TIA | The Insurance Apprentice
The contestants were asked to act as employees of the FSCA, tasked with looking at the future of premium collections, and what needs to change around premium collection in the interests of the industry, the consumers and the institutions.
In episode six the contestants had the opportunity to influence a mix of grade 11 and 12 learners at Florida Park High School. The contestants were tasked with sharing some detail around two of the scarce and critical occupations in the insurance industry, namely an insurance broker and an underwriter and why there are great opportunities in the insurance industry for learners.
In episode five the innovative side of the contestants is tested. Traditional vehicle models are changing, this means less mechanical components and more electrical components requiring specialized technical skills for repairs. In their teams, the contestants are challenged to develop and price a warranty product for electrical vehicles.
In episode four the contestants had to come up with some innovative ideas to ensure the sustainability of the Sasria business model. They were tasked to consider the financial viability, premium growth, business retention, marketing, distribution, reinsurance and investment options and had to keep Sasria’s relevance to the insurance industry and its value to the shareholder in mind.
In task three the contestants have been called to a meeting with the CEO and Risk/Insurance Manager of their broker firm’s client. The client had a ransomware attack and wants to know why he was not covered, and what to do now. The contestants had to advise the client on how they can assist them with an effective cyber security strategy, focusing on the importance of cyber risk management.
In task three the contestants have been called to a meeting with the CEO and Risk/Insurance Manager of their broker firm’s client. The client had a ransomware attack and wants to know why he was not covered, and what to do now. The contestants had to advise the client on how they can assist them with an effective cyber security strategy, focusing on the importance of cyber risk management.
The first episode of The Insurance Apprentice 2019 sees the Apprentice head to the first boardroom session of The Insurance Apprentice 2019. The first task challenged the candidates to conduct a customer needs analysis that would identify gaps in the current corporate portfolio, with the aim of achieving profit, growth and continuity for the client’s business.
In episode eight the winner of The Insurance Apprentice 2018 is announced.
The task was to look at the legislative prohibition on inducements, as set out in section 44 of the Short Term Insurance Act, 53 of 1998 (STIA) and section 45 of the Long Term Insurance Act, 52 of 1998 (LTIA), some inducement practices in the industry, and then determine if there are other principles that the Registrar should consider when it comes to inducements in terms of delivering good outcomes for customers.
The insurance industry is traditionally white, and male dominated. However, a few strong ambitious women are breaking through the glass ceiling. Inseta wanted the apprentices to talk to learners about women who are breaking the glass ceiling in the insurance industry, the education journey of the chosen individual and motivation for the learners, with a brief overview of what Inseta is/does and the opportunities that Inseta provides that could offer a similar career trajectory for the learners. But there was a twist…