RBS launches academy to drive insurance sector transformation, skills shortage

Cape Town - The insurance industry in South Africa has faced significant challenges in recent years, including an ageing workforce, a lack of diversity and transformation, and a shortage of skilled workers.

In a bid to address some of these challenges affecting the industry, including difficulties in meeting the increasing demand for personnel, particularly in leadership positions, RBS has launched an academy to train and develop talent.

"We have wrestled with the skills shortage in the financial services industry for many years, and management and senior-level transformation is slow. The RBS Academy is ideally situated to provide the industry with a supply of bright, talented South African youth. Within the RBS Group and our stakeholders, we focus on transformation and development, so we are excited to see the positive impact the RBS Academy will deliver in tackling these challenges," says Michael Petersen – Founder and CEO of RBS.

To address these challenges, the industry must focus on training and development programmes to help create a pipeline of talented individuals who can fill these leadership roles. Moreover, there is a need for greater diversity in the workplace to address the industry's transformation gap.

RBS said its Academy has been launched to address the skills shortage and drive transformation in the insurance industry in South Africa, with an objective of identifying, training and developing black graduates in the short-term insurance industry, focusing on more than just technical learning for success.

It further said its programmes offer comprehensive education and training experience, including academic and work-related qualifications and training in wellness, ethics, virtues, corporate citizenship, mindfulness, and social responsibility. Through its partnerships with Risk Benefits Solutions and Letsema, RBS said its Academy is committed to addressing the shortage of skilled workers and promoting diversity in the workplace.

"At Letsema, we strive to utilize our skills, resources, expertise and capabilities to bring to life our philosophy of business as a catalyst for social change. The RBS Academy is another step in this process and will play a key role in our broker consolidation, transformation and job creation strategy in this sector," said Isaac Shongwe – Founder and Chairman of Letsema.

RBS said by investing in talent through programmes like those at its Academy, the insurance industry can create a pipeline of skilled workers to meet the increasing demand for personnel and bridge the transformation gap. The RBS Academy's comprehensive education and training experience will provide a new generation of skilled workers, it said, who can contribute to the industry's success.

The Cape Town-based brokerage said the launch of its Academy represents an important step towards addressing the skills shortage and driving transformation in the insurance industry, adding that, the Academy's comprehensive education and training programmes, combined with its commitment to diversity and skill development, will create a more employable and diverse workforce, thus supporting the industry's growth and success in the years to come.

"The RBS Academy has been very well received within the industry and will provide a constant stream of qualified, experienced graduates.  Our holistic, integrated programs will not only allow our graduates to accelerate their careers in the industry but also develop themselves to become responsible corporate citizens," said Deseree van den Berg – Executive Head of Human Capital at RBS and spearheading the RBS Academy.