Bridging the skills gap in the insurance sector

Pretoria - The commitment of GENRIC Insurance Company Limited to the IISA Youth Accelerator Program is paying serious future dividends, by developing and nurturing the new talent and skills that the insurance industry desperately needs, while also tackling the pressing issue of youth unemployment in South Africa.

This year, the IISA Youth Accelerator program selected 20 promising young individuals who not only embarked on shaping their future career in the insurance sector, but also achieved a significant milestone – the first-ever 100% pass rate in the program's history.

Melanie du Plessis, Head of Human Capital at GENRIC Insurance Company Limited, explains that the program goes well beyond being a ‘training initiative’.  “It’s about equipping young people with the necessary skills and knowledge to actively contribute to building a more robust and inclusive insurance industry in a world where risk is rapidly evolving and escalating.  A key factor in the exceptional 100% pass rate lies in the mentorship program that was implemented, where eight expert mentors were assigned to guide and support the participants throughout the program,” explains Melanie.

These mentors were key in helping candidates bridge the gap between theoretical knowledge and practical application, preparing the participants for real-world challenges in the insurance industry. More significantly, it provided candidates with a turn-key view of the entire value chain of an insurance business.

GENRIC’s Mentor Day saw its executive team presenting key aspects of what goes into building and sustaining a successful insurance business in South Africa:

• Cornel Schoeman, Chief Operating Officer, introduced strategic management concepts and discussed their influence on marketing strategies.
• Werner Strydom, Chief Financial Officer, highlighted the critical role of the Finance Department within the company and the broader insurance sector.
• Stuart Forbes, Chief Risk and Compliance Officer, offered an in-depth exploration of risk management and compliance, focusing on the essential practices that safeguard both the company and its partners.
• Martin Rimmer, CEO of Sirago Underwriting Managers, introduced the participants to the world of Gap Cover and Health Insurance.
• Christopher Mulder from The Graduate Institute of Financial Sciences (GIFS) delivered an insightful presentation on how the Fourth Industrial Revolution (4IR) is transforming the insurance industry and emphasised the importance of maintaining a human touch in an increasingly digital world.

“The success of the IISA Youth Accelerator Program is a testament to GENRIC's ongoing commitment to growth, self-development, and personal mastery. It’s also pivotal in addressing the widening talent gap that the insurance industry faces globally, driven by factors such as an ageing workforce, difficulty in attracting and retaining new talent, evolving in-demand skill sets, digital transformation and changing customer expectations and needs,” concludes Melanie.