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SPECIAL FOCUS ON SMEs AND BLUE COLLAR FEBRUARY 2016 FEBRUARY Be bold and think out of the box YOUR MISSION… should you choose to accept it FOCUSING ON SMALL TO DREAM BIG The force awakens: profiling the digital broker It’s the end of the world as we know it Editor Rianet Whitehead Tel 011 768 2299 Cell 082 467 1924 CONTENT [email protected] FEBRUARY 2016 Journalist Jonathan Faurie Cell 079 566 8814 [email protected] IN THE NEWS 33 Solving the puzzle of longevity in the market 6 Your mission…should you choose to accept it 34 Sustainable investing – the new investment Researcher/Journalist 8 Undercharging: the industry’s familiar villain horizon Myra Rego 10 Be bold and think out of the box 35 Raging bull awards recognise excellence Cell 082 291 8760 12 Always look on the bright side of life [email protected] LIFE PROFILE 38 Smoke signals of danger Ads & Subs 14 Fighting off the Big Bad Wolf Michelle Schreuder-Rankin RETIREMENT Tel 011 768 2299 REGULAR FEATURES 40 Are female advisers taking the reign? Cell 083 787 4567 18 Prof Vivian: Churchill’s legacy: one market, [email protected] one regulatory system EMPLOYEE BENEFITS 42 Key trends shaping the employee benefits Design & Layout SHORT-TERM landscape Noël Schreuder 20 The force awakens: profiling the digital Tel 011 768 2299 broker SME & BLUE COLLAR FEATURE [email protected] 22 Rise up and conquer the selfie generation 44 Delving into untapped market potential 26 It’s the end of the world as we know it 45 Protecting future employers is a tough ask Website and 46 Who needs ABC: Use EB instead DAILY E-NEWSLETTER TECHNOLOGY 47 Mapping sustainability for blue collar offerings Get all your insurance news 28 Keeping up with the Joneses 48 Bottom-line performance: thinking beyond the at www.fanews.co.za. 30 From paper to digital: survive the journey obvious Subscribe to our daily free 31 Future proofing with a purpose 50 A blue light brigade that benefits society e-newsletter to stay 52 Battle tactics for the small business owner up to date. INVESTMENTS 53 Focusing on small to dream big 32 Investing with an ‘undo’ button in challenging 54 Hand power over to the people FAnews is published by times Insurance Publications cc PO Box 2342 Wilropark 1731 Tel 011 768 2299 8 36 54 Fax 011 768 3032 [email protected] ABC AUDITED Articles in FAnuus are specifically written for the FAnuus magazine and do not appear in FAnews. Should you wish to receive the English version of the article appearing in FAnuus, please e-mail [email protected] Complicated matters: emerging trends of 2016 The views expressed in the edito- The ramifications of an action rial, advertorials and advertise- Cross your T’s and dot your I’s ments are not necessarily that of the owners, publishers and edito- The love of sport: financial woes rial staff. Readers following any Educating clients on educational matters advice contained in the magazine Trust assets at divorce – safe or not? do so at their own cognisance. Playing the game the right way 3 Doing business better ere at FAnews the year started on a high note with the filming of The Insurance Appren- Letter from tice 2016. Early in January eight young insurance professional took part in a fairly intense week of serious insurance business where they had to complete five tasks in five days. It was amazing to see how these participants grabbed every opportunity to learn about the THE EDITOR industry, their peers, what teamwork is all about and how to stand out as a leader. The Hfirst episode was aired on 18 February and the rest will follow every Friday thereafter (one per week), so if you have not signed up for the newsletters, make sure to visit www.TheInsuranceApprentice.co.za. The UK has introduced the first Insurance Career Month and FAnews would like to get the initiative going to localise this initiative. A few industry leaders in the UK published an open letter, saying “Without insurance, there is no investment, there is no innovation, and there is no growth. Despite our essential role, the insurance industry in the U.S. faces a looming talent crisis. Forty five persent of management executives will retire in three years, and 400 000 positions are projected to be unfilled by 2020. Less than 5% of Millennials express interest in working in our industry. What’s clear is that the critical role our industry plays is not fully understood, particularly among Millennials. We need to do more to engage, educate and enlist the best and brightest to join us.” The scenario is pretty much the same in South Africa, so let’s get the conversations going. All indications are that 2016 will be a tough year. The Rand is weak, the drought has really been bad, investor confidence is low, interest rates are increasing and we will see quite a few regulatory changes this year. Insurers are streamlining their businesses in a big way and every decision is well thought through… I cannot but wonder what 2016 has in store for us? In the January edition of the SAIA Bulletin, Viviene Pearson, CE of SAIA, mentioned that the weaken- ing rand will most definitely impact the short-term insurance industry in the long run as consumers may lapse their policies, forcing insurers to increase premiums to maintain profit margins. Sustainability of affordable motor insurance needs to be addressed at an industry level, because the pool is getting smaller and the costs just bigger. Compulsory third party motor and property insurance is not an option anymore. Rianet Whitehead One of the main theme’s we have this year is how to do business better. How do you change what Editor you do and how you do it to fit in with the challenges we face this year…. Turn your challenges into opportunities! Follow our blog on www.fanews.co.za and take part in the discussions around this very crucial theme. Have a blessed 2016! In todays legislated business world it becomes imperative to have a complete understanding of your income stream. Accurate analysis of commission and fees will enable you to make informed decisions to create a sustainable business. CommSplit is a flexible system for administration and tracking of commission. Take control of your income by implementing CommSplit. teessen consulting FINALLY, AN INSURANCE SOFTWARE SOLUTION AS UNIQUE AS YOUR BUSINESS We understand the challenges faced by the insurance industry, which is why we’ve made the integration of a suitable technology solution as simple as possible. Our Insight solution is a fully customisable and deployed software solution aimed at medium to large Brokers, Insurers and UMA’s. As a web-enabled portal it provides the ideal and fully comprehensive turnkey solution to your business as it helps alleviate the administrative burdens for insurers and assists brokers to comply with legislative requirements. Contact us today to see how we help you become FUTURE READY. Innovation House, 192 Bram Fischer Drive, Randburg | Private Bag x99, Bryanston, 2021 T: +27 (0) 11 790 5624, F: +27 (0) 11 790 5299 | E: [email protected], www.innovation-group.com/sa )LQDQFLDOVHUYLFHVRIIHUHGE\,QQRYDWLRQ)63 3W\ /WGDQDXWKRULVHGéQDQFLDOVHUYLFHVSURYLGHUDQGDVXEVLGLDU\RI,QQRYDWLRQ*URXS 3W\ /WG YOUR MISSION… ou might be forgiven for feeling environment in more than 25 years since the that you are being briefed ahead FSB and the Insurance Acts were first put in of a dangerous task in a Mission place. Impossible movie; we are by no means painting the industry in The first of these is the Financial Sector Regula- Ythat light. But the reality of the situation is that tion Bill (FSR Bill), which will introduce the Twin there is no exaggeration in the description of Peaks model of financial regulation. This will see the reality brokers faced in 2014 and 2015. the prudential regulation of insurance shift to the Now we have finally reached Destination South African Reserve Bank, while the FSB will 2016, a year that will change the face of the become a dedicated market conduct regula- industry. tor, to be termed the Financial Sector Conduct Authority (FSCA). Deliberations on the FSR Bill FAnews caught up with Jonathan Dixon, already started in Parliament towards the end DEO Insurance at the FSB, and Paul Kruger, of last year, and it is hoped that the Bill will be Editor and Writer-in-Chief of Investment promulgated by the middle of 2016. Indicators & Moonstone Monitor, to find out their view point on what the industry can The other major piece of legislation is the Insur- expect this year. ance Bill. The Insurance Bill will put in place the SAM framework, as well as a framework for Putting pen to paper formal insurance group supervision and a micro What can you as a broker expect from 2016? insurance framework. The Insurance Bill will be Well, 2016 will be a busy year from a regula- deliberated on by Parliament later in 2016, with tory standpoint. a planned effective date of 1 January 2017. Two major pieces of legislation will be in Parlia- Enter the protagonists ment this year, which in combination will mean There will also be changes that you as a broker the biggest change to the insurance regulatory need to face. The other major cross-cutting 6 IN THE NEWS If you are reading this article, then you have survived two of the most challenging years the industry has seen in 25 years. And yet, more challenges await you.

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