The IIG international Trip is only about 3 months away now and major preparations are under way for the Ultimate Educational and Networking experience in the African insurance industry as we get to #LinkUp ourselves with the global insurance market, and this year it happens in London.
In putting together this year’s itinerary, the thought process was to include as many facets of our industry as possible for a wholistic. Picking London is already amazing on its own, but to complete it, we will have engagements with different parts linking up to the insurance industry.
We have so far been able to secure 11 businesses / organizations with whom we will be interacting, and the topics will be shared in the coming weeks. Some information about the various organizations summarized below, and if keen to enjoy this experience, please contact us on info@iig.zo.za
Every person in the industry must get an opportunity to visit this special place within the insurance world. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd’s is a corporate body governed by the Lloyd’s Act 1871 and subsequent Acts of Parliament. more than 50 leading insurance companies, over 380 registered Lloyd’s brokers and a global network of over 4,000 local cover holders operate in and bring business to the Lloyd’s market. Edward Lloyd, the man whose coffee shop would eventually become the world’s oldest and largest insurance market, was never an insurer; he was a facilitator, providing the platform upon which underwriters and brokers built the modern insurance industry.
We will get the opportunity to not just experience this story firsthand, but also every amazing idea that comes out of the Lloyd’s Lab and the operation of the market for the benefit of the global market.
BMW (Mini) Manufacturing Plant –
One of our very first meetings will be with an insurance ‘end user’ in the form of a client. We will have the opportunity to visit the BMW (MINI) plant in Oxford to experience, firsthand, the production of this magnificent vehicle. Plant Oxford is the heart of MINI. It’s the largest and oldest of the UK production plants and 2023 marked the Plant Oxford’s 110th anniversary, just 2 years shy of the IIG’s birthday. At this plant, around 800 MINIs are produced each day, with a car coming off the line every 67 seconds!
Pretty impressive numbers I must add, we will get the experience that many car lovers will enjoy but see the risk management and insurance side of what they do.
This is UK’s leading terrorism insurer, and has been in operation since 1993, following the withdrawal of terrorism cover by most insurers as a result of the Provisional IRA’s bombing campaign. Trusted by more than 150 global insurers, the business works in partnership with Government to serve 90% of the UK terrorism property insurance market, helping policyholders build resilience against terrorism risk in an evolving and increasingly complex threat landscape. Pool Re operate as a unique public-private partnership, with the benefit of an unlimited HM Treasury loan facility. They cover approx. R52trillion of UK based assets including businesses of all sizes, from shopping centres and local traders to airports and power grids; across sectors of the economy such as real estate, retail, transport, construction and energy.
They have a number of similarities with our SASRIA, and we are looking forward to this engagement.
Oxford University/ Said Business School –
We will have the opportunity to spend time at what is considered the second oldest university in the world. There is no clear date of foundation, but teaching existed at Oxford in some form in 1096. It has had a number of Gifted men and women who have studied or taught at the University throughout its history. Among them are 28 British Prime Ministers, at least 30 international leaders, 55 Nobel Prize winners, and 120 Olympic medal winners. I strongly believe that there is power and great outcomes in combining research, academia, and industry, and some respects government.
We will spend time at an institution well known globally for understanding and harnessing this power.
Established in 1871, Marsh McLennan, is the world’s leading professional services firm in the areas of risk, strategy and people. Through its 4 market leading businesses, Marsh, Guy Carpenter, Mercer and Oliver Wyman there are 85,000, with a revenue of approx. With R417bn in revenue, the Marsh McLennan strongly believes in addressing the most complex challenges of our time.
Situated in more than 130 countries around the world, MMC also has offices in South Africa as a leading business in the market.
Norton Rose Fullbright, IIL, YMC, and CII –
We will have a cocktail networking function with the institutes which will be hosted by Norton Rose Fullbright (NFR) overlooking the river. NRF will also share with the delegation some thought leadership insights as well as latest market trends in both our markets to bring the two together. Established 4 years before the IIG, the IIL has been around since 1907, currently with over 25,000 individual members it serves. The Institute achieves its objective by supporting the role of the CII in the cause of insurance education and professional development through its lecture and visits programmes, its journal, and its research.
Speakers from IIL, NRF, and IIG will share a few words which will be followed by an evening of networking and fostering relationships.
With just over R423bn in revenue for 2023, over 19.2million customers, and over 22,000 employees, Aviva is UK’s largest general insurer and a leading life and pensions provider, and the largest general insurance in Canada. Aviva recently entered the Llyod’s market via the acquisition of Probitas, which they believe will provide opportunities for expansion and accelerated growth for Aviva’s Global corporate and Specialty.
The business also has business operations in China and India, offering a range of insurance and savings products
Advanta provides independent loss adjusting, forensic accounting, quantity surveying and risk engineering services. These are four very important pillars in pre-and-post loss scenarios within our industry, and to come extent even during a claim. They are a specialist firm, recognised for its independence, service quality standards and highly developed technical skills acquired over many years of international experience.
Based in more than 60 locations, with more than 300 experts, more than 60 academic and professional qualifications and having dealt with some complex claims, we look forward to learning a lot more about the importance, and evolving role in this space
We look forward to experiencing this amazing opportunity with you. Let’s #LinkUp, in the homeland of insurance!
Article Written by Bukhosi Khumalo | Insurance Institute of Gauteng – President
