Non-life insurance sector celebrates first retirement-repurposing programme graduates

20-12-23 / Tau kaVodloza

Non-life insurance sector celebrates first retirement-repurposing programme graduates

Johannesburg - South Africa’s non-life insurance sector has celebrated the successful conclusion of the first year of the industry’s Retiree Repurposing Programme in which retired experts mentored and trained up-and-coming insurance managers.

The Retiree Repurposing Programme is a collaboration between the SA Insurance Association (SAIA), the Insurance Sector Education and Training Authority (INSETA) and the Insurance Institute of South Africa (IISA).

The Retiree Repurposing Programme provides a platform to facilitate the transfer of technical skills from retirees to junior management candidates across the non-life insurance industry, including an element of leadership and / or strategy and management skill sets.

The 2022/3 pilot programme saw five insurance retirees mentor 15 candidates in six lines of non-life insurance business where there is a critical shortage of skills.

The lines of business covered by the Retiree Repurposing Programme are General Insurance, Leadership Development, Marine, Engineering, Liabilities and Loss Adjuster.

SAIA CEO Viviene Pearson said: “The replacement of critical skills within the non-life insurance industry is a major concern for the sustainability of the industry. The industry has a pool of retiring or retired experts with technical knowledge and experience, without the industry having fully absorbed their knowledge base.

“Similarly, there are many young professionals within the industry in need of technical skills mentoring to assist them in progressing to senior management. Consistent adequate skills and knowledge transfer through mentoring and coaching are needed to empower and upskill the industry.”

Pearson says SAIA and the partners in the programme are encouraged by the success of this first year of the programme. SAIA believes this programme will have a significant benefit for the industry and the mentees' career paths.

Funding for the programme in 2024 has been recommended by INSETA and SAIA now awaits only the renewed contract for 2024.

SAIA looks forward to programme managing the 2024 programme, which will include 20 mentees and 10 mentors with some adjustments based on lessons from the 2022/23 pilot programme. The 12-month programme for 2024 will start 1 March 2024 and be managed through SAIA.

In a presentation at the 2023 graduation event, Programme Manager Gerhard Genis set out the benefits to mentees that he had observed during the year. These included knowledge sharing, kickstarting mentees’ professional development, raised levels of confidence, exposure to industry leaders and acquisition of tacit knowledge.

Mentee Zizipho Mncwabe said in her presentation that she also gained benefits beyond the areas of focus during the year. “In addition to all that I take away from this programme, I have seen how in the space in which I work the broker and insurer need to work hand-in-hand to gain profit on both ends,” she said.

Said another mentee, Warren Harris: “I was fortunate to have the opportunity to accompany an assessor on a property damage claim assessment. This definitely proved to be a wonderful learning curve for me. It also gave me a lot more insight into how the claims process works and what is required to successfully finalise a complex claim.”

Another participant in the programme was Justin Ogle who was mentored by Steve Forcey on maritime insurance.

Said Ogle: “At the time that the opportunity to participate in the programme came up, I had the feeling that I may have hit a ceiling in terms of my career progression. Of course, I was aware of this risk coming into the industry as a specialist. But by the third session with Steve my concerns had been allayed and I was also able to move into a more senior role at another company.”

Mentor and mentee focused on three key areas within maritime insurance where the need for further understanding and skills had been agreed between them.

“The knowledge I have gained is practical and can be implemented across my responsibilities in marine insurance,” said Ogle.

The mentors for the 2022/3 Retiree Repurposing Programme were;