INSETA increases training to unemployed learners

In the 2012/13 financial year we funded training to a combined total of 2,761 learners. Whereas in the 2013/14 financial year we funded training to a combined number of 9,604 learners of which 4 006 were unemployed learners and 5,598 were employed learners.

"We are particularly proud of the unemployed learners who benefitted from our funded training. According to the 2011 Census, South Africa has an estimated 3.2 million persons aged 15 to 24 years who were not employed and not in education and training (NEETs). This figure ;represents about a third of the 15 to 24 year old population - hence the significance attached to INSETA's successful training of 4 006 unemployed learners. In addition 1 468 unemployed youth and 3 727 workers successfully completed learning programmes, which commenced prior to the financial year under review.

"We know that skills development is directly linked to an increase in Gross Domestic Product (GDP). For example, countries that have increased their literacy rates of between 20 to 30% have simultaneously increased their GDP by 8 to 16%. We are therefore pleased that INSETA continues to increase skills development in the Insurance and related sectors, thereby contributing to reducing unemployment, poverty and inequality"

"INSETA has always delivered quality solutions to our beneficiaries. However the challenge we encountered for the year under review was that Higher Education needed to increase the number of training beneficiaries to deal with the growing youth unemployment crisis. We found ourselves rethinking and remodeling our existing business processes to accommodate increased participation"

Mr Mzimkullu Msiwa, INSETA's Chairperson said, "We are committed to delivering quality training, which has a genuine impact on economic growth, thereby ensuring a good return on South Africa's investment in education and training."

A further analysis of some of key INSETA-funded training and support for the 2013/2014 financial year is listed below.Developing scarce and critical skills

INSETA increased its support for developing actuaries, underwriters and assessors. An amount of R30.7 million has thus far been invested in the development of actuaries and INSETA has, over the past five years, partnered with the South African Actuaries Development Programme (SAADP) to support 301 unemployed learners.

INSETA also provided six scholarships for learners to study with the Association for Savings and Investment South Africa (ASISA) Academy in the Life Insurance Underwriting and Claims Assessor programme. The scholarship recipients were provided with an opportunity to obtain valuable work-based experience with insurance companies

One barrier in the insurance sector includes the fact that there is no formal registered qualification for some occupations. However, INSETA has succeeded in registering the Insurance Underwriter qualification with South African Qualifications Authority (SAQA) under the following qualification title: Occupational Certificate: Insurance Agent: Insurance Underwriter

Articulation of the wealth management career pathway

INSETA continues to support the Articulation Initiative launched in 2010 by providing funding for learnership candidates to register with Technical Vocational Education and Training (TVET) colleges to complete their National Qualification Framework (NQF) level 5 Wealth Management Qualification. Once they have completed this qualification, learnership candidates will be able to advance to university, and they will be provided with a bursary from INSETA.

Partnerships with universities and TVET colleges to provide bursaries in scarce and critical skills

INSETA partnered with public universities and TVET colleges to support unemployed learners studying towards full qualifications in areas of scarce and critical skills in the insurance sector. A total of 712 unemployed learners received bursary funding and 83% successfully completed their studies.

INSETA was appointed by the Department of Higher Education and Training (DHET) to be the lead Sector Education and Training Authority (SETA) in three TVET colleges. INSETA launched their offices in the Eastern Cape at Ingwe and Ikhala Colleges. INSETA will co-ordinate the activities of the other SETAs in the province, around common services, such as career guidance. INSETA expects to launch their offices at Ekurhuleni West College this year.

Support for Small Brokers and Burial Societies

Various skills programmes were facilitated to support Small Brokers and Burial Societies. INSETA provided funding for 507 Burial Societies who benefitted from short programmes in Financial Management, Bookkeeping, Secretarial skills, Treasurer training and Information Technology skills. INSETA provided 746 Small Brokers with support through short training programmes. INSETA supported brokers with Financial Advisory and Intermediary Service (FAIS) programmes, learning material and examination preparation workshops. INSETA has also set up a dedicated Broker Network (including a skills portal) to support Small Brokers. So as to encourage participation of small employers, INSETA runs a dedicated Small Medium and Micro Enterprises (SMMEs) Learnership programme in which they manage the recruitment of learners, project management, administration, payment of stipends and training.