A large multi-territory risk

Episode four, task four sponsored by Emerald Africa, sees the apprentices face a difficult task with the added pressure of apprentice conflict and disagreement affecting group dynamics and team efforts.

For the very first time, drama and tension unfolds between two apprentices following lingering issues that stemmed from day one of the competition. Viewers will need to watch this episode to find out who we are talking about.

With guest judges Chris Potter, Portfolio Executive at Emerald Africa and Linda Dayanand, Executive Head of Operations at Emerald Africa on hand to assist with the task and sit in as a panel with judge Simon, apprentices are handed their task.

Task four #underwritingrisk
In their teams, acting as commercial and corporate property insurers who underwrite business in South Africa, the Indian Ocean Islands and Africa, the apprentices gain the knowledge that a current client of theirs plans to expand into Africa over the next two years. They are approached by a broker to give indicative terms for the upcoming renewal on 1 March 2018 for the current sites in RSA, Morocco and Mauritius, as well as a 1 March 2019 renewal for the additional sites in Zambia and Libya.

In addressing the panel, the apprentices were requested to cover the 2018 Programme which included the total sum insured, the rate utilised in calculating the premium, whether the premium meets the insured’s expectations, measures that the insured can put in place to qualify for a reduced rate and additional information that can be requested from the insured to allow a better evaluation of the risk.

In presenting the 2019 programme to the panel, the apprentices had to emphasise what challenges the addition of Zambia and Libya would present, what TSI would be used in the premium calculation, what role, if any, would the local insurers in the additional territories play, whether the risk can be accommodated considering the underwriting limit in the treaty and how the insurer can assist the insured through the use of facultative reinsurance.

Watch it here
Was the quality of their information clear and did they answer all the questions? Hear the verdict and what judge Simon had to say in episode four.

We would like to thank Emerald Africa for sponsoring the fourth episode of The Insurance Apprentice 2018 and Hollard for hosting the apprentices on a fantastic fun night out.

Watch on Youtube

Watch on Facebook

The prize

The winner of The Insurance Apprentice 2018 will fly to London, in business class, for a week to visit Lloyds of London, sponsored Lloyds of London; the winner will also receive a bursary valued at R75 000 from INSETA and win a cash prize of R20 000 from Masifunde Training Centre. The Insurance Institute of South Africa (IISA) is also sponsoring the winner to go to the Insurance Conference at Sun City in July 2018.

Stay tuned

Stay tuned for episode five via the FAnews and The Insurance Apprentice websites, YouTube and Facebook.

 

You may also like...