Recently, I sat down with Jason Mizen on the #TIATalks vodcast (episode 7) to discuss the ever-evolving landscape of underwriting and the broader insurance industry. During this insightful conversation, I explored how our roles as insurance professionals are continually shaped by emerging technologies, globalization, and the need for more accessible information in our sector.
In continuation of this discussion, I wanted to share some of my thoughts on the evolution of the insurance industry, the importance of knowledge sharing, and how I see the future of the field.
A sense of responsibility
One might argue that destiny or fate is completely outside of our control – or is it? While many “fell” into this amazing industry, for me it was love at first sight. Just born in 1994, I am from the first generation of what we call “born-frees” in South Africa. This is one of those terms that our parents taught us to carry with so much pride. For the first decade of my life, I do not think that I understood what it meant or thought about its significance. However, there was a turning point where it all made sense, and I began to acknowledge the duty that I have with this freedom I have been given and most importantly the opportunity to LEARN.
Specialising in the field of Film & Entertainment has allowed me to see beyond economic growth but more importantly our impact as insurance professionals. The state of the market depends on insurance and people’s livelihoods as well. It is unfortunate that there are communities out there that do not have access or awareness that insurance is more than just personal lines or long-term, nor the information around the niche fields of our industry. What we do, should be appealing to the younger generation and the opportunities that the industry present as well. What we do must be seen differently.
As a TIA alumni, one of the most important components that I carried from this experience is a sense of responsibility and duty to those who have very little knowledge about the industry and more especially those who have decided to enter the industry. As specialists in this field, we understand how broad it is and how ever-changing it is. With the evolution of technology and now, implementation of Artificial Intelligence – The way we “do” insurance has evolved as well. I should acknowledge that the information gap is steadily closing and has evolved as the industry has embraced its prevalence. However, is it enough?
Access & knowledge must be shared
One of the key components mentioned in the vodcast is access to information. This was implied in every way. This is the essence of what we do as insurance specialists as information helps us understand why events happened and it also help us understand how future events will most likely occur. In the same way, more than a decade ago, there were very few and strictly defined lines of business in insurance and compared to today, this has significantly evolved with the inclusion of cyber and other emerging risks. In addition to this, globalisation has allowed opportunities for informal communities to evolve and adapting to some of these social changes we have seen. These communities run small businesses, and some have rapidly growing farms, small events, etc… Although there are still gaps, this is the very reason why this access & knowledge must be shared.
For any individual starting their careers at this point, an endless wealth of wisdom awaits. However, what does it mean for you, how can the world learn from you too as we continue to evolve?
Refilwe Morapeli
Client Executive
GIB Insurance Brokers