IIG President Welcome ~ Bukhosi Khumalo
In his welcoming address at the IIG Industry Outlook event, Mr. Bukhosi Khumalo, President of the Insurance Institute of Gauteng (IIG), expressed gratitude and excitement for the gathering, marking the first such event since 2019. Reflecting on the challenges of the past, notably the impact of COVID-19, Khumalo emphasized the resilience of the industry and its people.
Acknowledging the presence of the IIG council and sponsors, including Olea South Africa, Clyde & CO, Deloitte, and Syfinity, Khumalo highlighted their crucial support in serving the institute’s vast membership base, spanning across the country, continent, and beyond. Expressing enthusiasm for the diverse attendees, both new and seasoned, Khumalo underscored the event’s significance in providing insights into the future of the insurance industry. He emphasized the unique focus on both global and African perspectives, reflecting the evolving landscape as companies expand their operations onto the continent.
Encouraging attendees to actively engage and share insights on social media platforms, Khumalo concluded by inviting participants to connect with the IIG online and make their voices heard in shaping the industry’s future. In closing, Khumalo thanked the audience and invited the next speaker to the stage.
Clyde & Co. Legal Director ~ Nicole Britton
Nicole Britton took the stage with her signature blend of insight and wit, exploring into the complex world of regulatory developments within South Africa’s insurance industry. With a focus on the horizon, she navigated the audience through the labyrinth of impending changes, promising to keep them both informed and engaged. Nicole shed light on the eagerly anticipated Conduct of Financial Institutions (COFI) and its elusive implementation date, sparking curiosity and anticipation among attendees.
Nicole ‘s presentation wasn’t just a presentation of dry facts; it was a journey into the heart of regulatory reform, punctuated with humor and candor. She dissected the cross-sector implications of COFI, highlighting key focus areas and industry readiness. Through her animated delivery, she transformed dense regulatory jargon into digestible insights, making even the most complex topics accessible to all.
From the importance of cybersecurity to the tones of information technology governance, Nicole ‘s presentation was a masterclass in translating regulatory details into actionable insights. She highlighted the imperative for financial institutions to adapt to evolving standards, emphasizing the critical role of effective governance and risk management in navigating regulatory waters.
Nicole ‘s analysis didn’t stop at the present; she peered into the future, forecasting upcoming trends and challenges on the regulatory horizon. From the impending joint standard on culture and governance to the pressing issue of consumer vulnerability, she painted a vivid picture of the regulatory landscape that lies ahead.
In conclusion, Nicole’s presentation was more than just a regulatory update; it was a call to arms for the insurance industry. With her unparalleled expertise and infectious enthusiasm, she left attendees not only informed but inspired to navigate the regulatory maze with confidence and purpose. As the applause faded and questions began to fly, it was clear that Britton’s insights had left an indelible mark on all who were fortunate enough to witness them.
Deloitte & Touche: Associate Director, Consulting Actuary ~ Katlego Thaba
Katlego Thaba delivered a thought-provoking address at the IIG on the current trends and emerging challenges within the industry. Drawing from his extensive experience and expertise, Mr. Thaba shed light on several key themes that are shaping the landscape of insurance today.
One of the central themes discussed by Mr. Thaba was the imperative for insurers to undergo transformation to achieve customer-centricity and elevate their purpose. He emphasized the escalating frequency and severity of global risks, ranging from climate change to cybercrime, which are intensifying the focus on the insurance industry’s role as society’s “financial safety net.” Insurers, according to Mr. Thaba, can no longer rely solely on reactive measures; instead, they must proactively assist clients in preventing losses or mitigating their severity. This necessitates a shift towards a more customer-centric business model, facilitated by advanced technology adoption and modification of company culture.
Mr. Thaba also touched upon the challenges faced by non-life insurers, particularly regarding relationships and profits. Insurers are struggling to raise prices quickly enough to cover record expenses, highlighting the need for innovative strategies to enhance profitability while maintaining strong client relationships.
The impact of technology and artificial intelligence (AI) on the insurance industry was another focal point of Mr. Thaba’s address. He emphasized the growing complexity of the operating environment, driving the imperative to embrace technology transformation. A strong technology and data foundation, coupled with consideration for risk, ethics, and regulatory concerns, is crucial for insurers looking to leverage emerging technologies to achieve both short-term operational and financial goals and longer-term visionary objectives.
Katlego concluded his address by providing valuable insights into the current state and future directio
n of the insurance industry. His emphasis on transformation, technology adoption, and societal responsibility underscores the challenges
and opportunities facing insurers in an ever-evolving landscape. As the industry continues to navigate these complexities, proactive adaptation and innovation will be key to ensuring resilience and success.
Olea Insurance Solutions: CEO, East and Southern Africa ~ Vincent De Charnace’
Vincent de Charnace’s presentation at the event thoroughly explored crucial facets of Africa’s insurance landscape, shedding light on pivotal demographics, market dynamics, and challenges confronting the industry. His discourse illuminated the expansive diversity inherent in the African continent, spanning languages, cultures, and regulatory frameworks.
He underscored the imperative of acknowledging these distinctions when analyzing insurance markets in Africa. Despite its intricacies, Africa emerges as a realm brimming with opportunities for insurers, boasting a projected population of 2.5 billion by 2030 and abundant natural resources, including 90% of the world’s platinum and chromium. Yet, Vincent also delineated stark disparities in insurance market size and penetration across African nations, with some countries, like South Africa and Morocco, exhibiting relatively mature markets, while others remain nascent or underdeveloped. The presentation candidly addressed challenges encountered by insurers in Africa, ranging from sluggish responsiveness and limited digitization to process delays and document hold-ups.
However, amidst these challenges lie promising prospects, particularly in niche areas such as aviation and medical malpractice insurance. Vincent also delved into the evolving dynamics of reinsurance in Africa, spotlighting the bolstering of national reinsurers alongside persistent challenges related to fund transfers, late payments, and claim compensation delays. Notably, he emphasized the pivotal role of Protected Policy Wording (PPW) in upholding market credibility. Economic pressures, including inflation, budget constraints, and foreign currency liquidity crises, were identified as significant hurdles impeding reinsurance premium growth across the continent. In sum, Vincent de Charnace’s presentation offered invaluable insights into the intricate tapestry of Africa’s insurance industry, emphasizing the necessity for insurers to navigate regulatory complexities, harness emerging technologies, and confront challenges head-on to unlock the continent’s full potential for insurance growth and penetration.
IIG Council members with Guests speakers
The event captured more than just words and presentations; it immortalized a moment of connection and camaraderie. In a snapshot frozen in time, the esteemed members of the IIG Council stood side by side with the distinguished guest speakers, forming a visual testament to the power of collaboration and knowledge sharing within the insurance industry.
From left to right in the photograph, Linroy Peters, the IIG Council member responsible for Education, stands tall, embodying the commitment to learning and growth within the organization. Beside him, Katlego Thaba, Vincent de Charnace, Jabulile Mthimkulu, Nicole Brixton, and Bukhosi Khumalo, each contributing their unique expertise and perspective to the collective discourse.
But the event did not conclude with the closing remarks only. As a gesture of appreciation for their invaluable contributions, the IIG extended tokens of gratitude to the distinguished guests, ensuring that their impact would be remembered long after the event had ended. This thoughtful gesture reflects the ethos of generosity and inclusivity that defines the IIG community, fostering an environment where collaboration thrives, and excellence is celebrated.
Article Written by Thami Baloyi – Nedbank Insurance
