africa and serve as a director of a European insurer which I was instrumental in founding.

Apart from the above, I have been visiting professor, insurance and risk management at Wits university for 21 years and thoroughly enjoy being kept on my toes by my students. Imparting some of what I have learned to them and to those younger folk with whom I now work is very gratifying indeed.

It never ceases to amaze me how much there is to learn about this industry and, after almost four decades, how little I know about it.

INmag | 201032

nASh OMAR

Anton OSSIP

I attended M.H. Joosub Technical High School and at Damelin earned a certificate in insurance

and a national certificate in risk management. Attending INSEAD in France with global business leaders was inspirational, as was their Advanced Management Programme and receiving their Short Term Certificate. From INTEC I earned my unit Standard Certificate.

In 1981 I joined the insurance industry with Federated Insurance, working through various departments. Passion for the industry brought me to my current position as managing director of Etana Insurance. The relationships built with brokers, other insurers as well as reinsurers, gives me great enjoyment.

We have a unique industry. Although we are business rivals, the relationships and the caring we share is personal, irrespective of competition, making it possible to get together and celebrate each other’s triumphs.

The insurance industry not only serves as a financial institution: it can and should be recognised as a fundamental service industry because we serve and satisfy our clients both through protection products and life-changing service.

I attended King David Victory Park for all of primary school and high school. After matriculating, I went to Wits university and studied a bachelor of economic science (majoring in actuarial science and statistics). I graduated in 1995 and went to work at Commercial union in its actuarial

department. During this time, I wrote exams through the Institute of Actuaries in London until qualifying as an actuary in 2001.

My actuarial training geared me up to a career in insurance, pensions or investments. Over the last 12 years, I have worked in all these disciplines. My career has consisted of my two years at Commercial union and 13 years at Alexander Forbes, where I have worked in investments (Investment Solutions), general insurance (risk and insurance services and Alexander Forbes Insurance) and pensions (AF Financial Services).

I am currently the managing director of Alexander Forbes Financial Services. I really enjoy the diversity of the role dealing with issues from managing the business, dealing

with employees, dealing with clients, strategic development of the business, reporting to shareholders and other stakeholders. No two days are ever the same.

The insurance industry is a fascinating one, constantly changing and quite diverse in terms of the roles it offers. Anyone who has ever worked in the industry will tell you that you will meet great people here and will make good friends. Having been involved with the IISA for the past three years has been a great experience for me. I am passionate about education and developing professionalism and the IISA is well placed to continue doing this. I have interacted with some great people over my past three years and am proud to be associated with IISA.

Managing Director: Etana Insurance Company

Managing Director: Alexander Forbes Financial Services

IISA President 2009/2010 & Current SIA board member

IISA President 2008/2009

There are various levels of individual membership, starting at a very basic level, for new entrants to the market. These membership levels are awarded according to academic achievement in the insurance field, plus some other qualifying criteria relating to work experience in the insurance market. A summary of the various member levels can be requested from the IISA or be viewed on our web site, www.iisa.co.za.

HOW COuLD I BECOME InVolVEd WIth thE InStItutE?

Set your sights on your dreams, aim high and never stop till you reach them.

INmag | 201136

Emb

raci

ng

vas

t po

ssib

ilitie

s

INmag | 2011 37

INO

ver the years,

the insurance

industry has

evolved into

an exciting

one. It

offers limitless career potential

across a wide spectrum of

related fields. This chapter is

designed to help you make

informed decisions by giving

you information on this dynamic

industry, as well as the simple

steps to follow in a selecting a

career that suits you best.

Working together for a skilled tomorrow

representing all insurance businesses

iNSeta

INmag | 201138

The insurance sector forms part of a large and rapidly growing financial, real estate and business

service sector in South Africa. It’s also a major employer providing over 10 per cent of the employment

opportunities in South Africa and a significant source of earnings for insurers (the providers of insurance

products), brokers (who sell products to the public) and businesses that provide associated services. Last

year, the industry contributed 20 per cent to the national GDP. Today over 100 000 people are employed

in the industry which provides a variety of products including life insurance, retirement annuities and

pension funding, investment products, short-term insurance and health insurance.

INSETAThe Insurance Sector Education and Training Authority (INSETA) represents all insurance businesses. These

range from small (about 10 employees) to large (over 12 000 employees). In essence, INSETA provides

quality skills development for sustainable business growth in the insurance and related financial sector.

OuR VISIONINSETA promotes and enables quality skills development through funding education and training in South

Africa to meet the national skills agenda and contributes to transformation in the sector.

WHAT’S IN IT FOR ME?The insurance sector is undergoing a process of professionalisation. Higher skills levels are required in all

occupational categories. To help us achieve this we need young, dynamic, energetic and creative people.

Over the years, the insurance industry has evolved into an exciting one. It offers limitless career potential

across a wide spectrum of related fields. This chapter is designed to help you make informed decisions by

giving you information on this dynamic industry, as well as the simple steps to follow in a selecting a career

that suits you best.

theinsurancesector?

whychoose

Over the years, the insurance

industry has evolved into

an exciting one. It offers

limitless career

potential across a wide

spectrum of related

fields.

Accident

Actuaries

DeathDisability

Electronic equipment

Engineering

FireFuneralGroup personal accident

Guarantees

Investment and savings

LiabilityLifeMarine and aviation

Medical aid

Medical insurance

MotorPreservation funds

PropertyRetirement annuities

Transportation

Accountants

Actuaries

Asset/fund managers

AuditorsBroker consultants

Claims manager

Corporate communications

Economics

Financial planners

Human resources

Insurance administrators

Insurance brokers

LawyersLegal experts

Life claims technicians

Life underwriters

Loss adjusters

Marketing

Medical claims technicians

Medical practitioners

Motor assessors

Procurement specialist

Reinsurance

Retrocession

Risk management consulting

Risk managers

Salvage recoveries

Secretarial

Surveyors

System analysis/IT

Technicians

Training and development

underwriters

underwriting managers

Accountants

Appraisers and valuers

Asset/fund managers

Banks and finance corporations

Building contractors

Business consultants

Car hire companies

CateringEconomists

Fire protection services

Funeral associations

Hospitals

Insurance replacement companies

Investment companies

IT specialists

LawyersLife assurance companies

Long-term ombudsman

Marketers

Medical aid companies

Medical practitioners

Panel beaters

Personal health service

Roadside/breakdown assistance

Security companies

Short-term ombudsman

Stationers

Tow truck/recovery associations

Travel assistance

Vehicle tracking/production companies

CLASSES OFBuSINESS

CAREERPATHS

SERVICEPROVIDERS

So where are the

opportunities?

INmag | 2011 39

theinsurancesector?

DESIGN AN ACTION PLAN

to develop and implement a plan of action, ask yourself:

• What information or resources are needed to complete each step of my plan

of action?

• What are the obstacles to implementing my career decision and how can I

overcome them?

• What steps should be taken to implement my career decision?

• How do I know when to begin and end each step?

• What information is needed to complete each step?

KNOW YOuRSELF

(SELF-KNOWLEDGE)Develop a true understanding of yourself

before you begin exploring careers and try

to identify jobs and careers that will prove

satisfying to you.

Self knowledge is developed through:

• Intensive thinking about yourself.

• Conversations with relatives, friends

and contacts.

• Psychometric tests conducted by

a psychologist.

Ask yourself:

• Skills and abilities (What am I good at?)

• What can I do best?

• What are my strengths and weaknesses?

• What school subjects or qualifications

do I have? (Certain careers require certain

subjects such as mathematics and/or

physical science.)

• What do I enjoy most?

• What do I dislike?

• What am I interested in?

• What activities do I enjoy most?

• What kinds of people would I like to

work with?

• What kind of job environment would

I enjoy?• What are my values?

• What would give me satisfaction in

a career?

• In what ways must I be challenged

and rewarded in the job I do?

• What personal qualities do I

possess that will help me in the job

I choose?

IDENTIFY OPTIONS

(CAREER KNOWLEDGE)Ask yourself:

• At this point, what are my career options?

• Do I have a strong interest in other types of jobs

or careers?

• What other types of jobs or careers should I

be considering?

Career knowledge means knowing about:

• Different careers.

• The type of work in different careers.

• The salary and benefits in different careers.

• The type of person who will fit the specific occupation.

• Subjects required.

• Personal characteristics required.

Information resources:

• Read career magazines/books/career

supplements in newspapers.

• Attend career exhibitions.

• Visit workplaces, talk to employees and employers.

• Visit your nearest career information centre.

• Contact professional societies.

• Browse the Internet.

Choosing a career is one of the most important life decisions you will make. Although most people make several career changes in their lifetime, the first

decision will have an impact on various aspects of your life. For example, it will determine the direction in which you will develop skills, the type of organisation

in which you will work and the income that you will earn.

When choosing a career, we recommend following these simple steps:

EVALuATE CAREER OPTIONS

• Once you have completed your career research, you can evaluate each of the career options

you have identified.

• Examine the information you already have and identify what additional resources and

information you will need.

• Seek and use new information.

SELECT ONE OF THE OPTIONS

• Based on the information you have gathered and analysed, you should now be able to

choose one of the career options.

• Career choice is a process – it starts when you are very young and continues into adulthood.

• It is an ongoing investment in who you are and how you will fit into the world of work.

how to make the right choice:

• Match your specific characteristics with a specific career.

• Choose a career path that has different options and opportunities.

• Ask yourself why you have chosen that particular career.

• Try to obtain exposure to the career (vacation work, voluntary work, internship).

• Is there a demand for your chosen career?

• Make a second choice – we can all be successful in more than one career.

• Do you have enough information to choose one career option over another? If not, you may

need to do more research.

Where to get guidance:

• Career centres (at most universities).

• The Department of Labour.

• Career exhibitions.

• Books on careers.

• Newspaper career supplements.

• The Internet.

Also, talk to a career guide counsellor about:

• Self-knowledge.

• Planning a career.

• Subject choice.

• Academic planning skills.

• CV writing.

SuMMARY• In order to make an effective career decision today, you need to know

about your skills, interests and values.

• You should investigate what study options are available at UNISA and

how they relate to different careers.

• You should think about how you make decisions and also reflect on

how the decisions you have made so far have influenced your life.

• Seek help if you feel that you need to extend or shorten your list of

career options.

WhAt do I nEEd TO

GIVE ATTENTION TO?

INmag | 201140

Matric is regarded as a minimum requirement for entry into the sector. Minimum requirements change

at higher occupational levels, notably that of manager and professional, where a business- and

commerce-related qualification plus sector experience are typically required.

At subject level, mathematics has become an important choice of subject for those candidates who are

considering employment in the insurance industry. Most of the high- level financial skills in the sector

require candidates with a sound mathematical foundation.

Various new sector-specific qualifications have been registered and existing qualifications (such as

BCom degrees) now include specialisations specifically for the insurance industry.

There are also opportunities for budding entrepreneurs to start new ventures in the insurance

industry. The National Skills Development Strategy places strong emphasis on small business

development and the cultivation of skills necessary to start and maintain new businesses. INSETA

supports the training and development of unemployed young people into the sector by providing

new venture-creation training.

WHAT ABOuT A LEARNERSHIP?

A learnership is a structured learning programme that consists of a theoretical and a practical

component and that leads to a qualification that is registered on the National Qualification

Framework (NQF).

Simply put, learnerships are where learners spend time working under the guidance of a skilled worker

or mentor and also learn theory. A learnership is regulated by a learnership agreement between an

employer, a learner and a training provider. An employer can enter into a learnership agreement with

an existing employee or with a learner who is not an employee (here the employer is not obliged to

hire you at the end of the learnership).

In summary, a learnership provides a learner with an excellent opportunity to gain experience in the

labour market while studying towards a qualification. It also helps personal development and increases

self-esteem – and you receive a learner allowance if you’re unemployed. There are 46 learnership

categories that have been developed and registered in the insurance sector.

The most popular two learnerships in the sector are:

Financial Services Administrator – NQF Level 3

Insurance Administrator - NQF Level 3

FOR MORE INFORMATION, CONTACT uS:

Insurance Sector Education and Training Authority (INSETA).

Ground Floor, North Wing, Oakhurst, 11. St Andrews Road, Parktown, Johannesburg

Call 086 113 0013 | e-mail info@inseta.org.za | Visit www.inseta.org.za.

A learnership provides

a learner with an excellent opportunity to

gain experience in the

labour market while studying towardsa qualification.

to ACtIVAtEMY CAREERWITH INSETA?

WhAtdo

I nEEd

INmag | 2011 41

It is doubtful that ‘actuary’ has ever been called out by a grade one learner responding to the familiar

‘what do you want to be one day’ question, but according to a Careercast.com study, it is the best job

to have in the uS in 2010.

The job came out on top out of 200 careers, measured against each other in terms of stress, working

environment, physical demands, income and hiring outlook parameters.

An actuary is an expert who calculates and analyses situations involving financial risk. The wages

are high, the working conditions are relatively relaxed and given the small numbers of actuarial

professionals in South Africa, the skills are in high demand.

But – as President of the Association of South African Black Actuarial Professionals (ASABA),

Lusani Mulaudzi relates – it is only after much effort that one can reap these impressive rewards.

Mulaudzi’s own story offers the perfect illustration of why. He now works as an actuarial

consultant at Sanlam in Cape Town, but his journey to where he is now is a classic lesson in hard

work and determination.

Born in the small rural village of Ha-Mashamba in Limpopo (then the Republic of Venda) to two hard-

working teachers, education was a core focus of his family life from a young age. He matriculated in

2000 as the sixth-best overall student in his province, and the best student in business economics.

“I first heard about actuarial science from a friend when I was in grade nine. My parents and I read

up about it to learn more but after matric, I decided to do policy studies and enrolled at Stellenbosch

university,” related Mulaudzi. However, a career counsellor there encouraged him to switch to

actuarial science.

“I got accepted onto the programme and then secured a Sanlam bursary in June of that year which

covered the costs of my entire degree. My parents were obviously happy about that!” he smiled.

Mulaudzi is currently fulfilling his bursary obligations at Sanlam, and is in the process of completing his

masters in actuarial science. He is soon to become a fully admitted Fellow of the Actuarial Society of

South Africa. He will join a small pool of about 20 students to make it that far out of the approximately

150 that enrolled with him in first year. The course, he admits, is really tough.

He slept less than five hours a night as he focused on his studies, drowned himself in extra reading,

and sat in front of the class constantly asking questions and engaging with his lecturers. At the end of

his first year, he was invited to the Rector’s Dinner for the top performing students in the university. Even

being taught in Afrikaans was not enough to stop him from excelling in his studies.

And succeed is what he has done. As the current president of ASABA, Mulaudzi is concerned at the low

numbers of black actuaries in the country – there are currently less than 80 Fellows by his estimation.

This is something that he and ASABA are working hard to rectify.

“This career is very rewarding and we need to get the message out to young adults that this option

exists and has a lot to offer if they put in the effort.”

According to INSETA CEO Sandra Dunn, people do not realise what a massive and important

industry this is – and the many opportunities it offers. The sector accounts for 10 per cent of the

employment opportunities in South Africa, and last year contributed an extraordinary 20 per cent to

national GDP (gross domestic product). INSETA would like to encourage young people, especially

those from previously disadvantaged backgrounds, to consider the insurance industry as the place to

pursue their dreams.

Mulaudzi added that becoming an actuary is a career pursuit that demands hard work up front in

order to qualify. “After that, the working conditions are great, the pay is very good and the choice of

where to work is wide.”

He cautioned, though, that the career is not for everyone.

“You need to be ambitious, have a natural mathematical ability, love of problem-solving and, of

course, perseverance to make it as an actuary,” he says. “But first of all, to be successful at this – as

with anything in life – you need to have a vision. Surround yourself with the right people and ask a lot

of questions,” he concluded.

ofdeterminationA

StoryLusani MuLaudzi

This career is very

rewarding and we need to get the

message out to young

adults that this option exists and has a lot to offer if

they put in the effort.

INmag | 201142

fait

h i

n yo

ur a

bilit

ies

INmag | 2011 43

You are nearly finished

with your schooling, but

you’re not sure what

career path to follow.

Your exams are looming

and you haven’t even decided on

what to study next year. You’re ly-

ing awake at night, stressing about

the future.

Does this sound familiar? If so,

read further to find out about

all the cool, sexy careers in the

insurance industry waiting for you.

(Especially if you want to earn

enough money to be able to pitch

up at your high school reunion in

a flashy Porsche!)

How would we survive without insurance?

you’re in matric. what next?

SaiaS

ABOuT SAIA

WHY InSurAnCE?

The South African Insurance Association (SAIA) promotes the short-term insurance industry in order to create an awareness and understanding of the industry and to add value to everyone involved. The core functions of SAIA include: representation of its members’ interests to the public in a proactive manner; representing its members’ interests to government at all levels and other bodies; representing its members’ interests to the media; provision of a forum for discussion of common interests in the short-term insurance industry; facilitation of information flow amongst its members and the setting of appropriate technical standards in the industry.

How would we survive without insurance? Imagine coming home to discover that your house has been burnt down or your car has been stolen? Who will pay for a new home and everything inside, or another car? A person’s life can change overnight as a result of these disasters, but with paid-up insurance, at least you know you will be able to purchase another car or a new home.

The insurance industry offers a range of different positions, from underwriters, brokers, actuaries, IT engineers and lawyers to admin clerks, claims co-ordinators, PR experts and receptionists. One of the most important facts to note is that the insurance industry is an industry offering tremendous growth, and this aspect should be one of the top-of-

mind considerations in a matriculant’s mind when selecting an industry to move into.

Our country is crying out for qualified, top notch financial planners, as so many individuals and companies are making completely disastrous decisions regarding their insurance and are ending up bankrupt or worse.

The insurance industry is fast paced and ever changing. In this competitive environment, one must stay on top of the game to succeed. Any position in the insurance industry requires a person to be a quick thinker, a fast worker and be able to solve problems timeously and effectively. Could this be you?

WORD OF WISDOM

A word of advice if you are considering entering the insurance industry: if you want to earn

the big bucks – DON’T DROP MATHS! Most of the best salaries in the insurance industry are

earned by people who have studied for degrees involving lots of maths – either ending up as

qualified actuaries or auditors. Top insurance executives and investment executives take home

high salaries, too.

INmag | 201144

THE WorkIng WORLD

PEOPLE AND PoSItIonS

For those of you who would prefer to work in the insurance field next year as opposed to studying, an insurance call centre is a great place to gain a strong foot into the industry, and to acquire various formal industry qualifications while earning and building a great career. A call centre is a buzzing, vibey environment to enter, where all you will hear is ringing telephones and the sound of voices.

Interested? Read on. A call centre is basically a huge room where a company’s incoming calls from its clients or potential clients are received, or outbound calls to clients or potential clients are made. Call centres are becoming increasingly popular, as clients have a growing need for a direct and efficient way of interacting with the companies they deal with. Call centres employ many staff in a range of functions, ranging from client service and sales to support functions.

In South Africa, many corporate insurance companies have call centres, some include Dial Direct, Hollard, OuTsurance and Santam. To work in a call centre, the minimum entry requirement is a matric/grade 12. In addition, the call centre environment requires strong communicators who are computer literate and can think on their feet. The ability to deal with challenging client queries and difficult clients in a calm, efficient way is essential. The ability to work in a highly stressful environment where high call volumes and a strong quality orientation is also required. Good numeracy skills are an added advantage.

Many corporate insurance companies offer courses, learnerships and

in-house training to educate and train an individual to become a call centre agent. We advise you to visit the South African Insurance Association (SAIA) website, www.saia.co.za, to look at the SAIA member list. The member list comprises 59 member companies which you are more than welcome to contact to find out what courses, learnerships and in-house training is offered.

Soft skills training, leadership development, the principles of insurance, selling insurance, the administration process and various insurance skills programmes which are registered with INSETA (Insurance Sector Education and Training Authority) are covered in many of the courses. Some companies offer an initial insurance programme consisting of credits for personal short-term insurance.

Some insurance companies are in the process of developing a ‘full qualification’ which will be equivalent to a post-matric qualification. In successfully completing a skills programme, a staff member will be on their way towards obtaining a full qualification. The full qualification needs to be achieved within five years from date of employment and staff members will be required to complete regulatory exams which form part of continuous professional development.

Trevor Dewitt, head of communications at OuTsurance states, “OuTsurance offers a matriculated individual further educational development through its in-house training department.”

For those of you who will be studying next year, the big decision is where and what to study, what qualifications you will need, how to get some valuable experience and where exactly you can fit in. However, identifying your interests, personal attributes, strengths and skills is as important, if not more.

We at SAIA (the South African Insurance Association) understand the decisions and concerns facing school leavers at present. We have highlighted some positions in the insurance industry below, indicating the tertiary qualification required along with the duties of each position.

Sales representative/broker

Do you enjoy mixing with and talking to people? Are you known as the life of the party? Are you influential and motivated? Do you excel at steering people towards your way of thinking? Then a career in sales would be the career path for you to follow – see the tertiary qualification requirements below as well as the duties in the everyday life of a sales person.

Tertiary qualification: BCom degree majoring in sales and marketing/Institute of Marketing Management diploma/Damelin diploma in marketing and sales management.

• Meet the set sales targets.• Look for new business.• Keep the existing client base.• Identify the clients’ insurance needs and act upon these needs.• Keep the client informed of terms and conditions of the policies.• Administration of the policies.

Call centre agent

required qualification: Matric certificate

• Assist people who call in with their insurance requests.• Look out for opportunities when talking to the client on the

phone if there is a possibility of selling them an insurance policy.• Phoning people who haven’t paid their insurance policy monthly

payment.• Identify clients’ insurance needs.• Advise on terms and conditions of the policies.• Apply underwriting criteria.

Business development manager

required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification.

• Manage the sales department.• Ensure that the sales representatives are meeting their sales

targets.• Ensure productivity and profitability of the sales department.• Take responsibility and act upon serious client complaints.

INmag | 2011 45

Do you love paperwork? Could you see yourself surrounded by files, ensuring they are all in order and all paperwork filed? Do you see yourself sitting at a desk in front of the computer, on the phone most of the time? Well, then one of these positions could be for you.

Sales administrator

Required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification/any administration-related qualification.

• Providing administration duties for the sales representatives and the sales manager.

• Setting up of meetings. • Co-ordination of sales reports. • Managing the sales database.

Legal adviser

Required qualification: BCom with law as a subject or a business-related qualification.

• Decides upon liability.• Negotiates between parties involved in third party claims.• Reports any fraudulent activity.

Claims consultant

Required qualification: BCom degree or any business-related qualification.

• Determine the value of the claim.• Negotiate the settlement of the claim.• Seek legal counsel to decide upon the liability of

the claim.• Analyse all aspects of the claim.• Decide upon cover, liability and validity of the claim.

How would we survive without

insurance? Imagine coming home to

discover that your house has been burnt down or your car

has been stolen?

Client services adviser

Required qualification: BCom degree majoring in sales and marketing/IMM diploma/any sales and marketing-related qualification.

• Following up on payments not made by clients.• Tracking documents on systems.• Looking after existing clients.• Policy renewals.• Endorsements.

Do you thrive on a challenge? Are you a number-crunching fundi? Do you enjoy focusing on processes and legal matters, but don’t mind working with lots of paperwork? Then one of these options could be for you.

46

Claims administrator

Required qualification: BCom degree or any business-related qualification.

• Liaison with clients regarding their claims.• Manage a database to ensure that all claims

are registered.• Process and finalise claims.• Process payment to suppliers relating to claims.

Claims assessor

Required qualification: BCom degree or any business-related qualification.

• Assesses the damage of a claim.• Liaises with regulatory controls and legislation.• Advises claim findings to the claims negotiator.• Assesses the circumstances of an incident.• Decide upon recommendations on the settlement of the claim.

Risk surveyor

Required qualification: BCom degree or any business-related qualification.

• Analyses risks.• Investigate improvements to prevent loss/risk exposure.• Makes recommendations on where the improvements of risk could

be made.

underwriter

Do you enjoy analysing information and paying close attention to detail? Do you have sound judgment? Then this could be the job for you.

Required qualification: Finance/business administration degree/bachelor’s degree with accounting and business law as subjects.

• Identify and calculate a policyholder’s risk of loss.• Establish premium rates and write policies that cover these risks.• Decide on whether a policy must be issued.• Analyse information in insurance applications to determine if risk will

result in a loss.

Actuary

Are you a maths boffin? Would you rather be at home number crunching than joining your friends at the local pub? Do you love analysing data? Could you see yourself conducting lots of research? Are you a computer nerd? Do you want to earn lots of cash and live a lavish lifestyle? Then this position is suited to you.

Required qualification: Bachelor’s degree in actuarial science.

• Collecting and analysing data to predict future risks and how these predictions will affect various aspects of insurance.

• Review of statistical information.• Take information that has been reviewed and draft guidelines for which

the companies can follow with their customers and employees.• Once an actuary has reviewed all pertinent documents, he/she

must then construct concise tables outlining the results of the document review.

• Provide recommendations to companies with regard to insurance premiums.• Work on company policy.• Determine company policy and explain such policy and its aspects to

those who will benefit from it.• Actuaries may do consulting work and help various companies with

their statistical needs and company policy construction.• Actuaries may be asked to testify as expert witnesses in various forms

of litigation.• Actuaries may be asked to testify before public agencies with regard to

new or revised legislation affecting the companies and corporations.• Develop mathematical ideas and formulas so that data can be

assessed in the correct manner.

CONTACTInterested in finding out more about the South African Insurance Association? Visit us on the following website address www.saia.co.za.

47

INmag | 201148

Perf

orm

an

ce d

rive

n

INmag | 2011 49

ZI

n this section, we

provide you with an

introduction to the top

insurance companies in

our vibrant industry. In

their own words, they give you

a feel for their organisation;

who works there; what

employment opportunities,

internships and bursaries will

be available to you; and how

to contact them.

They are looking to the next

generation of bright young

things (that’s you) to take the

financial services sector to new

heights and build a successful,

sustainable insurance industry

in South Africa.

The secreT of success is To do The common Things uncommonly well

ato

a-Z iNtRo

INmag | 201150

on

th

e r

oa

d t

o s

ucce

ss

INmag | 2011 51

Hollard knows there’s more to you than meets the eye

BECAuSE INSuRANCE GOES EVERYWHERE, A CAREER CAN LEAD ANYWHERE

hollaRdH

INmag | 201152

So you have your degree and you don’t know what you want to do … yet! you thought by now you would – but you don’t.

here’s the crazy truth! that doesn’t matter … not if you choose to hook up with the insurance industry which makes the entire economy tick – and particularly hollard where innovation and do-ing business differently are deeply embedded in our dnA.

on top of that, in 2010 we were ranked by our people as Best Company to Work for in the insurance category in the deloitte Survey. It’s not every day that employees get to have a go at their employers but in this survey that’s what happens and hollard welcomes the feedback.

Another achievement in 2010, our 30th anniversary year, was the financial triumph of having the best financial results ever – and that’s in spite of the global economic crisis.

Because insurance goes everywhere a career in this industry can lead anywhere. think about it! there is literally no industry, profes-sion or asset that does not need to be insured.

tailoring insurance to fit exactly is something we do really well together with specialist partners. that protection includes athletes and their prowess; factories and whatever they make; actors and their looks; musicians and their equipment; collectors and their art or coins or rare whatevers; psychologists, hospitals and doc-tors who might be sued for malpractice; travellers who can get stranded by ash clouds or have their luggage stolen; people with houses, cars and other possessions; cranes, bridges and construc-tion sites; or farmers who breed anything from chickens and cows to rhinos and elephants at a game farm.

Without insurance, financial stability would be impossible!

• We’re the Best Company to Work For in our category – according to our people

• 10 offices in 10 countries • Over 6 million policyholders through 100 partnerships• Third largest insurance company in South Africa • Largest family owned insurer • 950 Hollardites• We have loads of healthy back-up like an in-house gym

• The Hollard campus in Parktown, Johannesburg, is fabulous• We have our own Hollard Academy where additional

study is free• Worldwide turnover: R13,2 billion • Products across both life and short term licences in

virtually every class of insurance

IT DOESN’T MATTER IF YOu DON’T HAVE A CryStAl BAll

WHY IS HOLLARD SPECIAl?

Dream Big.

Celebrating the best fi nancial results ever, 30 year anniversary and over 100 dynamic partnerships .

www.hollard.co.za

An authorised Financial Services Provider.

42278

/Mor

timer

Har

vey/

E

INmag | 201154

doIng BuSInESS DIFFERENTLYBalancing work and play is a Hollard flair that we have been perfecting over the last 30 years.

We’re working hard at being a dynamic and diversified insurance company with innovative divisions that deliver insurance to all South Africa’s people.

We’ve taken insurance where it has never been before by partnering with different specialists. There was a time when, if you didn’t have a bank account and debit order facilities, you couldn’t get insurance. Hollard put a stop to that by

forming a partnership with Edcon so that account holders could pay their premiums through their retail account.

We also now sell insurance for cash through Pep Stores and others. It works a bit like a cellphone starter pack and premiums can be paid at the cash till. There are many South Africans who simply prefer to do their business by cash – and we’re there for them as well.

For 30 years, Hollard has been doing business differently and we continue to do so today.

delivering specialist expertise – a selection of Hollard’s specialist short-term underwriting manager partners as well as some of their life product providers.

INmag | 2011 55

BEIng A CAtAlySt

FOR CHANGE

It would be a little bit crazy to work for a company at this critical time that has no

eco-conscience or plan for being a catalyst for change. If this is important to you as

an individual you will want to know:

Hollard in future will be reporting on their social dividend returns alongside their

financial results.

This means:

“We will be measuring our positive impact on our people, our community around us

and our natural environment.”

So far a few highlights are:

• Hollard is tracking its carbon footprint and has committed to a 12% reduction in

energy consumption by 2012 and a number of on-campus initiatives are already

up and running

• R50 million is committed to supporting South Africa’s orphans and vulnerable

children via the Hollard Foundation

• 950 Hollardites have the opportunity to volunteer in social upliftment projects that

fit their interests or that they find inspiring

• Hollard is increasing their distribution of products that provide financial protection

to the low income market

• Because of the company’s success in this area, Hollard has been selected to

receive a half million Dollar grant from the Microinsurance Innovation Facility,

backed by the Bill and Melinda Gates Foundation, to accelerate development of

micro-insurance products

LIFE WITH PurPoSEBeyond a rewarding career

there has to be purpose to

life and there are many ways

that Hollard facilitates this

for its family members.

Hollardites can choose

to become catalysts for

enduring and positive social

change – in ways they feel

individually passionate

about. These choices

include: skills volunteering,

funding and taking part in

fundraising national days

such as Shavathon, World

Environment Day and others.

CANSA Shavathon 2010

INmag | 201156

At the inhouse Hollard Academy there are virtually limitless opportunities for skill development and gaining additional qualifications, such as:

• Fully paid 1 year insurance qualification with job rotation to familiarise learners to the world of insurance work for graduates and post graduates in the fields of IT, audit, legal, marketing, accounts/finance, human resources; we offer internships (subject to availability).

• Those interested in sales, we offer learnerships on call centre sales, where at the end of the 1 year learners are fully accredited FAIS representatives. This means that they can sell insurance and provide advice on the best product choice. This is a highly sought after accreditation by employers, as the law has legislated that one can only sell insurance if one is FAIS accredited.

• Hollard has an academy that supports all Hollardites to continuously develop their careers, and every year approximately 300 Hollardites graduate after completing training programmes that are specific to their jobs.

• Hollard also selects talented and exceptional black matriculants to be part of a learnership programme for 1 year. These learners work at one of Hollard’s insurance partners for the duration of the programme, gaining on the job experience while training. At the end of the programme there is the possibility of being offered a permanent position.

LEARNING IS KEY AT hollArd

The diversity of insurance – and Hollard in particular – means you don’t have to stress about making a decision that is written in stone and locks you into a career path forever.

For example, we’ve got two lawyers who started at Hollard doing conventional lawyer stuff. One of them is now the head of Hollard’s office in Delhi and the other is driving Hollard’s international expansion activities throughout the African continent and the world. Before that he created Hollard’s New Business Team that invents new ways of doing insurance business – like selling policies via cellphones or through starter packs at retail outlets. For the past 30 years, Hollard has been driven by innovation and meeting new needs. This means we have been the ‘first’ to deliver many new products as well as distribution methods which have rocked the boat.

Then there are our three BCom movers and shakers whose paths have taken them down roads very different from their starting roles at Hollard. One is working with our specialist insurance business partners to help them achieve their dreams in building their businesses. Another manages the team that guides a variety of big businesses in figuring out alternative ways of managing risk, like self insurance. The third Bcom guy has been at the Hollard Office in Sydney, Australia, for 3 years, setting up a process with our network of brokers. Even actuaries can end up somewhere else around here. Like the Hollardite who started as an actuary in the life division and now heads the Hollard Wealth team that invests money for the cash flush. Those Wealth guys just created a completely innovative product called Safe and Secure.

PASSPORT TO EVEryWhErE

INmag | 2011 57

Hollard moved onto its current campus in 2005 and made a national heritage site part

of its home. Villa Arcadia, a century-old house designed by Sir Herbert Baker (the very

same architect who designed the union Buildings) forms part of Hollard’s unique balance

between the modern and old design styles.

Villa Arcadia, with its owners Lady Florence and Sir Lionel Phillips, was an environmental trend

setter over 100 years ago. Even back then indigenous construction materials were used to

build Villa Arcadia which had a far-reaching impact on building practices in South Africa.

Today, as a heritage site, crammed with historic highlights, the villa houses Hollard’s

impressive South African contemporary art collection and is the venue for Hollardites and

partners to get together.

Another annual event shoots out praise and recognition for

individuals who live and champion the Hollard values. The

idea was originally inspired by the Hollywood Oscars which

Hollard calls ‘Hoscars’.

The winners who are outstanding and brilliant are praised

and applauded and receive a cash prize, a statue, their own

star in the foyer for a year and their picture is displayed in

a huge light box in the atrium. Individual awesomeness is a

big deal at Hollard. We are always looking for people with

passion and individuality. The Hoscar award categories grow

out of the Hollard values.

Villa Arcadia, with its owners Lady Florence and

Sir Lionel Phillips, was an environmental trend

setter over 100 years ago.

“ ”

HOLLARD’S VIllA ArCAdIA

hoSCArS

AND VALuES

INmag | 201158

Pro

tect

ing

wha

t m

atte

rs

INmag | 2011 59

To many people, the

insurance industry may

not at first glance appear

to be the most exciting

career choice. As those

working within the industry can

attest to, however, the sector offers

tremendous opportunities for

development and growth, creativity

and interaction.

Earn while you learn

smart risk solutionsLlioN oFaFRica

INmag | 201160

Marisia Davis-McIntyre, Executive: People Management at Lion of Africa Insurance, says that more school leavers and those finishing university studies should consider the short-term insurance industry as a good place to build a solid career.

At Lion of Africa, one of the newer companies operating in this competitive field, there are always opportunities, regardless of whether you are a school leaver looking for a chance to ‘earn while you learn’, or a business graduate looking to kick-start a career in an industry where opportunities abound.

BuILDING A SolId CAREER

WHO ARE we?Lion of Africa is 100% black-owned corporate and commercial insurer with yearly revenue of more than R700 million. The company recently became the first short-term insurer in South Africa to achieve Level 1 BBBEE status.

It is also the largest insurer to local authorities, the third-largest specialist underwriter for engineering business, one of the top 10 commercial underwriters in the country and the fourth-largest multi-line insurer.

“Like many other sectors of South African business, the short-term insurance industry is experiencing a skills shortage. This means that for those entering the industry, especially a young, growing company like Lion of Africa, there are plenty of opportunities,” says Marisia.

“At Lion of Africa we believe that up-skilling our people is essential. We have a training academy that offers in-house training to employees. We also give people opportunities to study courses that are tailor-made for the insurance industry that are accredited by the INSETA — Insurance Sector Education and Training Authority.

The company recently became the first short-term insurer in South Africa to achieve Level 1 BBBEE status.

INmag | 2011 61

2011 marks the third year that Lion of Africa has run its in-house learnership programme. Ten learners are given the opportunity to gain a formal short-term insurance qualification at NQF Level 4, designed by and therefore well-recognized by the industry. Importantly they also gain one year’s working experience in various areas of the business.

These learners, through gaining the qualification, also become FAIS compliant — a legal requirement for all representatives of a financial service provider in terms of the FAIS Act.

That doesn’t mean that there are no opportunities to gather other qualifications along the way, says Marisia. “The INSETA qualification will guarantee learners mobility within the short-term industry, and portability into any other related financial services qualification.

“In other words, this qualification will provide them with the foundational credits to build onto other higher level qualifications within the industry.

A key vision for Lion of Africa is also to attract ambitious, young talent into the industry. To achieve this, the company has initiated a Graduate Development Programme which kicks off in 2011. Each year, ten graduates are chosen across a variety of disciplines such as commerce, actuarial science, IT and marketing.

“These programmes are well thought through and developed to ensure that the time they spend with us is focused and beneficial in terms of the learning and experience gained.

“While we do value academic success, these graduates are not simply chosen on their tertiary achievements. We check for competence and their fit with the organisation; we want them to fit with the Lion DNA in terms of values, potential and ambition.”

Marisia says Lion has a core set of values that everybody lives by including integrity and professionalism, leadership skills and a winning attitude. “We work as a pride to make things happen and are always on the lookout for talented individuals who are hungry to learn and challenge the norm to arrive at solutions.

“We think of Lion as a family and, in comparison to some of the other insurers, we are a relatively small environment where everyone is known by their name. We pride ourselves on the fact that everybody has the opportunity to learn and grow and to make the most of their skills,” says Marisia.

QuALIFY ANDCoMPly

ATTRACTING frESh tAlEnt

Marisia says the insurance industry is all about hard work and commitment. “The key to career growth in the insurance industry is experience and those learners who show the most promise, commitment and ambition are given positions within the company to further their careers.”

“It therefore goes without saying that people who are willing to spend time moving through various departments and learning about what makes the industry tick, will always have prospects to develop specialist skills and grow their careers.”

Effectively, this means that people who, for one reason or another, leave school and do not pursue tertiary studies, do not have to sit back and watch while their friends build careers. “Training and specialisation within the industry and accreditation through studies are essential to personal growth. The difference is that you can explore options and decide on your career path while you are employed.”

The other advantage of INSETA studies is that the courses are shorter — the longest being a year and that they can be undertaken at company expense, if approved, while you are gaining practical experience.

WORK EXPErIEnCE

LION OF AFRICA CoMMErCIAlWho would associate short-term insurance with gold mines, car assembly plants, aircraft and ships amongst other things?

Probably not many, says Jonathan Holden, Executive: Operations at Lion of Africa Insurance, who has built his career in short-term insurance and has, at one time or another, visited businesses like these as part of his daily duties.

VARIETY IS thE SPICE... What is often not appreciated about insurance, and companies like Lion of Africa, which are growing and therefore continually looking for enthusiastic people, is the broad range of careers that are on offer.

“Insurance is about risk. Lion of Africa is about providing smart risk solutions. It is about fine-tuning offerings that are attractive to the customer, but are also competitive. It is about ensuring that premiums are correctly pitched according to risk. It is all about getting to know a particular industry and becoming an expert in it,” says Marisia.

“When you offer insurance services that cover everything from mining and industry through to households, it is essential that you have a deep knowledge of the industry you have chosen to operate in.

“The beauty of this specialisation process is the ability to literally work

anywhere you choose, should you demonstrate the appetite and ability. At Lion of Africa we have experts that work in fields as diverse as engineering, shipping and aviation.”

Working in an insurance company means becoming part of a team where people with various skills work together to deliver insurance solutions that meet ever-changing requirements.

Close co-operation and understanding between colleagues, no matter what their job descriptions or level within the company, are essential and aimed at one thing — making customers happy.

“ultimately it is dealing with people that make this business what it is – challenging, rewarding and always interesting.”

Gold mines, car assembly plants, aircraft and ships

INmag | 201162

KEEPING IT frESh

IS IT FOR you?

GO FOR THE ChAllEngE

“Essentially, short-term insurance is about getting to grips with the risks that we as individuals and companies, on a larger scale, face as we go about our daily lives and business. This makes short-term insurance a complex and fascinating business that is constantly changing and adapt-ing to its environment,” says Jonathan.

For example, people working within Lion of Africa, were involved in de-veloping and implementing insurance products that offered commercial insurance solutions, corporate products, engineering, shipping and even municipalities.

“Corporate solutions offered by Lion of Africa have to take account of the risk profile of individual companies and offer them tailor-made, cus-tomised solutions. People involved in engineering and construction want coverage that can cover everything from building works to losses incurred caused by machinery breakdowns.

“At the coast and in Johannesburg we have specialists who are involved in shipping and insure ships as well as the cargoes they carry. Yachts and pleasure craft also fall under their particular risk assessment portfolios.”

The demands of the business have been recognised by tertiary institu-tions, namely unisa and Wits university, offering specific qualifications in the field. At Wits a Chair of Insurance had been endowed, giving the insurance industry the academic and professional standing that made it equal to other financial disciplines.

There is a lot more to being successful in the short-term insurance industry than just a tertiary qualification.

“It is a business that demands that you have a good all-round general knowledge, an inquiring mind and, above all, patience. It is a business in which there are no instant solutions. It requires a commitment to learning and gaining practical experience,” says Jonathan.

“The formative years in this business are the most important. It is during this time that it is essential to begin building your career by learning as much as you can. This means tapping into the knowledge sources available to you, asking questions of senior people around you who have had years of practical experience and constantly learning as you go along.

Combining this approach with the benefits of a tertiary education while working in the industry is a recipe for success, Jonathan says.

The call of the insurance industry could also be measured by the fact that many people who had qualified at universities for specific professions were now working within insurance companies like Lion of Africa.

“It is not unusual to find engineers, quantity surveyors and other professionals working within the insurance industry. They are able to use their skills and knowledge of their disciplines in a number of capacities within the insurance industry as assessors, loss adjusters and other professional capacities.

Turning to prospects for personal growth in the industry, Jonathan says there were numerous opportunities available for new entrants looking for challenging, interesting careers.

“There is a shortage of skills in South Africa. This means that in our industry young people who are willing to work hard and develop experience have huge opportunities. Having career prospects in this industry is not linked to having a university degree or diploma before entering it.

“Success is based on ability and willingness to learn and grow.

“A person entering the industry with a matric certificate and the ambition that leads him or her to study for a diploma and to get the credits required, can do just as well as a person who has a recognised finance or insurance degree from a university.

“I have had a long, rewarding career in the short-term insurance industry. I would recommend it without hesitation to anyone looking for a challenge and a chance to build a satisfying future.”

INmag | 2011 63

INmag | 201164

Pla

nt

a s

ee

d o

f su

cces

s

65INmag | 2011

MW

e all measure

success differently, but

one thing that’s

important to

everyone is making sure that

their money works for them. We

all want to live well, have fun

and support ourselves and our

families in the years ahead.

In the end, life is all about choices

STEP ONE: GET THAT JOB. STEP TWO: GET FINANCIAL ADVICE

maSthead

INmag | 201166

Starting with the basics, what is the role of an independent financial advisor?

The difference when consulting with an independent financial advisor?

Simply defined, an independent financial advisor or an independent financial planner is a professional who renders financial services and advice to individuals. They can advise you on various areas of your life such as saving for that first car or house, or life insurance to make sure your family is taken care of should you pass away unexpectedly. These professionals can also advise you on income protection insurance, critical illness insurance or savings plans. Just like a doctor or lawyer, an independent financial advisor (IFA) is a qualified individual who charges for their services, through commission or fees. They will hold a financial planning qualification (such as a certified financial planner) and must be authorised by the Financial Services Board (a regulatory body) in order to give advice.

The key is to start sooner rather than later. Seeking independent financial advice could be the best decision you make for your financial well-being. Consult an independent financial advisor from when you get that first pay check and start earning bucks.

Financial advisors use the latest technology to show you how to build your own dreams and create a quality of life that suits your lifestyle.

What can you expect from an independent financial advisor? Because they are specialised and well trained, IFAs will make sure that they get as much information from you as possible. In following a specific process, they:

1. Make sure you understand how your business relationship with them works.

2. Collect as much information from you as possible to know what is important to you.

3. Have a look at your financial situation.4. Put together a plan that suits your

needs.5. Implement the plan that you both

agree on.6. Monitor and check that you stay on

track.

In a nutshell, the independent financial advisor will give you a description of all the services that

they can offer you, and find out about your current financial situation, your commitments and financial goals. Once they have gathered all of this information, they will develop a unique financial plan and present it to you in writing. Once you and your financial advisor have decided on the package best suited for your needs, they will continue to offer you advice on your road ahead; making sure that together you build your wealth and safety for your family.

You should also request reviews when you experience any life-changing events such as the birth of a child, sickness, death of a spouse or divorce, etc. to enable your IFA to adjust their recommendations to your financial plan. Remember that a good advisor will help you through your life as your needs change.

When a financial advisor is independent, he or she can find the best financial products or services for you – they don’t have to choose solutions from only one company. You know that he or she will give you the right package to suit your unique needs. It is also a good idea to talk to an independent financial advisor who belongs to a reputable network or body such as Masthead Financial Advisor’s Association. This means they work within a profes-sional group where there are high standards, and they take care of their clients by building long-term relationships.

When is the right time to consult an independent financial advisor? It’s advisable that you consult an independent financial advisor the minute you start earning a salary. The earlier you put a financial plan in place, the better off you’ll be financially when you reach retirement or when those unforeseen setbacks in life occur, such as sickness, family deaths or job loss.

No matter how small your pay check is when you first start working, an IFA can show you different ways to make your money grow. Most financial products such as savings plans, investment plans or retirement annuities will accumulate compound interest over the years. This means that the earlier you start, the more interest you will gain, resulting in more money in your bank account when you need it.

INmag | 2011 67

The benefits of using a Masthead independent financial advisor

How do I get in touch with a Masthead independent financial advisor?

Masthead is South Africa’s largest independent financial advisor network and is backed by the country’s leading financial service providers. When you work with a Masthead independent financial advisor you can choose from a variety of options and be guaranteed to find the financial solution that suits you best. Masthead has the tools and means in place to develop IFAs and their practices to ensure that you deal with accredited professionals who can deliver independent advice.

Masthead has a network of independent financial advisors across the country. Go to www.masthead.co.za and you will be put you in touch with an accredited IFA in your area.

In the end, life is all about choices … and consequences. You have the power to decide how your hard-earned money will be spent. Remember though that these financial choices will carry consequences, for you and your family. The better quality of life you want, the more determination you have to achieve your goals, the more financially independent you want to be one day – the better you have to plan. There is no better and easier way to achieve this than by

speaking to an IFA. Make a wise choice from the day you get your first job and consult a Masthead independent financial advisor. Let them help you to make sound choices will which open doors for you, and ensure lifelong success.

What questions can you expect the independent financial advisor to ask you?There are numerous questions that the advisor will initially ask you in order to get a sense of your unique situation. Typical questions that you can expect are:

• How much money do you earn? • How do you earn your money? Do you work and earn a

salary or do you get money from other sources as well? • Do you have anyone dependent on you to provide for them? • What investments or assets (such as cars, property) do you

currently own?• Do you have any current medical cover or insurance policies?• What are your goals or dreams in life?• How long are you willing to save for?

What questions should you ask the independent financial advisor? Ask them whatever questions or concerns you may have, no matter how silly you think they might be. In addition to that, some useful questions are:

a) Which, and how many insurance companies’ products and services, do you have access to?

b) Which products and services are you qualified to offer advice for?

c) What is available to me if I want to save for a house, plan for a holiday or lose my job?

d) What financial cover should I have at my age?e) What savings option plans are available to me and

which would earn me the most return?f) For which financial needs should I be saving?g) What is the best product for me if I am concerned

about possible job loss in the future? h) What is the commission or fees relevant to all services?i) What is my responsibility to make sure you are informed?

INmag | 201168

A c

om

ple

x sy

stem

Individual attention and

the combination of theory

and practice are the seeds

for success. You will have

access to the considerable

knowledge of the financial

industry experts.

At Momentum we take education

seriously because we see our

future in your success.

Building a pool of skills in South

Africa has become an urgent

priority and one to which we are

intensely committed.

We believe in people who believe in themselves

A DYNAMIC ENVIRONMENT FOR SELF STARTERS

momeNtum

INmag | 2011 69

As our name suggests, Momentum is a place of constant change and energy. We form part of the MMI Holdings Limited (MMI), the recently listed third largest insurer in South Africa. As a wholly owned subsidiary of MMI, we offer a variety of financial solutions including health, retirement, investment and insurance products to individuals, businesses and institutions like universities and schools such as your own.

CAN YOukEEP PACEWITH uS?

Momentum believes in people who believe in themselves and have a strong desire to make a success of their lives. We strive to create anenvironment where motivated people with a positive attitude can really make a difference in their own lives and the lives of others. We achieve this through out-of-the-box thinking and a lateral approach to conventional company standards and structure.

AN InSPIrEdENVIRONMENT

The unique, triple-volume design of our building, with its sense of openness, honesty and physical transparency reflects the people who work here and the Momentum brand itself. Our company culture and this atmosphere within our working environment result in a workforce that challenges norms and exceeds boundaries.

Filled with infectious energy, our offices house a diversity of people whose original, inspired outlook is backed by a solid foundation of experience and knowledge. Good old-fashioned fun, respect and transparency are key aspects of our work philosophy.

Holy cows and formal structures are out; challenging the norms and inspirational thinking are very in. And, judging by the positive response from our staff, intermediaries and clients – it seems we’re on the right road.

Financial planning is indeed a complex discipline, with extensive legislation aimed at advancing consumer interests. However, within this dynamic industry there are fantastic opportunities for individuals and companies who want to make the move from good to great with Momentum.

People are our most valuable asset; our managers are encouraged to lead by example and inspire. They are asked to seek out only the brightest and most passionate people and then to empower them to engage in lateral and entrepreneurial thinking. We strive to create an environment where people with a positive attitude can make a success of life.

At Momentum —

where you want to go

is 100% up to you.

LIVING LIFEWIth MoMEntuM

DYNAMICfAntAStIC

No reserved parking means

that if you snooze, you walk further

Since we

are all

equal, there

is no

executive floor.

Are you a graduate looking to enter the financial services sector? Then our Graduate Development Programme (GDP) is right for you.

Run by our Momentum College in conjunction with the Insurance Sector Education and Training Authority (INSETA), this programme gives learnership opportunities to talented graduates in the finance, information technology and investments fields.

The GDP assists graduates in acquiring business skills and knowledge, combined with work-based experience in the financial sector at Level 5 Wealth Management. Students receive a monthly allowance during their participation in the programme and our focus is mainly on previously disadvantaged groups.

grAduAtE dEVloPMEntPROGRAMME

Individual attention and the combination of theory and practice are the seeds for success. You will have access to the considerable knowledge of the financial industry experts.

At Momentum we take education seriously because we see our future in your success. Building a pool of skills in South Africa has become an urgent priority and one to which we are intensely committed.

Are you currently in your final year or busy with your honours in one of the following fields?

Marketing• BCom Marketing

Information Technology• BSc Computer science• BCom Informatics

Actuarial Science• BSc Actuarial qualifications

Finance • BCom Financial planning• BCom Accounting• BCom Financial management

To find out more about Momentum College, call 012 673 7060 or 012 673 7380

Are you a third year university student looking to enter the financial services industry? The Momentum Marketing Adviser Academy could be for you.

Marketing advisers are one of the most sought after people in the financial services industry. With a combination of financial product knowledge, relationship building and management skills, the marketing adviser acts as a go-between financial advisers and product providers to ensure the latest, up-to-date information is being used.

Momentum Distribution Services delivers training to budding third year university students through the Marketing Adviser Academy. The academy trains graduates to reach NQF 5 National Certificate in Wealth Management in nine months through a unique balance of theoretical and practical field training and application. In conjunction with this, the Academy runs a bursary programme with a specialised qualification that specifically targets the products the marketing adviser would be interested in. This takes place at NQF level 6.

MOMENTuM MARKETINGAdVISEr ACAdEMy

Are you a matriculant wishing to enter the financial services sector? The Charter Learnership Programme could be for you.

Also headed by Momentum College, the programme accommodates African, Coloured and Indian (ACI) candidates with grade 12 as their highest qualification (mathematics and English required) in Level 3 Financial Administration. This programme will give successful learners an entry level qualification for the workplace after three months of intensive classroom training, with six to nine months of practical work thereafter. Charter learners receive a monthly allowance while on the programme and all materials and resources required are provided at no cost.

IT’S ALLABOuT you

CHARTER LEARNERSHIP ProgrAMME

GRADuATES

& MAtrICulAntS

INmag | 2011 71

There are a number of financial service providers in South Africa, but what determines their success is a commitment that goes beyond selling policies or products. The Momentum motto is that financial planning is a lifetime process, and not a once-off event.

Communicationis key and as a result there are very few walls in our

offices The Momentum Fund Bursary Programme had its first uptake of students in January 2009. The programme aims to support the fund’s two focus areas: disability, and orphans and vulnerable children (OVC). The programme was developed after research identified skills shortages across the country.

the fund offers postgraduate bursaries in the following fields:• Social work.• Physiotherapy.• Occupational therapy.• Speech therapy.• Disability studies.• Disabled students in any field of postgraduate studies.

The Momentum Fund Bursary Programme currently supports eleven students in these fields, contributing a total of R412 000 to their studies.

Be exactly

who you are,

there is no

formal dress code.

BECOMING A MOMENTuM

fInAnCIAl PlAnnEr

MOMENTuM FuNDBurSAry ProgrAMME

BECOME A COMMISSION-EARNING fInAnCIAl PlAnnErCONTRACTED BY MOMENTuMAt Momentum we don’t simply sell policies or schemes: we partner with our clients through their life journey. We first discover then help achieve their financial dreams. Having a clear understanding of a client’s personal situation, current responsibilities and future life goals, we create a unique financial plan suited to them.

BuILDING STRONG SuStAInABlE rElAtIonShIPSMomentum financial planners always build strong, sustainable relationships with their clients. They will develop and put a strategy in place to bridge the gap between where their client is now and where their client would like to be. Any life-changing events their clients encounter along the way will have them right at their side to offer support and guidance.

OuR APPROACH to fInAnCIAl PlAnnIngOur process is straightforward: we follow the internationally recognised six-step approach to good financial planning. This involves establishing a professional relationship, collecting information, setting life goals, analysing financial needs, creating a plan, and consistently monitoring and evaluating that plan to ensure that it is in line with the client’s goals.

FINANCIAL PLANNERS HAVE EXCEPtIonAl Work EthICSBesides the standard technical requirements, we seek individuals with a high level of tenacity and an excellent work ethic. Trust is non-negotiable. Our financial planners adhere to strict client confidentiality requirements and put their clients first.

A dynAMIC EnVIronMEnt FOR SELF STARTERSMomentum offers exciting career prospects to self-starters with loads of self-belief. Through a range of innovative products, academy training, advanced financial advice software and support with regulations, you can have the life success and superior income you really deserve.

INmag | 201174

Bu

ild

ing

rel

atio

nshi

ps

INmag | 2011 75

MW

e spoke to a group

of talented young

men and women

who are rapidly

making their way

up through the

ranks at Mutual & Federal. They come

from different backgrounds, and joined

the short-term insurance company with a

variety of qualifications and expectations.

Attracting the best young people to our company

JOB SATISFACTION BY THE BUCKETFUL

mutual & FedeRal

INmag | 201176

Our business is to sell peace of mind and we do this by protecting our customers from financial loss through a range of short-term insurance products. We are committed to being a responsible corporate citizen and to transformation.

Through a number of service excellence initiatives, Mutual & Federal was placed second in the short-term industry category – ranked higher than other broker-based short-term insurance companies – in the 2010 Ask Afrika Orange Index. This service excellence benchmark is recognised as an independent reflection of the views of South African consumers on service delivery.

If you are interested and believe you have what it takes to join our 2 200-strong team, please visit www.mf.co.za.

Mutual & Federal offers a variety of FAIS accredited training courses for staff. There are also a number of skills development learnerships available at various times in the year. These cater for disabled as well as previously unemployed candidates. For more information visit our website.

want to work for a great

company? come work

for us

Looking for a company that offers real development opportunities; is a highly reputable brand; and truly dedicated to growing you as a person? Mutual & Federal is a leading southern African short-term insurer, with branches in South Africa, Botswana and Namibia, and is always on the look-out for motivated self-starters interested in the financial services sector. We try to attract the best young people to our company.

peace of mind

aboutMutual & Federal

team leader and assistant manager in the motor claims division

There are so many

opportunities here, and the

company fast-tracks people when it sees potential. If

you want to be part of a family,

of a winning company,

is the employer of choice.

islafredricks

team leader and assistant manager in the motor claims division

brettbrinkhuisacting team leader,claims division,personal lines call centre

Isla joined Mutual & Federal in 2006, having qualified in logistics. The company had centralised its motor salvaging operations and created a new head office position requiring someone with strong administrative and logistics skills. It was a match made in heaven. Isla was thrilled to be offered the job as she has always admired the Mutual & Federal brand and felt privileged to be joining the company.

While setting up new processes and running all the salvaging for the company, she worked to obtain accreditation in the insurance industry through the Mutual & Federal Insurance Academy (MFIA).

“I developed a real interest in insurance, and a hunger to learn more,” she said. She then applied for a claims negotiating position and moved from head office to a branch office.

“At branch level, you get to learn about all lines of insurance – commercial, personal and motor. Claims, underwriting and production are also all in one office so it’s a great way to gain experience.”

The company restructuring in 2008 saw her return to head office, to a different manager and more opportunity to prove herself.

“2008 was a year of adventure, and I was exposed to things I wouldn’t normally do at that level. It was exhausting, but exciting. The following year, when more positions opened up, I decided to apply for a much more senior position and was able to jump two levels. I had to prove myself, but I soared, and had my first real sense of achievement after my first big project; which involved winning back a chunk of business we were in danger of losing.”

“My five years with the company have been amazing as I have been given so many opportunities,” she says.

At only 29, Isla holds a leadership role which offers

the challenges and variety this go-getter needs.

“My career at Mutual & Federal has been one

big adventure,” she said. “I am given all the opportunities I need to prove myself. If I told my manager I felt like growing

wings and flying today, he would tell me to go for it; to knock

myself out. I get the opportunity to be me, to be passionate

about what I do. That’s awesome.”

“There’s a high-performance culture here, combined with a very personal touch. The

company is highly intuitive about its staff. If I have an idea, I get

the support to explore it. It’s such a privilege to work under

those conditions. We all bounce ideas around the whole time –

management invites us to come forward with our initiatives.”

Isla gets bored easily, and says management picks this up and

ensures she gets new projects to keep her challenged.

“They’re interested in developing me as a person,

and turning me into an asset for the company. I feel validated here. I get thanked, and I‘m

given new challenges.”

Brett joined Mutual & Federal in 2008 as an intern in Cape Town, having graduated from the university of the Western

Cape with a BCom (economics). He finished his internship as

the top student. Today, he is the youngest person in the history of the company to be appointed as a team leader, and the youngest

ever to have gone through the new management development

course run by the university of Stellenbosch at Mutual & Federal.

In his current role, Brett oversees and authorises everyday insurance

claims, ensures that the 10 call centre agents in his team handle

claims fairly, and assists with employee growth.

“Mutual & Federal is very big on training,” said Brett. My training

certainly didn’t stop with my internship, and every year I do at

least three courses.”

After his internship, Brett spent a year in Cape Town as a claims negotiator in the motor department, before moving to Johannesburg. Wanting to learn more, he joined the call centre which deals with all types of insurance.

“The call centre is vital, and there’s a huge focus on mentorship and training as we are the front line of the business. If we do badly, it impacts the entire company.” He describes his department as family. “Everyone here is willing to do something for the next person; we all help each other out.”

“There’s also a culture of information-sharing throughout Mutual & Federal. People are not shy to share what they know and I’m very grateful for that.”

Brett left university when the recession hit and there were no jobs. He then joined Mutual & Federal knowing nothing about insurance.

“Since then, Mutual & Federal has really invested in me, and I’ve grown so much.” He believes that among the key skills Mutual & Federal looks for are motivation and a ‘can-do’ attitude. Loyalty and determination are also important.

explore

If I were an

outsider looking

in, I would

definitely want my

job. I would

look in and

think: So cool – I want to be her.

Mutual & Federal

INmag | 2011 77

To work here you need to be a people’s person, very approachable, with high levels of integrity and honesty.

mpho khalema

business development consultant,sales division

renushkapillaybusiness development and sales consultant, marine department

excellence

I did most of my

qualifications during my

learnership, but skills

development is an ongoing process here. I probably did

four courses this year. I am also studying

through uNISA, paid

for by the company.

Renushka’s job involves building relationships with brokers and

much of her work is face to face with them. Now 27, she has

been in her current job for a year and believes that the culture at

Mutual & Federal is relaxed and one of integrity.

“We have amazing team spirit in our department, and our managers

are very approachable. Our colleagues are open-minded and

easy to get along with.

Renushka joined Mutual & Federal when she moved to Johannesburg

from Durban. She has worked her way up, starting as a cashier,

before going into underwriting and then becoming a business

development and sales consultant. She is currently completing the

programme in short-term insurance through uNISA.

“Mutual & Federal is highly reputable, and has built up trust with external stakeholders and clients. People can identify with the group.”

She added that the company has given her the opportunity to grow and learn. “It’s fun and exciting. I also really enjoy working for a big corporate, and was always drawn to that.”

“People my age tend to move around a lot, but I am happy with this company. Many have left and come back again. Mutual & Federal takes care of its staff and offers good benefits.”

“Vibey, happy, fast-paced and young.” That’s how Mpho describes the sales

division at Mutual & Federal, his home for the past two years.

Mpho joined Mutual & Federal on a year-long learnership programme, which covered theory and practical work in personal and commercial underwriting, straight after school.

“We spent three months studying personal lines insurance, then three months doing practical work in that

area, continuing along the same course for commercial underwriting.

After that year, I was FAIS-compliant.”

Mpho went straight into personal and commercial underwriting, which he describes as the basis of insurance.

“I then got too comfortable with underwriting and it was time for a new

challenge. I applied for a promotion to sales, with a recommendation from

my manager. I had all the necessary qualifications – but I did need to get a

driver’s licence!”

Mpho works with brokers, his job being to keep them happy and make sure

they understand the products provided by Mutual & Federal.

“The company is staffed by very skilled people because of the Mutual & Federal Insurance Academy,” he said. “I did most of my qualifications during my learnership, but skills development is an ongoing process here. I probably did four courses in 2010. I am also studying through uNISA, paid for by the company. I have finished the programme in short-term insurance, and will start on the advanced programme next year.

“The company has invested in me with education and training. It has also invested in me from a social aspect, teaching me about sales and human dynamics. My time here has really socially impacted my life.”

Mpho said that Mutual & Federal is on a big push to become the best short-term insurance company to work for. “This is very motivating. When they succeed, I want to be here.”

He added that those thinking of joining Mutual & Federal must be intelligent, friendly and have a good work ethic.

“You must be self-motivated, and constantly striving for excellence and honesty. Mutual & Federal really motivates its staff, and tries to up-skill and upgrade them. We are really taken care of.”

INmag | 201178

INmag | 201180

Push

ing

bo

unda

ries

INmag | 2011 81

OOld Mutual is a leading financial services organizationO

ld Mutual South

Africa is a

financial services

organisation that

has been in South

Africa for more than 165 years.

It forms part of the Old Mutual

Group of Companies with a head

office in London and businesses

in the uSA, uK, Europe, Latin

America, Africa and Asia. The

group employs about 50 000 staff

across its businesses. (Read more

at www.oldmutual.com)

old mutual south africa: where talent, passion and performance lead to great things

oldmutual

INmag | 201182

Our vision is to become the international long-term savings and investment provider of choice and the premier financial service provider in South Africa. We will achieve this through being our customers’ most trusted partner – passionate about helping them achieve their lifetime financial goals.

Our values form the foundation of how we operate as individuals and as an organisation: with integrity, respect, accountability and pushing beyond boundaries.

The group provides innovative life assurance, savings, protection, asset management, banking and general insurance products and services.

To achieve the above we need first choice staff – employees who are hard working, goal-directed and passionate about their field of expertise. Our employees continuously think about new and better ways of doing their work, servicing our clients and maintaining a healthy work life balance. They want South Africa to succeed.

As an employer, Old Mutual is a leading financial services organisation built on a proud heritage, the quality of its people and their passion for making a difference to the future of South Africa. Employees have access to a broad range of local and international career paths, competitive rewards and an opportunity to achieve great things.

First for our clients who want their needs to be understood and met. They expect choice, transparency and flexibility in the products available to them. Our primary objective is to preserve and grow the money that our customers entrust to us, either directly or through their advisers.

First for our shareholders to whom we deliver sustained and superior financial performance, adding value

to their investments and rewarding confidence placed in Old Mutual. In a recent international survey of corporate reputations, Old Mutual SA came out tops amongst all SA-listed companies.

First for South Africa by being involved in a number of initiatives that promote learning, growing and excellence in the field of education in SA. We are passionate about transforming our nation through our

involvement in retirement reform, black economic empowerment and workplace transformation initiatives. Old Mutual has been involved in corporate social investment initiatives since 1965. The Old Mutual Foundation was established in 1999 and focuses on enterprise development, skills capacity building, formal education and encourages staff to volunteer their personal and some work time in giving back to the community.

Career opportunities are offered to school leavers, graduates, young professionals and experienced specialists and managers in the following fields of work:

• Investment management• Actuarial• Finance• Audit • Law• IT• Marketing• Human resources• Sales and distribution• Client service and operations• Property development and management

To learn more about careers and life at Old Mutual, visit our careers website at www.oldmutual.co.za.

In South AfrICA WE STRIVE TO BE…

CArEEr OPPORTuNITIES

“Where talent, passion and performance lead to great things.”

The Old Mutual Learners’ Scholarship ProgrammeWelcome to the Old Mutual Learners’ Scholarship Programme

nurture gifted learners across South Africa who have the

potential and early interest to pursue an Actuarial or

Accounting career but who are not in a position to access

• Quality Maths education, extramural activities and life

skills from a top South African high school

• Individual support, encouragement and mentorship

• Funding for tuition and hostel fees

• An additional allowance for travel, stationery, books,

toiletries, school uniforms and clothes

• An interactive job shadow programme at Old Mutual for

learners exploring Accounting and Actuarial careers

• The chance to apply for Old Mutual Accounting and

Actuarial University bursaries after matriculating

successfully with the required grades

• The possibility of an Accounting or Actuarial career path

with Old Mutual after graduation

Dream big and earn yourself a scholarship!We’re on the lookout for dedicated, gifted and talented

learners in grades 8 and 9 who are academically inspired and

interested in pursuing an Accounting or Actuarial career. Your

special talents could earn you a scholarship at one of South

Africa’s top Model C or Independent schools for grade 10.

Scholarship application criteriaIn addition to being a dedicated and gifted grade 8 or 9

student, you must also meet the required scholarship criteria:

• You must have excellent ability and potential in Maths and

English (65% or more)

• Y

• You must be a South African citizen

• You must stand out as a talented all rounder with

leadership qualities

Think you’ve got what it takes? Then don’t waste any more

time – apply for you scholarship now!

www.oldmutual.co.za/jumpahead

The Old Mutual Learners’ Scholarship ProgrammeWelcome to the Old Mutual Learners’ Scholarship Programme

nurture gifted learners across South Africa who have the

potential and early interest to pursue an Actuarial or

Accounting career but who are not in a position to access

• Quality Maths education, extramural activities and life

skills from a top South African high school

• Individual support, encouragement and mentorship

• Funding for tuition and hostel fees

• An additional allowance for travel, stationery, books,

toiletries, school uniforms and clothes

• An interactive job shadow programme at Old Mutual for

learners exploring Accounting and Actuarial careers

• The chance to apply for Old Mutual Accounting and

Actuarial University bursaries after matriculating

successfully with the required grades

• The possibility of an Accounting or Actuarial career path

with Old Mutual after graduation

OLD MUTUAL LEARNERS’SCHOLARSHIPPROGRAMME

When did you know you wanted to be an actuary?

When I was in grade 10, my older sister told me about

actuarial science and how it requires application of

mathematical skills in business. I decided to study actuarial

science because of my love for mathematics and business

studies at the time.

Why do you think you got a bursary from old Mutual?

I think I got the bursary because of consistency in my

academic results and the fact that I am well rounded. My

results in high school were not necessarily the top in the

country, but they were consistently above the required level

for actuarial science.

What are the important things to do at school (and

straight after) to secure your career?

Continue to develop your specialist skill. In this way you will

always be ahead of changing trends. Read up on the latest

developments in the field you have selected, and update your

skills and knowledge.

If you could go back in time and tell your 17-year-old

self anything, what would it be?

Choose one thing and focus your attention on it. For

instance, I did a lot of part time work at varsity such as

tutoring and lecturing. All this is great for pocket money, but

can divert your attention from focusing on the studies and

mastering your skill.

take us through your qualifications/degrees, etc. What

did you enjoy about your studies?

I came to Cape Town in 2005 to study a bachelor’s in

business science (actuarial science) at the university

of Cape Town. I graduated in 2008, and stuck around

for a master’s in philosophy (mathematics of science). I

graduated in June 2010.

I enjoyed the final year of my first degree. It was challenging

in the sense that the actuarial science courses became more

application based instead of just number crunching, but

exciting because one could see the end in sight. It is such a

great feeling reaching the end of a long and tough journey.

describe yourself in three words.

Eager to learn.

tell us what you do in an average day.

I get up at five, and read whatever is of interest at the time.

At about seven, I get ready for work and get to the office at

about eight. The work I do depends on the project we are

working on at the time. The work changes depending on the

business need at the time.

What is your best studying tip and how do you cope

with stress?

The best study tip I received is to work with your rhythm.

Continue to do whatever works for you. If you are a morning

person like me, it won’t work forcing yourself to work late.

Rather get up early.

I cope with stress by planning well. If I am pressed for time for

instance, I will take about 30 minutes to an hour planning how to

deal with the situation and how I will go about things. By the time I

am done, I will have a road map and clear instructions for myself.

fill in the missing word(s). Actuaries are...

Passionate about what they do, and make an effort to act in

the best interest of all people affected by what they do.

What misconceptions do people have about actuaries

that you would like to set straight?

That being an actuary is an impossible task for the majority

of people, and that only exceptional people can qualify

as actuaries. I think actuarial science is tough just like any

profession, and with the right mindset and attitude, it is

possible to become an actuary.

What do you do for fun?

Outdoor activities, not quite the adventurous stuff, but going to

the beach with friends and picnic concerts.

What are your plans for the future?

I am really passionate about financial literacy. I think that financial

literacy is a tool everyone can use to improve their future.

All you have to do is plan and account for every cent that you

spend and be aware of products and services that are out

there to assist you. The Actuarial Society has a programme on

financial literacy, where they work with selected organisations

and I would like to get involved in that.

Otherwise, to continue to improve my skill and hopefully be

the best at what I do.

INTERVIEW WITH uP-AND-COMING ACTuARY

noMAthIBAnA MAtShoBA

“Where talent, passion and performance

lead to great things.”

What is your best studying tip and how do you cope

with stress?

The best study tip I received is to work with your rhythm.

Continue to do whatever works for you. If you are a morning

person like me, it won’t work forcing yourself to work late.

Rather get up early.

I cope with stress by planning well. If I am pressed for time for

instance, I will take about 30 minutes to an hour planning how to

deal with the situation and how I will go about things. By the time I

am done, I will have a road map and clear instructions for myself.

fill in the missing word(s). Actuaries are...

Passionate about what they do, and make an effort to act in

the best interest of all people affected by what they do.

What misconceptions do people have about actuaries

that you would like to set straight?

That being an actuary is an impossible task for the majority

of people, and that only exceptional people can qualify

as actuaries. I think actuarial science is tough just like any

profession, and with the right mindset and attitude, it is

possible to become an actuary.

What do you do for fun?

Outdoor activities, not quite the adventurous stuff, but going to

the beach with friends and picnic concerts.

What are your plans for the future?

I am really passionate about financial literacy. I think that financial

literacy is a tool everyone can use to improve their future.

All you have to do is plan and account for every cent that you

spend and be aware of products and services that are out

there to assist you. The Actuarial Society has a programme on

financial literacy, where they work with selected organisations

and I would like to get involved in that.

Otherwise, to continue to improve my skill and hopefully be

the best at what I do.

INTERVIEW WITH uP-AND-COMING ACTuARY

noMAthIBAnA MAtShoBA

What is your first memory of using numbers?

My first memory of using numbers goes all the back to my

primary school days. I enjoyed maths from a very young age.

I have fond memories of being taught addition, subtraction,

multiplication and division, in school and by my personal tutor.

My parents sent me for extra maths and English classes on

Saturdays.

When did you know you wanted to be a CA?

I decided in my matric year that I would like to pursue a career

in accountancy. We had a very good guidance counsellor in

high school that made a lot of information available to us. But

it was my mathematics teacher who recommended I pursue

a career in either actuarial studies or accountancy, as I had

passion for mathematics and solving problems.

Why do you think you got a bursary from old Mutual?

I was an A-Aggregate student and had (still have) potential

to achieve great things. Old Mutual invested in me, and

contributed significantly to the achievement of my goals.

What are the important things to do at school (and

straight after) to secure your future?

It is important to have set goals from an early age. Do

research and gain as much knowledge as possible about all

the possible career options available to you. Make a well-

informed decision about what you would like to pursue, based

on this research and more importantly what you are passionate

about. Work towards good grades and be well-rounded, get

involved in extra-curricular activities. This is important if you

would like to secure sponsorship/funding for university studies.

Have fun while you learn.

If you could go back in time and tell your 17-year-old

self anything, what would it be?

I would tell myself that knowledge is power; learn as much as

you can about anything and everything. Be curious. Be open to

new challenges and opportunities. Have fun while you learn,

but enjoy your youth (responsibly). Oh, and don’t fall in love

with the first boy you meet at university!

take us through your qualifications/degrees, etc. What

did you enjoy about your studies?

I completed a three year bachelor of commerce degree,

specialising in financial accounting at the university of Cape

Town in 2006. I then went on to complete a post graduate

diploma in accounting in 2007 also at uCT.

I started articles at Old Mutual in 2008 and passed the first

SAICA board exam in that year. I completed a specialist

certificate in financial management in 2009, sat for the final

qualifying exam in the same year but unfortunately did not

make it. I am in my third year of articles and will sit again

for FQE2 in November, getting it right this time around. I

complete my articles officially on 31 December 2010.

The courses I enjoyed most are financial management and

statistics (in first year only, but I would have loved to study

right through to third-year level).I have thoroughly enjoyed the

(long) journey since I started university in 2004. I have met

amazing people who have added value to my life.

Is the CA qualification a bit of a status symbol?

To some extent yes, I believe it is. The CA (SA) qualification

is highly regarded in the corporate world. Being a CA (SA) is

only the beginning. It’s the key that opens the doors – what

you do with that key is really up to you. Becoming a CA (SA)

is like being on a fast track to being a leader in your field of

business.

describe yourself in three words.

Analytical, sociable, confident.

tell us what you do in an average day.

I am currently working in the credit research team. First thing

in the morning, I check my calendar and e-mails and plan for

the day. Then I catch up on recent news. Afterwards, I work

on credit reviews, attending meetings in between as required.

After lunch I have more credit review work until I go home in

the evening.

tell us your best studying tip and how you cope with

stress. Plan in advance and do not panic. Confidence is key. Keep

the end goal in mind at all times and remember that the only

way to eat an elephant is bit by bit. I try not to do too much

all at once because that gets me confused and panicky. I take

breaks and reward myself when I meet my goals.

fill in the missing word(s). Chartered accountants are …

well-rounded, skilled professionals.

What are your plans for the future?

I am looking for opportunities within the Old Mutual business,

as I complete articles at the end of this year. I plan to grow my

career in the Old Mutual family, hopefully get involved in the

grooming and mentoring of young aspiring accountants.

(Reabetswe has since passed her final qualifying exams and is

now a qualified CA.)

(trainee accountant)

rEABEtSWE MoSAlAINTERVIEW WITH uP-AND-COMING

CHARTERED ACCOuNTANT

“Where talent, passion and performance

lead to great things.”

for FQE2 in November, getting it right this time around. I

complete my articles officially on 31 December 2010.

The courses I enjoyed most are financial management and

statistics (in first year only, but I would have loved to study

right through to third-year level).I have thoroughly enjoyed the

(long) journey since I started university in 2004. I have met

amazing people who have added value to my life.

Is the CA qualification a bit of a status symbol?

To some extent yes, I believe it is. The CA (SA) qualification

is highly regarded in the corporate world. Being a CA (SA) is

only the beginning. It’s the key that opens the doors – what

you do with that key is really up to you. Becoming a CA (SA)

is like being on a fast track to being a leader in your field of

business.

describe yourself in three words.

Analytical, sociable, confident.

tell us what you do in an average day.

I am currently working in the credit research team. First thing

in the morning, I check my calendar and e-mails and plan for

the day. Then I catch up on recent news. Afterwards, I work

on credit reviews, attending meetings in between as required.

After lunch I have more credit review work until I go home in

the evening.

tell us your best studying tip and how you cope with

stress. Plan in advance and do not panic. Confidence is key. Keep

the end goal in mind at all times and remember that the only

way to eat an elephant is bit by bit. I try not to do too much

all at once because that gets me confused and panicky. I take

breaks and reward myself when I meet my goals.

fill in the missing word(s). Chartered accountants are …

well-rounded, skilled professionals.

What are your plans for the future?

I am looking for opportunities within the Old Mutual business,

as I complete articles at the end of this year. I plan to grow my

career in the Old Mutual family, hopefully get involved in the

grooming and mentoring of young aspiring accountants.

(Reabetswe has since passed her final qualifying exams and is

now a qualified CA.)

INmag | 201188

Enjo

y th

e jo

urne

y

INmag | 2011 89

What happens when

someone goes

through a stop

street and crashes

into your car or it

rains and rains and eventually floods

your house? What happens when

your designer sunglasses get stolen?

What normally happens is that you

claim from your insurance company

and they replace what has been lost

or damaged. This is what we think

of as short-term insurance. But, it is

much more than that and at Santam

the innovative and creative thinkers

who work there are constantly look-

ing at ways to change and update

how we use and understand short-

term insurance.

Embrace, inspire, think big

santam at a glance SSaNtam

INmag | 201190

Santam at a glance

Life under the Yellow umbrella is warm and welcoming. The company is like

a huge extended family with strong values and great support structure.

Santam specialises in risk management. What that

means is that they are trying to put into place, with

the help of local governments and other industry

organisations such as the South African Insurance

Association (SAIA), strategies that protect us today

against what might happen tomorrow.

For example, Santam is very involved in

environmental issues and is a member of Climate

Wise. The idea here is that if we can start to undo

some of the environmental damage that is being

done to the planet, there will be fewer incidents of

extreme weather. There will be fewer floods which

means fewer houses will be destroyed and thus

less claims for insurance, and that when people do

claim, there is enough money for everyone to be

reimbursed for what they have lost.

As complicated as it sounds, it is really very simple:

each month you pay your insurance premium and

this goes into a big fund. You don’t claim every

month, but you know that when you need to there

are funds there to help you out. Now, if everyone

was affected by a huge flood and suddenly claimed

What happens when

someone goes

through a stop street

and crashes into your

car or it rains and

rains and eventually

floods your house?

What happens

when your designer

sunglasses get stolen?

What normally

happens is that you

claim from your

insurance company

and they replace what

has been lost

or damaged.

This is what we think of as short-term insurance.

life under the yellow umbrella

INmag | 2011 91

at the same time, there wouldn’t be enough in the

kitty for everyone because the scale of the disaster

would be too huge. What risk management does

is put measures in place that reduce the chance of

accidents, natural disasters and crime. In this case,

by joining Climate Wise and encouraging clients,

suppliers, government and employees to play an

active role in improving the environment, the risk of

disaster begins to lessen. If the environment, society

and individuals are managed and protected, we can

reduce the risk of bad things happening.

For over 90 years, Santammers have been working

towards creating a better, safer world for us to live in.

They manage our risks so we can get on with living

our lives. They’ve had plenty of experience keeping

us safe, and they plan to continue to do so for the

next 90 years, and for a long time after that. They

have built a reputation as industry leaders, and have

adapted and changed as things around them have

changed. They are on a journey of transformation, a

journey that South Africa as a whole is experiencing

and Santam is in it for the long haul. In order to stay

at the top of their game and continue to be the best,

Santammers work hard; they strive to ensure

that we don’t have to worry about what might

go wrong, and we can rest assured knowing

that the best and the brightest are on the

job. Santam prides itself on having the best

of the best working at the company. While

Santammers are hard at work for Santam,

Santam is hard at work creating a happy

working environment and making sure that the

right people are rewarded for their great work.

The average person spends the majority of

their adult life working to make a living – it is

something we all have to do if we want smart

cars, nice clothes and a good life for our families.

A lot of people go through this part of their life

unhappy and unsettled because they can’t find the

right job or the right people to work with. This is

not the case at Santam – the average Santammer

stays in the company for over 15 years. This is a

very good sign that the people who work under

the Yellow umbrella are there because it is a

good place to be, and they don’t want to leave.

What makes Santam such a great employer, I

hear you ask? First and foremost Santam believe

that their people are its brand. In other words, the

people who work at Santam are a reflection of the

kind of company Santam is. There is a culture of

creating a happy workforce with the well-being of

employees a strong focus.

There are reward and bonus systems in place.

Great work is recognised and celebrated both

by peers and management. Each member of the

team is acknowledged as a vital part of the chain.

Out-the-box thinking is rewarded. Santammers

aspire to greatness through a culture of co-

operation, incentives and recognition.

Yegs Ramiah, who is responsible for People and

Brand at Santam, explained that “to get the best

out of you we give you the best”.

One of the ways in which Santam gives back to

those who strive for excellence on its behalf is

Yell for Yellow. It is a concierge service available

to everyone who works there, regardless of rank.

Yell for Yellow will collect your dry cleaning,

help your kids with their homework, book your

holidays, arrange for your car to be serviced.

Your time is of value to Santam, which is why Yell

for Yellow provides a service to help you with the

things you don’t have the time to do. Yegs went

on to say that “life under the Yellow umbrella is

a very happy one”.

The focus is not just on work but also on

employee well-being. If you are having problems

at home, in a relationship, with work or any other

aspect of your life, Santam will provide you with

counselling and the help you need.

According to graduate Edmond Lee, “There

is a personal touch at work – its corporate but

personal. That’s why they are the employer of

choice.” Santam is not only recognised as the

employer of choice by its own employees, but

was given the Deloitte Best Company to Work for

award in 2009.

Life at Santam is governed by a strong set of

values, and these are carried through the entire

business, from senior management right the way

down the chain of command. As Yegs quite rightly

observed, “You can only inspire values if you live

them yourself.” These values are also passed on

to suppliers and clients. There is a strong sense of

corporate and social responsibility, transformation

and co-operation, as well as great emphasis

placed on environmental issues.

Working at Santam is not a job, it’s a career. It’s

a path that you can forge for yourself. There are

great opportunities waiting to be seized!

Hayfah Isaacs, who is currently in the graduate

programme and works in the marketing

department at Santam’s head offices in Cape

Town, said, “The Yellow umbrella is a symbol that

tells you this (Santam) is a safe haven, a place that

will look after you, and as a graduate (or school

leaver) that is what you are looking for.”

Embrace,inspire,think big

they need to adapt and change with the times, and this they are most

certainly doing.

Santam is the oldest and the largest insurance company in South Africa,

but don’t let that fool you into thinking that it is old fashioned or that

the people who work there are just drones working for a big corporate

company – it’s completely the opposite! Santam believes very strongly

in its staff – the people are the brand. New ideas are embraced and

implemented, young talent is nurtured and groomed to be the future of

the company, change and transformation are a way of life.

With a philosophy of ‘Embrace, Inspire, Think Big’, the sky’s the limit!

There are only 15 000 employees in

the South African short-term insurance

industry – this is a very small pool to

go fishing in for talent said Chantal

Syce, a manager in Talent Resourcing.

Santam have recognised the lack

of young talent, the lack of fresh

ideas and new thinking. To address

this, they have introduced a series of

programmes to grow talent for the

company, and the industry as a whole.

Santam employs more women than

men and 54 per cent of its employees

are black, Indian or coloured,

according to Yegs. The business is busy

filling the offices with young, innovative,

creative thinkers. The Santammers of

the 21st century are filled with energy

and passion. “They can look at an old

concept with fresh eyes and come up

with new solutions,” said Chantal.

The short-term insurance industry is

filled with opportunities for big thinkers;

for people who are looking to make

a difference and get involved in the

economy. As the oldest and largest

insurance company in South Africa,

Santam is a key player in the world of

finance, and for those looking to work

in a well established, well respected,

happy environment; Santam is the

place to be.

To attract the best possible talent out

there, to attract you, Santam offers a

variety of graduate and learnership

programmes. It is in these programmes

that the future leaders of Santam are

mentored and groomed and shaped

for tomorrow, according to Yegs. She

goes on to explain that Santam is

looking to develop people who will be

the company’s decision-makers in the

future. “These people are go-getters,

driven and motivated with a sense

of purpose. They have a sense of

knowing what they want and they stand

out from the crowd,” she added. These

people could be you.

young blood

and new talent

thesepeoplecouldbeyou

To find the best talent out there, to find you, Santam has embarked on a journey with Yegs

behind the wheel, ensuring that Santam remains true to its ethos that ‘our people are our

brand’. One of the ways that the company plans to achieve this is through its Graduate

Accelerate Programme, or GAP.

Yegs and her team have been travelling around South Africa, visiting all the major

universities during their careers week, speaking to learners. She has been actively

engaging with students to get them to understand Santam and the short-term insurance

industry, and to give them a better understanding of what fantastic career opportunities

are on offer within Santam, and what skills are required. From marketers to actuaries,

from law to human resources, the career choices are limitless both within the company

and the industry as a whole.

The last graduate programme that was run by Santam had over 2 000 applicants and,

of these, only six were offered places. But these places were not awarded purely based on

marks. “Applicants for the GAP must be degreed, but places are not mark dependent. We

are looking for someone who has had a balanced university life.”

The short-term insurance industry is part of the financial services sector, so Santam is

looking for people with numeracy skills. A bachelor of commerce or business science

degree is strongly recommended, as is a keen interest in finance.

To get into the GAP, applicants submit their CVs and take an online numeracy test. The

next step in the process is to shortlist those who passed the test and for them to take

part in national interviews. The interviewees are further short-listed. There is a final set

of interviews, after which the selections are made and places are offered. The GAP is a

new programme, but the hopes at Santam are that this will be a first step in creating new,

vibrant talent for the short-term insurance industry.

reaching out and getting in

The short-term

insurance industry

is filled with

opportunities for big

thinkers; for people

who are looking to

make a difference

and get involved in

the economy.

INmag | 2011 93

The Graduate Accelerate Programme has been

designed to make the transition between university

and the big wide working world an easier one. It

is a daunting thought being out there in the work

place after the safe secure environment of varsity,

but with this great programme you can make the

leap knowing that there are plenty of people to

catch you; in fact you are safe and secure under

the shade of the Yellow umbrella.

So, you’ve applied, you’re in the programme, now

what? This is where the learning really begins.

Graduates are exposed to “an abundant amount

of knowledge”, according to Hayfah. She added,

“When you leave university, you think you know it

all, but seeing what you’ve learnt put into practice

is much more valuable.” And this is what the GAP

is about. It is about taking all those things you

learnt in text books and lectures and applying them

to real life situations. The difference is that you are

guided and taught by a mentor: someone to steer

you in the right direction on this new and exciting

journey. However, there is no spoon feeding or

hand holding – this is your chance to shine, so

take it!

The Santam GAP is unique in that it offers you

the chance to move through the departments

and experience different working scenarios. “The

rotation system means that graduates are exposed

to experiences that they may not know about. This

is an extension of the learning process with the

flexibility to see different departments that will call

on a variety of core strengths,” said Yegs.

The rotation element of the programme allows you

to see the different areas of the business and to

try them all out. Just because you studied finance

or business, doesn’t necessarily mean you know

exactly what you want to do. Well, with the GAP

you don’t need to move from job to job trying to

figure that out. As part of the programme you get

to do just that, while you learn and earn. That’s a

great advantage – you will earn a market-related

salary. Santam will also give you any assistance it

can with your studies, from study leave to financial

assistance. All industry-related exams are taken

care of by the company and tutoring is provided

for these. The GAP not only focuses on the

technical skills that are involved in working in the

short-term insurance industry, but also on personal

skills such as team work. At Santam, being part

of a team is as important as operating as an

individual, and the company ensures that everyone

fits together.

Marks don’t always reflect your career choice, so

the graduate programme gives you a chance to try

things out first,” explained Yegs. “It is also about fit

and personality and about finding the department

where you gel. We believe our people are our

brand, so we invest in every individual.”

The GAP takes an holistic approach to developing

graduates. There is a structured learning

programme: graduates attend coaching sessions,

personal growth training and the development of

skills such as business writing. “The programme

is not only work related but adds to your personal

growth, too” said graduate Edmond. “What I’ve

learnt can be applied throughout my life. Thinking

ahead, planning, gathering information and giving

insight are all things I can take into my life and

apply on a daily basis,” he added.

mind the GAP

graduate accelerate programme

Santam offers two other programmes; the

Learnership and SBIDI.

The Learnership is aimed at matriculants and gives

them the chance to learn on the job skills straight

out of school.

The SBIDI, or Santam Black Intermediary

Development Initiative, was developed to address

the fact that the short-term insurance industry in

South Africa suffers from a severe shortage of black

brokers. This particularly affects the provision of

a brokerage service to non-traditional segments

of the population. The SBIDI is part of Santam’s

commitment to drive transformation both within the

company and within the industry. The programme

has been a great success, “not necessarily in

creating black brokers, but in diversifying the

industry – those who participate in the SBIDI don’t

necessarily go on to be brokers, but they have

gone on to be players in other areas of the short-

term insurance industry”, Chantal explained.

Part of the motivation behind the introduction of the

SBIDI is to grow the industry’s client demographic

– there is a huge emerging market in South Africa

and, in order to reach that market, the short-term

industry needs brokers who speak to this market.

Brokers who enter the programme are mentored

on all the areas of the short-term industry and

brokerage, including daily operational activities,

client service and relationship building. Once

again, Santam is working hard at ensuring that the

people who represent the company are the brand.

They have, to date, invested over a million Rand in

the programme.

Santam has realised that to be able to sustain

itself as a business, it needs to grow and branch

out – the company, its employees and its business

practices needs to change, adapt and transform as

South African society does in order to lead the way

in the industry.

other learnership programmes

The world economy is shifting, new markets are

emerging, and Santam has recognised this. To be

the leader of the pack, it is expanding its horizons

and moving into new territories. There are huge

opportunities in India and South East Asia, and the

company is growing its business in these regions.

There is a need for forward thinkers in these areas,

so there is great travel opportunity, too.

out of africa

INmag | 201194

survival of the fittest

In business in South Africa today, two key words

are transformation and sustainability. They are

everywhere, and the concept is a very simple

one: in order to sustain your business you need

to transform. But what does this mean? The

easiest way to explain this is to use Darwin’s

Theory of Evolution; survival of the fittest. But

the fittest is not necessarily the biggest or the

strongest, it is the one that is fastest to adapt

to its surroundings and any changes in that

surrounding. Simply speaking, this is what

transformation is – the process of adapting.

Sustainability is the survival.

Santam’s business principles are driven by the

process of transformation. The company is on a

journey that mirrors the journey that South Africa

is on. “The industry must continue to grow with

society,” said head of Strategy, Vanessa Otto-

Mentz. Santam is leading the industry in the

process of transformation, and a transforming

market is one of the driving forces behind this.

You need to adapt and change as the situation

around you does.

“It is a journey, not a destination, and the

journey is ongoing. There is a system of

constant re-evaluation. It is through change and

transformation that we can ensure sustainability

and relevance for the future,” according to Yegs.

“The transformation process is driven by

changing markets and is driven by being

representative of those markets,” she added.

Santam has realised that in order to continue

to be at the top of the game, it is vital to steer

the business and align it with the changes in the

country – to represent the everyman it needs

to adapt. A big part of this is employment

equity and diversity within the company, as

well as diversity in its clients and suppliers. The

process is ongoing, change is constant, so

transformation needs to be constant, too; but it

is important to “ensure that the pace at which

transformation occurs is sustainable,” said Yegs.

Sustainability, or survival, in the short-term

insurance industry is affected by outside

influences. In the risk management arena, one

of the biggest problems is the unpredictable

environmental impact that is ravaging the

planet as the result of global warming.

Working with the united Nation Environmental

Programme Insurance working group, Santam

has concluded that “instead of being reactive

to losses and claims, the industry can be

proactive and act as a catalyst for behaviour

changes which are much needed in building a

risk-resilient society,” explained Vanessa.

The devastation caused by drought, floods

and other extreme weather conditions affects

farmers, government, individuals and society

as a whole. “We need to be forward thinking

and start acting now to better prepare for

what is expected to come,” she said. Santam

provides seasonal weather forecasts to the

agriculture industry enabling farmers to

manage the realities of climate variability and

plan more effectively when to plant which

crop. This is risk management at work.

Another way that Santam is helping reduce

the environment impact of its clients through

reduced energy consumption is via solar water

heaters. “The goal here is to be champions in

assisting government in reducing the demand

on the national grid,” said John Lomberg, in

the stakeholder relations department. As an

example, when clients claim for a burst electric

water geyser, it is Santam’s policy to steer

them towards replacing it with a solar geyser.

The aim is to have installed one million solar

geysers in homes by the end of 2014.

Santam is also working with local government

and the Department of Corporate Governance

to assist the local municipalities with climate

change initiatives. They are educating and

up-skilling councillors so that they take

environmental issues up as part of their political

portfolio – this is now an everyday issue

affecting everyone.

It is Santam’s belief that we all have a part

to play in reducing the risk to ourselves

and society, and lead by example. The

implementation of programmes such as these is

a clear sign that Santam cares.

climate control

Sticking to the

brand promise

that prevention is

better than cure,

Santam is investing

in the youth now

to ensure that

they are strong,

healthy contributing

members of society

in the future.

INmag | 2011 95

portfolio – this is now an everyday issue

affecting everyone.

It is Santam’s belief that we all have a part

to play in reducing the risk to ourselves

and society, and lead by example. The

implementation of programmes such as these is

a clear sign that Santam cares.

It is a journey, not a destination, and the journey is ongoing

Santam has developed a culture of corporate social

investment and has developed the reputation of

being a socially responsible corporate citizen.

The company has recognised the growing

challenges that face the youth of South Africa

today – studies show that over 17 million young

people live in conditions of poverty, disease,

substance abuse and violence and many

struggle to stay at school and matriculate under

these circumstances.

Part of the risk management process at Santam

involves making the youth – the future of the

country – the focus of corporate social investment

programmes. Sticking to the brand promise that

prevention is better than cure, Santam is investing in

the youth now to ensure that they are strong, healthy

contributing members of society in the future. There

are three vital areas that are being focused on –

development, security and opportunity. It is Santam’s

aim to create and manage programmes that fulfil

these needs to grow society in the future.

One of the initiatives that Santam launched is in

partnership with NICRO (National Institute for Crime

Prevention and the Reintegration of Offenders) is

the School Safety Ambassador Programme. Over

the next five years, Santam will invest R2,5 million

in areas such as Mpumalanga, KwaZulu-Natal, the

Western Cape and the Eastern Cape.

The project is aimed at high schools where young

ambassadors are chosen and given the skills,

knowledge, experience and motivation to act as

positive role models to other students. The project

also aims to teach students about things that could

deter them from reaching their goals and how to

avoid these.

Santam cares

it’s up to you

This partnership is just one

of the ways that Santam

is reducing risk and

creating a safer future for

individuals who will impact

on society as whole.

Santam recognises that a

stable society, a growing

economy and a healthy

natural environment are

essential for its business to

sustain the level of success

that it has enjoyed until

now. It strives to create a

more prosperous South

Africa where reduced

levels of crime, poverty

and environmental

damage lead to the

greater good of society

and a wider market place.

In the risk

management

arena, one of the

biggest problems is

the unpredictable

environmental

impact that is

ravaging the planet

as the result of

global warming.

If you want to make a difference in the world, risk

management insurance is the best place to start.

Santam is looking for people who will ask questions,

challenge old ideas and bring them into the future.

As Ghandi said, “Be the change you want to see.”

Help manage society’s risk and be part of the safe

haven that is offered under the Yellow umbrella.

Santam believes in you enough to invest in your future,

shouldn’t you? Be part of tomorrow’s solutions today!

If you have any questions, please contact

santam@santam.co.za.

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INmag | 201198

da

ma

ge

co

ntro

l

INmag | 2011 99

Special risks is the

term given to the

types of extraordinary

risk conventional

insurers are unable

or reluctant to cover.

This has included

damages arising from civil unrest,

terrorism and labour action

(strikes, lockouts, etc.)

This is where we come in. Truly,

Sasria is an extraordinary company.

Covering the extraordinary

africa’s foremost special risks insurer for over 30 yearsSSaSRia

INmag | 2011100

Sasria was founded in 1979 as a political risks insurer as a result of civil unrest at the time. As riots, violence and protests are not uncommon in an emerging democracy, Sasria has played an important role in securing the country’s socio-economic stability and prosperity since then. Over time, Sasria’s product offering has extended to cover non-political risks such as strikes, public disorder and terrorism.

Currently enjoying its 30th year of successful business, the organisation was originally established by a collective of South African short-term insurers, in consultation with the government of the day, to act as an extension of the short-term insurance industry. The collective was converted to a limited company in 1998 with the South African Government as its sole shareholder and, in 1999, the acronym Sasria was officially adopted, derived from the South African Special Risk Insurance Association.

aboutusWe strive to • Provide quality customer service. • Develop the skills and capacity of its own employees. • Maintain current strategic partnerships and establish new ones.• Provide innovative and relevant products to the market.• Optimise shareholder value.

vision

Meaningful transformation remains a challenge in South Africa, especially in the financial services sector. Sasria has, however, taken the lead in this regard, with all levels of the company reflecting the country’s demographics, and with both the board and executive management showing an equal split in gender.

Training, skills transfer and mentorship support this effort, and are designed to ensure that Sasria will continue to represent all of the country’s people in both its structure and functioning.

transformation

The South African Actuaries Development Programme is a programme that seeks to address the problem of the acute shortage of actuarial skills in the black community in South Africa. After careful selection, students receive a comprehensive bursary and support for their studies over a four-year period.

The South African Actuaries Development Programme (SAADP) is an independent, non-profit organisation that was established with the backing of Sasria. Its primary aim is to unearth and harness mathematical and analytical skills amongst black students in order to expose them to career opportunities in the field of

actuarial science. The programme is geared towards creating greater awareness, understanding and appreciation of actuarial science as a field of study.

The programme provides potential actuaries with academic and financial support as well as life skills, workshops and training.

find out more at www.saadp.co.za

SAADP

INmag | 2011 101

SA

AD

Psuccessstory

When did you know you wanted to be an actuary?I was first introduced to the actuarial profession by one of my grade 9 teachers. At that time, I wasn’t really interested but as I learnt more about actuaries, my interest grew. I made up my mind about it in my matric year. It just seemed to be the best option for someone who was really good at maths.

how did you get a SAAdP bursary to study? My dad was on a state pension so he was never going to afford to pay for my studies. I approached several companies and funders but couldn’t secure a sponsor for my first year of study. I managed to get a NSFAS loan though. Wits also offered a tuition bursary for students who performed well in their matric year. So in the first year, the Wits bursary covered my tuition and NSFAS covered my meals and accommodation.

When I started my second year, I was approached and offered a full bursary by the South African Actuaries Development Programme. It was quite a relief because that was the year that NSFAS stopped offering 100 per cent loans at Wits.

Why do you think you got the bursary (i.e. what qualities are needed)?I think they looked at my first year results. They were only starting out so they took anyone with good marks. It has become much more competitive since then because the number of students seeking the bursary has increased substantially. Because of the high levels of competition, they no longer just rely on your marks. I think they look for confident people who are also very disciplined and ambitious.

Can you tell us a bit more about what the programme of-fered you and how it worked? did you have to get certain marks to stay in the programme? They pay for tuition, accommodation and meals. They also offer a living allowance. What sets the programme apart though is the non-financial support. They have fulltime co-ordinators and tutors at each of the universities who provide a support base for the students. They also encourage students to form a support network among themselves. You need to pass to retain your bursary. If you pass but with very low marks, you will probably lose part of the bursary.

If you could go back in time and tell your 17-year-old self anything, what would it be?If I met 17-year-old me, I would tell him that he has greater potential to excel than he thinks. Also that he should work harder, be more confident, and stop acting shy. He should speak up in class and not sit there like a bag.

What advice do you have for the 17-year olds of today?Work hard and play hard, but work first. Avoid TV and video games, pick a sport instead. Read lots of books, especially during holidays. Teach yourself discipline and persistence. Be good to people without expecting anything back. Make lots of friends, especially with your university classmates. They are your initial set of contacts, and in the business world, contacts are highly valuable enablers.

What qualifications do you have?I completed a BSc honours in actuarial science in 2005 and continued to write exams with the Faculty of Actuaries until I qualified as an actuary in 2008. I enjoyed the non-academic side of my life at Wits quite a lot. I was involved with several student organisations and had good times with good friends.

describe yourself in three words. Humble, humorous, disciplined.

What makes you successful?I am always setting goals, achieving them, and setting new ones that are more daring than the previous. For that reason I never consider myself successful, because as soon as I achieve something I forget about it and look for the next goal.

tell us what you do in an average day. Wake up between 5h30 and 6h00, shower, have a quick breakfast, and leave the house. I love getting to work before 7h00. It gives me time to check e-mails and Facebook, read the news and stuff.

At around 8h00 I start working. There’s lots of number crunching and lots of meetings to discuss past, current and future projects. My responsibilities in any given day vary a lot; I could be assisting in the design of a new product one moment and drafting a paper for publication in an international journal the next.

I always take 30 minutes to an hour for lunch. It’s a good refresher. I leave work mostly between 17h00 and 18h00. After work I go straight home, go to gym or go for golf practice. I love cooking so some days I’ll cook for myself and my wife. After dinner I read, relax or work some more. I’m usually in bed by 23h00.

What is your best studying tip and how do you cope with stress? When I was at university, I used to spend the few weeks during the year-end holidays (especially in January) revising some of the more difficult topics from the previous year. It would be much easier to understand them since stress levels would be much lower. It worked miracles. I would recommend that to anyone who wants to get As for a particular course.

I’m still trying to find ways to deal with stress. Exercise helps quite a lot, so does going out and having fun with friends. I also avoid worrying about stuff that I can’t control.

fill in the missing word(s). Actuaries are... ...experts in financial modelling and risk management. Some also make good business leaders, especially in financial services.

What misconceptions do people have about actuaries that you would like to set straight?The most common misconception that I know of is that actuaries are boring nerds. That’s based on an old-fashioned generalisation that smart people are social misfits. There’s also the belief that all actuaries are millionaires. I genuinely wish the latter was true.

What do you do for fun?I enjoy going out for movies and live shows, especially stand-up comedy. A Saturday night at Parker’s Comedy & Jive in Montecasino is one of my favourite treats. I also love kart racing and have recently started playing golf. I call friends over for a braai whenever I find an excuse. During long weekends and other breaks, I prefer to travel to interesting places with my wife and close friends.

What is your favourite thing about the financial services landscape in South Africa?The financial services industry is one of the few industries in South Africa that are truly world class. You can take any professional and stick them in an equivalent position anywhere in the world and they would hold their own with commendation. Also, our companies are much more willing to embrace young talent than many in the First World. Young professionals in South Africa are generally allowed to take on greater responsibilities than their international counterparts. They thus tend to have more challenging roles and become mature leaders much earlier.

What are your plans for the future?My main focus in the short to medium term will be my job. I will be working hard to establish my credibility and to learn as much as I can as quickly as I can. I would like to grow in my role and participate and lead larger and larger projects. There are also some projects on the side that I have been working on with some close friends and associates that I am very determined to make a success of.

josiasemaroba actuary at Discovery

INmag | 2011102

macheke“

”Keep your head high, find your niche and work hard. The world is your oyster.

steeringthe

ship

BCom Marketing and Finance (university of Natal), Honours Investment Management (RAu), Diploma Commercial Administration (CATS – Germany).

collinmacheke

INmag | 2011 103

executivemanagerbusinessdevelopmentsasria Specialising in marketing and finance at university means you have the unique combo of people skills and number-crunching abilities. did you always know that insurance/financial services would be your ‘thing’? I have always been fascinated by complex financial instruments dynamics. Having done a BCom (marketing and finance), I knew that I wanted to play a part in the marketing of finance, particularly within corporations. If you are just a marketer, you won’t know much about financial dynamics and therefore it would be difficult to market complex financial products. This is why I decided to do finance as well as marketing at university.

Because I took maths at school and was good at it, I knew I could broaden my choice of studies at a later stage. Maths opens up a whole lot of possibilities, and I knew studying a BCom would help me develop my talents and acquire the skills I wanted.

What should learners do at school to secure their career success? Study hard and enjoy life, but without being irresponsible.

If you could go back in time and tell your 17-year-old self anything, what would it be?My best advice would be: keep your head high, find your niche and work hard. The world is your oyster. And as Shakespeare said: “All the world’s a stage.”

What did you enjoy about your studies? When I studied for my honours in investment management (part time), I was already a channel manager of franchising and new market development at Standard Bank, but this course took my knowledge to the next level. I learned about all the aspects of finance and investment: corporate finance, foreign exchange management, derivatives, interest-bearing instruments, property finance, share evaluation as well as insurance. This positioned me to continue my career at a high level.

The diploma in commercial administration utilised a duel system of learning – I spent time doing my apprenticeship at a company, and I also learned the theoretical aspects. A degree doesn’t necessarily give you the practical skills to go out there and work, but this diploma meant I was qualified as a certified commercial administrator and able to proceed into the job market.

With all my studies I enjoyed being able to attain a higher level of understanding of complex financial instruments, and the skills to analyse the markets. In business development, one needs to come up with new products and new initiatives, so it is necessary to have an understanding of what’s out there and what would be profitable.

tell us what you do in an average day. It’s a combination of things. My role involves research and talking to people. I need to meet with internal departments – especially the underwriters. As part of my marketing role, I regularly have meetings with media as the official spokesperson for the company. I ensure I am in touch with my staff, as my role requires managing people who have similar objectives. I would say I spend half my time in the office and the other half visiting clients and attending seminars and events.

For business development, especially in financial services, one really needs to have the heart for it. You have to love meeting and engaging with people, and be able to build on opportunities for the company. I am like a bridge between the actuarial scientists, underwriters and the public. In my marketing capacity, I need to translate what the underwriters say (they have their own language) so that the public can understand it.

What are the perks of your job?I don’t need to sit at a desk for the whole day; I can go out there and interact with different people. I am right at the coal face of the industry and I delight in it. It’s a really dynamic area in which to work. If you have the right skills and personality, it can be extremely rewarding. Business development is results-orientated and you can see the effects of your hard work. I do work hard: my days usually start early and end late.

describe yourself in three words. Exciting, dynamic and people-orientated.

What misconceptions do people have about insurance that you would like to set straight?The public does not engage too much, and they see insurance as a nuisance – they sometimes don’t realise its value. Policies may seem complicated with all the fine print and contracts, but cover is so important.

When 9/11 happened in New York, the payout was $32 billion. If a catastrophic event were to occur in South Africa, it is the insurance industry that will guarantee that the country can pick itself up, redevelop and move on. Sasria’s role in this scenario, as a large government reinsurer of extraordinary risks, would be fundamental. What hobbies do you have? I enjoy golf, jogging, watching and playing tennis. (At school I represented my province on the court.) Attending jazz music shows and watching movies are also favourite pastimes, as well as reading a good book. I am a master at braaing and love to cook, too. What issues are close to your heart?What’s close to my heart is making sure that we collectively work hard to transform the industry – I feel Sasria leads the way in this mission. Also, in terms of corporate social investment (CSI), I strongly believe we need to attract the people of South Africa, from all fronts, to industries such as insurance. The education of our young people is key – they are the future of the country.

INmag | 2011104

BJuris (uNISA), HCiI (uNISA), MDP (GIBS)thokozilemahlangu

“Policies may seem

complicated with all the fine print and

contracts, but cover is so important.

mahlangu

INmag | 2011 105

mahlangusteering

theship

”

executivemanagerbusinessoperationssasria When did you first know that you wanted to study law?When I was in standard eight (as we used to call it), I realised that I had a passion for law. My dad was a magistrate at that time and my brother also studied law so I was exposed to the profession at quite a young age. It wasn’t actually my first choice – I wanted to study dentistry. However, in matric I did more research and once I got the details, I realised that dentistry wasn’t for me. I like to talk quite a bit and I enjoy negotiation, so law seemed to suit my personality. At school I did science, maths, biology and accounting so my options were wide open. Even though I didn’t end up needing these subjects for my degree, they all helped my thinking capacity to develop quicker and exposed me to different ideas. Studying law gave me the option to venture into a number of fields.

how did you end up in the insurance industry (and graduating with a higher certificate in insurance)?In the final year of my law degree, I realised that I had lost interest in practice, but thought I would be happy as a legal adviser; someone behind the scenes somewhere, but not in court. Once I graduated, I began job-hunting and the opportunity to move into insurance presented itself. Fortunately my law degree was extremely useful for the contractual interpretation that is needed in insurance and it remains relevant today.

What are the important things to do at school (and straight after) to secure a career?Study very hard. Learners should stay focussed, and take the time to engage with teachers and people who work in different fields. Read, get exposure to a number of careers, and make sure you pay attention in life orientation when you learn about the options in the job market.

If you could go back in time and tell your 17-year-old self anything, what would it be?Discipline yourself. Focus is so easy to lose when you are that age. It’s an exciting time; your body is doing exciting things, so you tend to miss the goal. So keep disciplined, but also have fun.

What did you enjoy about your studies? I loved so many things. Law really built up my interest in reading. We are all forced to read at school, but law made me absolutely love it. I like to think of new perspectives and interpret what the writer is saying. Insurance taught me about risk management, and identifying risks as they come along. My management diploma showed me different management styles, how to manage transformation and about financial management.

I am currently doing my masters in business leadership. In this course, I enjoy conversing with people from different backgrounds, learning to accommodate them and their view. I thoroughly enjoy team work – working together as a group, discussing various angles and agreeing on a final decision. The support and the trust I have experienced is so motivating.

Describe yourself in one sentence. I’m a born learner, vibrant and analytical.

tell us what you do in an average day. A bit of everything. Days are always different. I do spend a lot of time in meetings and managing relations. I have to be an all-rounder. Stakeholder relationship management is important for my position so I am in meetings often. I read, write and appreciate these skills that studying law gave me: to express, interpret and negotiate. I have to make difficult decisions and understand stakeholders’ interests and needs before trying to meet those needs.

how do you cope with stress? I like walking in the rain and I do a lot of self-talk, too. My brother recently gave me advice which I have been trying to follow: The function of the heart is to pump blood. It means never allow the heart to be affected by anything else. Follow your brain, take emotions out of the equation, and think logically about the situation.

Complete the sentence: insurance professionals are... ...good at building sustainable relationships, and are equipped to provide advice and management of insurable risks.

What misconceptions do people have about insurance that you would like to set straight?The insurance industry is sometimes seen as purposely hiding the fine print. However, we need to educate consumers with the necessary information, making it real and relevant. This is a challenge that all players in the industry need to address.

Do you think there are enough women in the insurance industry? On one hand, there are a lot of clerks and such, but at senior level women are scarce. I think this is mainly due to historical reasons; men have been more involved in the business world while women were at home. But in the next few years, this will change. Slowly but surely there will be more role models for young girls.

What issues are close to your heart? Empowerment, in two forms:1) Skills development in general, and mobilising people to work. I would be happy to be able to offer opportunities to the less fortunate. 2) South Africa needs effective leaders in government and in the corporate world. This is vital for an effective economy. There is debate about whether a leader is born or made, but I think an effective leader has empathy while remain-ing goal-driven. It’s important for leaders not to forget the people.

What do you do for fun?I like to dance and sing, but only when I am alone or with close friends! I enjoy reading, as well as mingling with people. I’m quite a socialite. Either having challenging academic/intellectual discussions or just chatting about nothing is really a pleasure for me.

INmag | 2011106

madondosteering

theship

“”

Life doesn’t always go according to plan and has its ups and downs, but it’s important to stay positive

and keep trying.

BCom Economics & Business Economics (university of Durban-Westville), FIISA.

cedricmasondo

INmag | 2011 107

cedricmasondo

executiveunderwriting sasria Cedric, why would you recommend working in the insurance industry to young South Africans? Insurance is such a misunderstood field. It’s probably the only industry where there are such a great number of people with different skills all working together. As a youngster, it doesn’t matter what you enjoy or what your personality is, you will find something to suit you in insurance. It is such a diverse field that can offer you so much for your career. An underwriter is a jack of all trades, really. You come across risks from aviation and transport to manufacturing and even small coffee shops. It’s a wide industry and you come into contact with every sector of the economy.

And why have you chosen to work at Sasria?Sasria traditionally wrote only one type of business, but the company has a new vision. I would like to grow with the company – we have increasing premiums and the type of business that we write is very exciting. I also wanted the opportunity to deal with overseas reinsurers.

If you could go back to when you were 17 and change anything, what would it be?Looking back at my career, I think I would change my attitude towards school work as a teenager, and my attitude towards to life. I was like most teenagers at that age – just okay with getting average results. So I would tell myself to aim high and excel!

Was it easy deciding on your course at university? Well, I went to a normal government school and, back then, career guidance was not as advanced. I took maths and science as well as commercial subjects for matric, but then faced a dilemma about whether to study engineering or go into commerce. All my friends were going to a technikon, so I wanted to join them, but I was really confused. My mom then sent me for a psychometric test. I discovered that engineering and sciences were actually not for me, so I applied for a BCom.

Should everyone go for a psychometric test?I would say there are three groups of learners:1) Those who know what they want to study and are ready.2) Those who know what they want, but they can’t do it due to their personality and/or skills.3) Those who are not sure what to study and who need a little guidance. I think psychometric tests can really help with the second and third group to help them realise their options. It’s not always the case that if you have great results, you should go into the expected fields of medicine or engineering. Your personality is really important.

describe yourself in three words. Calm, hard-working, private (I wouldn’t want to be a DJ or or TV presenter!).

What does an underwriter do in an average day? Well, it changes at an executive level. Now I do more reading and writing. But the average underwriter spends most of his time reading submissions from brokers, analysing, calculating and deciding on risks. underwriters deal with different accounts and spend a lot of time making decisions. They need to read a lot and do research. I would say underwriters spend most of their time in front of the computer and on the phone. There is a lot of negotiation between an underwriter and brokers.

fill in the missing word(s). underwriters... …analyse a risk and decide on whether or not to take it. underwriters look at the terms of the insurance contract, the premium, the value and the conditions of the policy. It becomes more sophisticated as an account becomes bigger, so corporate accounts are much more complex than personal lines insurance. Obviously, underwriters also need to look at whether or not a contract will be financially viable.

What misconceptions do people have about insurance that you would like to set straight?I think there are two:1) Many members of the public think that insurance companies are there to rob people and avoid paying claims. But what the public doesn’t know is that there are fraudulent claims made to insurers every day. It’s our duty to ensure that only legitimate claims are paid – it’s in everybody’s best interest. Otherwise premiums would be inflated and everybody would suffer. 2) School learners may have the misconception that if you work in insurance, you will be a sales rep. That can be a great job, but there are many other career paths. In insurance you can do claims analysing, marketing and loss adjusting; there are HR people, lawyers, scientists and actuaries. It’s so much bigger than just selling the products. What do you do to relax? I watch TV. I love TV! I have a wife and two boys though so I do fight a lot for the remote. I enjoy documentaries and listen to the news often. You have to with the business that we are doing – if there are floods in Australia it might affect us indirectly. The insurance industry is one worldwide industry – everything is linked. I love watching sport and am an excellent coach (from the comfort of my living room). I should win trophies for my coaching.

What message do you have for South African school-leavers?There is no such thing as luck in life. You must work hard, and study throughout your schooling career, not just in grade 12. Also, stay positive. Life doesn’t always go according to plan and has its ups and downs, but it’s important to stay positive and keep trying. To secure your future, practice safe sex.

for more information, visit www.sasria.com, send an e-mail to info@sasria.co.za or phone

+27 (0)11 881 1300/086 172 7742.

INmag | 2011108

ACtuAryA person who uses mathematical skills to

define, analyse and solve complex business

and social problems involving insurance and

employee benefit programmes. The work of

actuaries involves the various possibilities that

face human beings: birth, marriage, sickness,

accident, loss of property, legal liability,

retirement and death, and the financial

effects which these have on various insurance

and benefit programmes.

ASSEtSAll the property and resources of a business

or individual.

AudItorOne who checks the accuracy of figures,

either the company’s or those of its

policyholders who are insured by policies

calling for audits.

BEnEfItSIn life, health and accident insurance, the

money to be paid or services given under

the policy.

BrokErA licensed, legal representative of the insured

client who negotiates with underwriters and

insurance companies.

BrokErAgE

Refers to a broker’s business or group of

brokers. Also called brokerage house or

brokerage firm.

BurSAryMoney given to a student to help pay for

their studies.

CAndIdAtE

A person applying for a position or selected

by others.

ClErkA person employed to keep records and

perform routine tasks.

ClIEntThe customer (person or entity) who buys

insurance through an agent or other

intermediary.

CoMMErCIAl lInES

Types of insurance written for businesses

instead of individuals (for which the term

personal lines applies).

CorPorAtE

Pertaining to corporations. Corporations

are the most common form of business

organisation, and one which is given many

legal rights as an entity separate from

its owners.

CoVEr1. To protect with insurance.

2. The insurance itself. The same as

coverage.

EntrEPrEnEur

A person who organises and manages any

enterprise, especially a business, using

their initiative.

EXPErIEntIAl lEArnIng

Learning relating to or gained from

experience.

frAudDishonesty.

fInAnCIAl PlAnnEr

An entity that offers direction and advice

regarding finances, investments, retirement

income and various other aspects in handling

the overall finances of a person.

fEEA charge or payment for professional services.

grAduAtE

A person who has received a degree or

diploma on completing a course of study, as

in a university, college or school.

InCEntIVE

A reward offered for certain behaviour.

IndEMnIfy

To protect against damage or loss.

IndEMnIty

Protection or security against damage or loss.

OF TERMSGLOSSARY

INmag | 2011 109

Once you are on the first rung of that ladder, don’t be content to just sit there; reach out for more, grasp opportunities to grow and move in new directions and embrace the working world and its many benefits.

IndEPEndEnt BrokEr

An insurance producer who sells

insurance as an independent

contractor while representing one

or more insurers of the broker’s

choosing, and who owns the

expiration records of customers

served. The independent status

is further illustrated by the selling

functions performed, which are not

directed by the insurer, as would

be the case if the agent were an

employee. Those functions include

contacting prospective insureds,

effecting insurance, issuing policies,

collecting premiums (in many or

most cases), settling some losses

of small amounts, and generally

representing the insurers in the

broker’s community. By contrast,

the direct writing insurer directs

the selling functions of its brokers,

known as exclusive brokers, and

owns the expiration records.

InSurAnCE

The transfer of risk, or chance of

loss from one party (the insured)

to another party (the insurer), in

which the insurer promises, usually

in a written contract, to pay the

insured an amount of money for an

unexpected event.

InSurAnCE BrokEr

A licensed, legal representative of

the insured who negotiates with

underwriters on behalf of the insured.

The broker receives a commission

from the insurer (underwriter).

InSurEdThe person or parties protected by

an insurance policy.

InSurErThe insurance company or other

organisation providing insurance

coverage and services. (See insurance.)

IntErnA person who is or has been

interned. (See internship.)

IntErnShIP

An official or formal programme

to give practical experience for

beginners in an occupation

or profession.

InVEStMEnt InCoME

That part of a company’s income

made from its invested assets before

realised capital gain or loss, as

opposed to its underwriting activities.

lEArnErShIP

A learnership is a training

programme that combines theory

at a college or training centre with

relevant practice on-the-job.

lIABlE Legally responsible.

lIABIlItyThe state of being liable.

lIfE InSurAnCE

The promise to pay out a sum at

the death of the insured, or at

another determined time if earlier.

The amount is larger than the total

value of the premiums paid by the

insurer for the promise.

MEntorShIP

A formal relationship between a

student and a professional adult or

organisation to further the student’s

knowledge, skills or career.

MultI-lInE

Dealing in multiple types of insurance.

nIChEA distinct and separate part of a market.

PErSonAl lInES

Types of insurance written for individuals

rather than businesses, for which the

term commercial lines applies.

PolICyThe formal written contract of insurance.

PolICyholdEr

The person or party who has a contract

and who pays a premium to an

insurer for them to provide insurance

protection. (Same as insured.)

PortfolIo

A group of insurance policies

or investments.

PrEMIuMThe amount of money an insurance

company charges (monthly) to

provide insurance coverage.

rECruItTo find or attract new employees

or graduates.

rEInSurAnCE

1. The transaction whereby an

insurance company (the reinsurer),

for a fee, agrees to indemnify

another insurance company against

all or part of a loss under a policy.

2. When referred to as ‘a

reinsurance’, the term means the

relationship between reinsured(s)

and reinsurer(s).

rEVEnuEIncome.

rISk1. uncertainty of loss or chance

of loss. Its existence is the reason

people buy insurance.

2. The subject matter of an

insurance contract such as the

building, vehicle or cargo insured.

rISk MAnAgEMEnt

The identification, evaluation and

management of all of the possible

dangers and chances of loss.

SuBSIdyA grant or contribution of money.

undErWrItEr

One who accepts or rejects risks for

an insurer (originally, by writing the

person’s name under the contract

of insurance being issued).

http://www.ahtins.com/glossary/index.html

INmag | 2011110

contactscon·tact/ˈkɒntækt/

–noun 1. the act or state of

touching; a touch-

ing or meeting, as

of two things or

people. 2. immediate prox-

imity or association.

3. an acquaintance,

colleague, or rela-

tive through whom

a person can gain

access to informa-

tion, favors, influ-

ential people, and

the like. 4. Electricity . a

junction of electric

conductors, usually

metal, that controls

current flow, often

completing or inter-

rupting a circuit.

5. Geology . the

interface, generally

a planar surface,

between strata that

differ in lithology

or age. 6. Medicine/Medi-

cal . a person who

has lately been ex-

posed to an infected

person. 7. Sociology . a

condition in which

two or more indi-

viduals or groups

CONTACTS

Etana +27 (0)11 351 2500 www.etana.co.za

FIA +27 (0)12 665 0085 www.fia.org.za

Financial planning Institute 0860 1000 374 www.fpi.co.za

Hollard +27 (0)11 351 5000 www.hollard.co.za

IISA 0861 00 4472 www.iisa.co.za

INSETA 0860 113 0013 www.inseta.org.za

Lion of Africa +27 (0)11 645 1900 www.lionsure.com

Masthead +27 (0)21 940 5911 www.masthead.co.za

Momentum +27 (0)12 671 8911 www.momentum.co.za

Mutual & Federal +27 (0)11 374 9111 www.mf.co.za

National Student Financial Aid Scheme +27 (0)21 763 3232 www.nsfas.org.za

Old Mutual 0860 50 60 70 www.oldmutual.co.za

SAIA +27 (0)11 726 5381 www.saia.co.za

Santam +27 (0)12 915 7000 www.santam.co.za

Sasria +27 (0)11 881 1300 www.sasria.com

Swiss Re +27 (0)11 502 5000 www.swissre.com

contactscon·tact/ˈkɒntækt/

–noun 1. the act or state of

touching; a touch-

ing or meeting, as

of two things or

people. 2. immediate prox-

imity or association.

3. an acquaintance,

colleague, or rela-

tive through whom

a person can gain

access to informa-

tion, favors, influ-

ential people, and

the like. 4. Electricity . a

junction of electric

conductors, usually

metal, that controls

current flow, often

completing or inter-

rupting a circuit.

5. Geology . the

interface, generally

a planar surface,

between strata that

differ in lithology

or age. 6. Medicine/Medi-

cal . a person who

has lately been ex-

posed to an infected

person. 7. Sociology . a

condition in which

two or more indi-

viduals or groups