Premium collections… do they have the solution?
Having said goodbye to Kishan Vanmali following eliminations in task six, it was revealed that the remaining three contestants would have one more task to complete.
The task, sponsored by the FSCA (Financial Sector Conduct Authority), was to look at the future of the premium collection regulatory framework.
With a tough task at hand, Judge Simon, Judge Kedi and guest Judge Caroline Da Silva, Division Executive of Regulatory Policy at the FSCA, pulled no punches when they revealed that this would make or break their chances of being the next Insurance Apprentice.
This was an individual task for the remaining contestants, and they would have a tough time making a good impression on Caroline.
We would like to thank the FSCA for sponsoring the seventh episode of The Insurance Apprentice 2019.
The task at hand
The apprentices 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.
What regulations has the FSCA put in place that specifically deals with premium collection? What are the gaps that the FSCA needs to address when it comes to this? How will these changes impact the industry? What specific changes will we see, and will these changes improve the industry? These are just some of the questions that the apprentices had to tackle.
Most importantly, they had to make some recommendations as to any additional principles of their own that they thought the Registrar could consider when looking at the future of premium collections.
- To watch the episode on YouTube, click HERE
- To watch it on the Website click HERE
- To watch it on Facebook, click HERE
Earn CPD hours
Earn Continuing Professional Development (CPD) hours for every episode you watch. Each episode plus an article about the episode will carry 1 CPD hour. Simply:
- Visit www.fanews.co.za;
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- Click on The Insurance Apprentice tab and go to the episode you wish to complete; read the article and
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The #Superfan competition
For every episode of The Insurance Apprentice, we have a question. Answer the SuperFan question, up to episode seven, to stand a chance to win R20 000, sponsored by Constantia Insurance. Simply visit https://theinsuranceapprentice.com/ and answer the question in the chat box bottom right of the screen.
Who was the guest judge in episode 7?
- Chris Potter
- Justin Keevy
- Caroline Da Silva
Winner and runner up prizes
The winner of The Insurance Apprentice wins a trip to Lloyds of London, a R75 000 bursary from Inseta, a cash prize of R20 000 from GIFS, dinner in London to the value of R5 000 sponsored by Hogan Lovells, an Apple watch sponsored by Genasys Technologies and also R15 000 from Hollard. Thank you AIE conference organisers for sponsoring the winner of The Insurance Apprentice to go to the African Insurance Exchange at Sun City in July.
The runner up wins R10 000, sponsored by Tracker and a bursary from GIFS worth R27 500. Third place will also receive a bursary from GIFS worth R27 500.
Each of the eight apprentices will also receive a book ‘Everything you need to know about non-life insurance in South Africa’, written and sponsored by Gareth Stokes and Liz Still.
Announcing the winner
The three runners up have now done absolutely everything that they can. The only thing left to do is tally up the scores and reveal who will be the 2019 Insurance Apprentice winner, at the winner event that will be held on 26 March.
Episode eight (Announcement of the Winner) will broadcast on 2 April after the event via the FAnews and The Insurance Apprentice websites, YouTube and Facebook.