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President's Message 03/2021

President's Message 03/2021

I would like to thank all the members and committee for their confidence in me to lead the IING in the next chapter and to head up an amazing committee. ....

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Q2 2021

Q2 2021

What a year we have had thus far. We are facing times that was never seen or experienced before. From 3rd waves and back to adjusted level 4 lockdown to unrests. Insurers, clients, and service providers are all adjusting to the new normal. We at the IING trust that our members and their families are all still well and keeping safe. We wish you a better half to 2021. Challenges will always be there. How we react to them is up to us.

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Membership 2022

Membership 2022

Membership structures and value propositions for 2022 remains the same as for 2020 and 2021. Apply or upgrade your membership for 2022. ...

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The IISA has put together a variety of courses in insurance. These courses will focus on Qualification Support for key insurance modules,

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Can you believe it – two years have gone, and my tenure as president of the IING is coming to an end.

What an interesting and exciting journey it has been!

Being part of the IING for ten years, I have seen firsthand how this Institute has stood up from the ground, from being almost closed down to an Institute standing strongly and proudly.

Many thanks to everyone involved in making sure this Institute continues the journey of giving back to the insurance industry of Pretoria and the North.

The industry is nearing crossroads. About 11 years ago, I did a presentation where the subject and the first line was titled ‘Adapt or Die.’ There is no other choice than to adapt.

Where do we go next?

We need to get young people interested in our industry - not by chance, but by desire. Graduate programs, making secondary school learners aware of our industry, and promoting the industry at all levels are only a few ways to mention.

Then we need transformation. Transformation is not only about race, but it is also about proper change. Change in how we portray the industry, change in how we nurture young talent, change in how we deliver our services to our clients, and change in how we treat each other.

We also need to start sharing knowledge, collaborating, transforming insurance from a perceived grudge purchase into an industry assisting our clients with protecting what is important to them, and also educating them about proper risk management.

As my time as president of the IING is coming to an end, I will be embarking into finding ways for young people to enter our industry. Collaborating with the IISA and other Institutes will be critical. Many corporate members already have graduate programs, but we need to implement this also at smaller, independent levels.

In short – let’s get young people into the industry. Let’s educate them on the insurance principles and let’s mentor them. We also need to give them the ability to innovate and transform this industry into a noble cause of educating our customers. When the unforeseen happens, we will be there for the customers – helping them get back to business.

I am looking forward to the next two years where I can concentrate on building a proper graduate program at the IING. I have a dream - seeing a financial body, in South Africa, with so many risk managers and so many underwriters taking this industry to the next level.

For those of you who are going on leave, please be safe. Have a fabulous festive season and come back in 2019 energised!

Keep well,

Anton Coertzen

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On the 26th of October, the IING hosted their annual year-end function at the beautiful Abrialii function venue outside Pretoria. The Vintage Rock’n’Roll theme was a popular choice among all the attendees.

The “Ducktails” and “Sandys” pitched in bright 50’s gear to rock the night away under dreamy fairy lights and gorgeously decorated tables.

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 Tokozile Mahlangu, the CEO of the Insurance Institute of South Africa along with dignitaries of FIA and the IIG, joined us for a taste of the IING’s hospitality.

Anton Coertzen, the current IING president, reminded the rocking gals and guys to not only reminisce about times gone by but to keep up with the ever-changing Insurance realm to ensure the products on offer speak to the current needs of clients.

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The IING would like to thank their sponsors who made this successful celebratory evening possible. 

These amazing partners are listed below:

  • Tracker
  • Santam
  • PG Glass
  • MiWay
  • Discovery
  • OM Insure
  • King Price
  • Netstar

Written by Karien Kastner, Hollard Insurance


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The 2018 Annual IIG Oktoberfest Spinathon – Cycle for charity was held on the 16th of August 2018 at Linbro Park, Sandton.  We also celebrated the IIG’s 17th birthday anniversary on this day. Over 430 industry professionals joined this charity event, and over R500 000 were raised to support 16 worthy charity causes.

The Insurance Institute of Northern Gauteng contributed to this event by sponsoring a Power relay bike, which meant that we were in “need of legs” for the full 18 hours. Luckily we got the legs; they were sponsored by dedicated IING committee members, Garage Sure, Santam and Old Mutual Insure. It was an early start as we started powering up the relay bikes at 6 o’clock!

We had to privilege of having our very own “local” spinning instructors: IIG’s President, Daniël Stevens as well as our very own President, Anton Coertzen. The sessions have been quite entertaining, and we have learned some new spinning terms like “two knots up, two knots down” – lots of fun and laughter!

The Oktoberfest theme set an excellent atmosphere for this event with cold beer, games and pumping music. For some, it was a long day in the saddle, with sore legs, sore butts and lots of sweat, but it was all worthwhile. We had the opportunity of spending our time networking with the IIG members and got to know their team on a cycling level.

Once again, we would like to make use of this opportunity to thank everyone for their contribution.  We would not have been able to do this without all the moral support from the spectators and supporters throughout the day.

We would also like to thank the IIG team for having us at the Spinathon. It was a privilege to have been part of this awesome event. 

Written by Chanel Bester, King Price Insurance

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Olé!!!!! It was FIESTA time on the 6th of September 2018, when the IING hosted their fully-booked Mexican-themed Annual Ladies’ Day at the Moonshot Café in Menlyn.

As the ladies arrived in their colourful outfits and sombreros, they were welcomed by our committee members with some delicious cocktails, setting the mood for a relaxing afternoon to spend with industry colleagues and friends.

The lovely and beautiful Lauren Botha was our MC for this afternoon. Lauren is a young and upcoming actress and made her debut in various theatre productions, as well as the popular 7de Laan.

Joining Lauren on stage was South Africa’s “The Voice” FATMAN, singer and entertainer, which called for some serious fun and entertainment with songs like “Boom Baby” and “Dorp Toe.”

Of course, we had to get serious, but not too serious! The elegant Anria van Heerden’s motivational speaking was about Happiness: being happy and having a positive outlook on life. Every lady at the event could take some wisdom from this inspirational talk to make it her own.

Anria is not only a Financial Consultant and businesswoman but also the founder of the Caring Daisies, which is an organisation of caring women who pride themselves on making a difference in the lives of those who are less fortunate.

We were truly blessed having Lauren, Fatman and Anria with us for this event, sponsoring their time towards the ladies of the Insurance Industry.

A special thank you to our loyal sponsors - King Price, Bryte and Empire Fleet Solutions; without your contribution, this event would not have been possible.

Lastly, a big thank you to all the lovely ladies of our industry who joined us.  It was also pleasant to see some new faces this year. Thank you, you have made this day so much fun!

Written by Chanel Bester, King Price Insurance


Event dates are subject to change without prior notice due to unforseen circumstances.

Please check back regularly.


By Lisa Steyn

The R321 cuts straight through the centre of the Theewaterskloof Dam in Caledon. Before you approach the bridge that traverses the water, the scene looks more like the Namib Desert than it does a dam. Dry white sand, kicked up by the Cape winds, fills the air. Below, dunes embrace ashen and dead tree trunks.

A short drive on is the Theewaterskloof Sports Club, which is eerily quiet. Picnicking and swimming are permitted, but boats may no longer be launched into the water — understandably so: it is bone dry at the jetty, and the russet water is now some distance away.

This dam is at the centre of the Cape water crisis. It is the largest feeder of drinkable water to the residents of Cape Town.

It is also the emptiest. With a 480‑billion-litre (or 480 000-megalitre) capacity, Theewaterskloof amounts to 53% of all dam-water storage for the city. But at 27% full, it is at the lowest level of all the dams. This time last year, it was at 51% of its capacity. The year before that, it was at 74%.

Overall, the City of Cape Town’s dam levels this week totalled 38.2% — keeping in mind that the last 10% of water contains sludge and organic matter and is not usable.

Cape Town is experiencing its worst drought since 1904, and the next rainy season for the region is several months away.

The day the dams run dry, dubbed Day Zero, is expected to arrive in March next year. In the run-up to that moment, consumption is likely to be as low as it will go — 680-million litres a day, against a target of 500-million litres. It’s also improbable that leaks in the water infrastructure will be improved much further. (See “Waging war on leaks won’t win Mother City’s water battle.”)

The task now is to find other water sources before the taps run dry.

The city is pursuing several options but, because of its proximity to the sea, desalination is key to mitigating the crisis. But the process is already incurring delays at a time when they can be ill afforded.

Tenders put out for small-scale temporary desalination plants received nonresponsive bids and have had to be readvertised.

Desalination experts say plants that will fulfil the city’s needs take at least six months to get going. In August, Cape Town mayor Patricia de Lille said 500‑million litres a day — the targeted water consumption level for the city — would be produced with new technology, including desalination, water reuse and extracting groundwater from aquifers.

“Unfortunately, there are no quick solutions. There are no plants waiting around to be deployed,” said Chris Braybrooke, the general manager of Veolia Water Solutions and Technologies.

Veolia has built several desalination plants in South Africa, including the country’s largest in Mossel Bay. “Something like what we built in Mossel Bay would take two years to be deployed,” he said.

Cape Town had been exemplary in its day-to-day management of the water system, he said, but desalination projects take time and “ideally” the tender should have gone out six or nine months ago.

The Mossel Bay plant was built in response to a 2010 drought and was up and running in 2011. It can produce 10-million litres of drinkable water a day. But, like many desalination plants that are built in response to a crisis, it is now idle. “Many of the dry regions of the world are in the process of building or have desalination plants,” said Claire Pengelly, water programme manager at Green Cape. “But the big fear is – what happened in Australia – there is a massive drought, everyone starts panicking, desalination is built, and then the rains come.”

In an emergency, things can move a little faster, Braybrooke said — although, with desalination plants, environmental impact assessments still need to be done, and marine consultants must be brought in.

Sea water differs in composition, so each desalination plant must be adapted to ensure the pretreatment is correct, Braybrooke said. The West Coast, in particular, is high in organic content and includes phenomena such as red tides, and a desalination plant must be able to deal with that. To put a standardised plant up and expect it to work could be a total disaster, he said.

He added that Cape Town is well aware of the complexity of establishing a desalination plant. Still, Cape Town is confident it can pull off the water augmentation programme, which it describes as being “unprecedented in scale.”

“We are doing in months what it would usually take years to do,” the city said in a statement. “We are able to progress because of our proactive long-term planning and good governance mechanisms.”

If the city taps did run dry, industry would have to shut down, and poor sanitation could see the rapid spread of infectious diseases.

“I think desalination is an absolutely valid approach to follow now, given the crisis. In Cape Town, there are no more sites to dam. Berg River Dam was touted to be the last dam — from there on, Cape Town should save water,” said Kobus van Zyl, a University of Cape Town professor and hydraulic engineer.

“The problem with desalination is just the cost,” he said.

Apart from the cost of building a desalination plant, the cost to produce potable water can be six times higher because forcing seawater through a membrane is an energy-intensive process.

According to the Water Research Commission, under normal circumstances, Cape Town can produce water for R1.25 per 1 000 litres using a mix of water sources. But the cost of producing water from a large desalination plant at the coast is between R5.80 and R8.30 per 1 000 litres.

“What people forget is that, in a drought, the cost of treatment will go up regardless,” said Braybrooke, adding that when there is a shortage you can’t be choosy about the quality of water.

There are also costs related to shutting off a desalination plant, he said. “This technology does not like to be turned on and off.”

For one, he explained, you are working with membranes, each of which is expensive. When mothballed, they need to be preserved with special chemicals to ensure they don’t lose their functionality.

Whatever the measures, fulfilling the city’s water needs is not going to be cheap. It was originally estimated that Cape Town would have to divert R3.3-billion from its budget to institute the first phase of emergency measures. Approval for a diversion of funds was granted by the national treasury this week. However, the city cannot yet say how much the emergency programme could cost, other than to say it is a “multibillion-rand” initiative.

“The total cost of the programme will be available when the various procurement processes have been completed. It is currently a fluid process based on tender inputs,” said Johan van der Merwe, the city’s mayoral committee member for finance. He said the city is confident it can finance the emergency programme by reprioritising funds and using savings and cash reserves.

“Bringing so many new technologies online simultaneously at multiple sites around the city is expensive. As such, under the Municipal Finance Management Act, our finance team is working on making funding sources available, including cash, reprioritisation of existing water projects, a concessionary loan from an external funder, and curtailing expenditure elsewhere in the administration,” he said.

Tariffs, including water and rates, have been established for 2017-2018 and cannot be adjusted, which means consumers will not face higher costs for the remainder of this financial year.

“While the city will do everything in its power to curb expenditure across the administration to reduce the impact on future tariffs, we can expect tariff increases significantly above inflation in the 2018-2019 financial year,” Van der Merwe said.

But the city is concerned that a user-funded approach will not be sustainable without large population growth, which would produce more favourable economies of scale, so it is exploring other funding models that won’t overburden residents financially, Van der Merwe said.

The treasury’s green light will also allow the city to bypass some red tape and speed up procurement processes.

Waging war on leaks won’t win Mother City’s water battle

Minister of Water Affairs and Sanitation Nomvula Mokonyane met Cape Town mayor Patricia de Lille and other officials early last month and urged the city to fix leaks as a way to further prevent unnecessary losses.

But experts say, at this stage, it’s no silver bullet to solve the city’s problems.

Kobus van Zyl, a hydraulic engineer in the University of Cape Town’s department of civil engineering, said, in fact, the city has the best water infrastructure in the country when it comes to leaks.

“You can’t get leakage to be zero in any system. There will always be some, and you won’t find them all because some will be hidden from view underground.”

The infrastructure leakage index rates how leaky a system is. Cape Town, at 2.2, is the best in the country, said Van Zyl. Johannesburg is at about eight.

“If the city spent all the money in the world on leakage reduction, they could get it down to maybe 8% instead of 16%. That is part of the solution, to continue to reduce leakage. But if you can spend the same money and get people to use water more efficiently, that is a better solution,” he said.

“For the same money, you could replace all shower heads with water-efficient shower heads. As a water manager, there are various things you can do. It is about how to spend the available money in the best way to get where you want to be.”

In a water crisis, you reduce consumption and look for short-term gains in supply, which is what the city is trying to do, he said.

Reducing pressure in the pipes reduces stress and helps to contain leakage. But intermittent supply, dubbed water shedding, as a general rule is very bad for the water system. When water is shut off, pollutants can enter externally into cracked pipes. The air in the system also increases the incidence of burst pipes by 300%, Van Zyl said.

“Cape Town has been pretty good in resisting instituting intermittent supply. What they are doing now is probably the right thing to do. This is really a short-term emergency measure … It’s not a good thing, but not as bad as the alternative.”

Ultimately, Cape Town faces a large technical failure brought on by a failure to plan for the worst, he said.

Van Zyl said planning water infrastructure to meet projected water demand is critical and the custodian of that, the department of water affairs and sanitation, should be the driver of long-term planning and thinking about water resources.

The department has said it will fast-track the implementation of the Berg River-Voëlvlei augmentation scheme, which it hopes to complete by the winter of 2019. There are also plans to start work on the raising of the Clanwilliam Dam wall.

The minister has described the water shortage as “the new normal.”

Source Mail & Guardian

By:  Martin Hesse

Illustration: Bethuel Mangena

The disruption of the financial services industry, which began as a trickle, is quickly turning into a flood as start-ups introduce innovative products and services designed for a new generation of consumers, and the established providers are forced to reinvent themselves.

Robo-advice and artificial intelligence (AI) technologies, which use algorithms and machine learning to do the job of financial advisers, analysts and active fund managers, are expected to grow significantly in the coming decade. It is forecast that robo-advisers could manage about 10% of total global assets under management by 2020, according to a study by BI Intelligence. 

Gavin Smith, the head of Africa for deVere Acuma, an independent financial advisory firm, says: “Algorithmic trading automatically and immediately adjusts to new developments. Theoretically, robo-advisers should be able to constantly act to perform according to an investment mandate.

“There are many advantages to the introduction of robo-advisers and AI into the financial services sector,” Smith says. “It brings down fees, speeds up administration and saves time.”

However, what automated systems lack, he says, is the ability to liaise with you and understand the nuances of your requirements and changing circumstances. “When it comes to understanding your goals, specific circumstances, and blending these with your retirement, tax and estate planning, robo-advisers are nowhere near to replacing good financial advice,” Smith says. 

As a result, some financial services providers are trying to marry the automated and personal approaches in an effort to get the best of both worlds.

Last week, Personal Finance highlighted OUTsurance’s new investment product, OUTvest, which relies on semi-automated investment advice. Below are four more recent innovations that are likely to contribute to the shake-up of the industry.

NMQRL’s machine learning-powered unit trust 

NMRQL Research, the fintech company co-founded by Michael Jordaan, the former chief executive of First National Bank, launched South Africa’s first unit trust fund powered by machine learning.

The NMRQL SCI Balanced Fund, administered by the Sanlam Collective Investments platform, is a regulation 28-compliant collective investment scheme that invests in a diversified portfolio of domestic and international assets, where the asset allocation and stock selection are systematically managed using machine learning algorithms.

The process looks for hidden patterns in underlying big data. These patterns can be exploited to forecast returns across asset classes and markets.

Jordaan says: “As humans, we suffer from various cognitive biases. These biases negatively impact our objectivity and reasoning skills daily, and are compounded when financial repercussions are involved. Our investment model eliminates emotive decision-making, which allows it to remain rational at all times.”

The fund’s annual investment fee of 0.9% includes the management and administration fees. There is a 10% performance fee if the fund outperforms the average performance of all funds in the South African multi-asset high-equity sub-category.

deVere’s MPS

deVere, in association with Pacific Asset Management, has launched its Model Portfolio Service (MPS), comprising a range of risk-targeted model portfolios to match individual clients’ requirements.

“deVere’s MPS range balances the cost-efficient advantages of robo-advice with the common-sense overlay of an actively-managed solution,” Smith says. 

The MPS range will initially consist of four risk-targeted models that combine passive and active portfolios. 

“Each model reflects a particular level of risk, they are highly liquid and invest across active, passive and smart-beta strategies,” Smith says.


Chatbots are particularly suitable for financial services. They provide life-like text-based online conversations powered by AI and machine learning. 

FinChatBot, which is linked to AlphaCode, the fintech investment arm of Rand Merchant Investment Holdings, provides a robo-advice chat service via the Facebook Messenger app. 

FinChatBot chief executive and co-founder Antoine Paillusseau says most South Africans are using their mobile devices to “chat” on messaging platforms, and they prefer to interact via messaging than phoning a traditional call centre. 

“Chatbots will increase accessibility to financial services by making the customer experience faster and more convenient using the mediums that consumers prefer any time of night or day.” 

While older chatbots were based on a set of rules, the new generation of chatbots uses machine learning to adapt to customer behaviour and language and get smarter as they learn from human conversations. They can handle quotations, sales, customer service, and claims.

Dominique Collett, the head of AlphaCode, says: “Chatbots are a real opportunity for the financial services industry. FinChatBot has identified this opportunity to help banks and insurers address customer engagement in a digital, cost-friendly way.”

Indie’s ‘gamified’ life assurance

Indie, a Sanlam-backed financial services business, has announced the launch of its first product: simple-to-use, transparent life assurance designed specifically for young adults that includes a “game” element.

Peter Castleden, the chief executive at Indie, says Indie is a good example of how “a large, established entity like Sanlam can foster entrepreneurship by dedicating resources to innovative businesses, without being weighed down with the slow-turning processes inherent within large corporate culture.”

Castleden says that, unlike many start-ups, whose main objective is often to sell within a few years of inception, Indie’s mandate is to “future-proof” financial services. “It is designed for the long term,” he says.

The Indie life assurance range includes income protection, debt protection, life cover, disability income, funeral cover and dread disease cover, and is bundled with a built-in investment. 

“The model demands minimal underwriting requirements and offers a simple product suite to deliver fit-for-purpose life insurance,” Castleden says.

Indie has added elements of “gamification” to the product to increase its appeal to young people. Through “CashDrops,” the cost of life cover is almost cancelled out by cash perks received by members. 

After signing up, either through the broker platform, which will be online soon, or directly via the web or mobile interface, Indie clients are rewarded with Bounty – real money that is invested.

Castleden believes this will help the digital generation to understand the impact that compounding interest can have on investments made early in life. 

“The younger a client is, the more they can expect to get back. With a potential Bounty in excess of R100 000, depending on various factors, the long-term financial benefit can be enormous.”

Source: Personal Finance 16 October 2017

By Paul Kruger

During recent regulatory update workshops, Billy Seyffert, the chief operating officer of Moonstone Compliance and Risk Management, alluded to rather stringent requirements for financial services providers (FSPs) who plan to go the robo-advice route.

The Financial Planning Institute (FPI) recently conducted a robo-advice survey. Nearly half the respondents indicated that they believe that regulators should monitor the standards governing robo-advice.

The proposed new fit and proper requirements under the Financial Advisory and Intermediary Services (FAIS) Act include guidelines on what will be required to operate in this space.

An FSP who wants to provide automated advice must have at least one key individual who:

• Meets the competence requirements applicable to a key individual of a Category I FSP; and

• Has technological knowledge, skills, and experience to:

– Understand the technology and algorithms used to provide the automated advice;

– Understand the methodological approaches and assumptions embedded in the algorithms and the rules underpinning the algorithms;

– Identify the risks to customers arising from the automated advice; and

– Monitor and review the automated advice generated by algorithms to ensure the quality and suitability of the advice and compliance with the FAIS Act.

Paul Kruger is editor and writer-in-chief of the Moonstone Monitor, the Moonstone Investment Indicators, and the Moonstone Online website.

 Wynand Louw CFP® FIISA - President IING 2013-2015

What was your largest contribution to the industry and the IING during your presidential term?

I would say the recognition of CPD hours between IISA, FPI and SAIT; KI and CPD Training for brokers and Insurance Companies that we implimented in conjunction with the IISA and getting direct and traditional insurers to be part of the same team was an accomplishment, as well as the cooperation between different Insurance bodies.

What do you see as the three most common trends in the insurance industry today?

The RDR impact, the changes ahead with NHI and Robo-Advice are still relatively unknown and very challenging. All the legislative changes and time that compabnies spend on compliance with the legislation.

In your opinion, what is going to be the biggest game-changer in the industry that will create an insurance revolution?

Implementation of Telematics, NHI, and RDR will have a revolutionary impact similar to the implementation of FAIS some years ago. I think many people will leave the industry since they have not prepared themselves for the change laying ahead.At the end of the day, as humans we need to become better skilled with our interaction with our clients. Independant Financial Advisors (IFA's) will need to skill themselves in the understanding of their clients' emotional well been, and should be able to listen to the client's fiancial story.

What is your advice for newcomers to the industry?

Embrace the change. Change is inevitable and will happen with or without us. There will still be many game changers to come, but robots cannot deal and connect on an emotional level. Connect with your clients at the level that is most important to them. Listen to their stories and become part of their solutions.

If there was one thing you could have done differently during your term as President, what would it be and why?

The wisdom of hindsight and hitting yourself over the head with new knowledge gained, is unwise. Whatever we did in the past was done with the insight and understanding we had then. It cannot be changed; therefore learn from the past and focus on the future to make a difference. Contiune to develop as a professional person and define what distinguishes you from your fellow advisors. Each era will have its own challenges that we would need to conquor. 

Marieta Steyn, President IING 2015 - 2017

 What was your largest contribution to the industry and the IING during your term as president of the IING?

 It is impossible to highlight just one contribution, as I believe that we worked extremely well as a team to make a difference in the lives of our members. A leader is as successful as the team behind her.

We have also grown as an Institute; not only by increasing our membership but through the values we have established and lived by. The collaboration with the IISA was undoubtedly a great achievement, as we have supported our members in bringing the IISA-related forums to Pretoria.

We have also supported our charity organisations to the best of our ability. I still believe that the IING will remain a successful Institute if we keep on caring for each other and the community.

What do you see as the three most common trends in the insurance industry today?

 I see a noticeable increase in cybercrime incidents. It was recently published that South Africa has the third highest number of cybercrime victims worldwide. Also, clients are more informed, spoilt for choice, and their expectations are changing. Weather conditions are changing, which has a significant impact on underlying margins which impacts insurers and reinsurers locally and internationally.

In your opinion what is going to be the biggest game-changer in the industry that will create an insurance revolution?

 There are a few. The digitisation of platforms, which allows a different way of interacting with your client; the concept of risk management and embedding insurance as part of our clients’ lives; and the impact of blockchain technology and peer-to-peer payment methods are likely to affect the insurance industry.

What is your advice for newcomers to the industry?

 Knowledge is everything. Identify and grab opportunities. Most important of all, enjoy what you are doing, and establish a great network.

If there was one thing you could have done differently during your term as President, what would it be and why?

I would have created more opportunities for young people interested in the financial services industry.

Andrew Geyer, President IING 2011-2012

What was your largest contribution to the industry and the IING during your presidential term?

The primary contribution I believe was achieved by reinstating and building on the brand and reputation of the IING. It facilitated financial viability through support from our stakeholders.

The stakeholders appreciated and recognised the work put into achieving financial discipline through the use and provision of audited financial statements and budgets so that we account to all of our constituents.

What do you see as the three most common trends in the insurance industry today?

Financial Services Legislative and Regulatory reforms are impacting the South African Insurance market. Insurers and Brokers are making huge investments to build capacity to deal and comply with regulations, such as RDR, TCF, SAM (Solvency Assessment and Management) and Binders.

The most problematic aspect is that, due to the complexity of the legislative and regulatory reform, the process is taking place over an extended period. During this time, the eventual outcomes may differ markedly from the proposals first initiated.

It creates an industry hiatus, exacerbated by various external influences such as the state of the economy, the political climate, and technological advancements.

Client Centricity is also a definite focus due to the changing demands and needs of our clients who demand better products, better advice, speedier service and more value for money in a way which suits them at a particular moment they chose to interact with their insurer or broker.

The pace of change in technology creates a double-edged sword for those who use it extensively in the delivery of product and service to clients. The danger of large-scale redundancy of systems before they are even finally deployed increases exponentially with the size and diversity of organisations. Those who can deploy flexible technology solutions supporting an agile business structure are more likely to be able to adapt the client experience as client demands and needs change. It includes quicker development and launching of new products and solutions to clients.

What is your advice for newcomers to the industry?

The industry is changing so quickly; there are few other sectors which will be as exciting and challenging to work in as the Insurance sector. Work hard today but always be thinking about and planning for tomorrow.

The Insurance sector is undergoing fundamental change before our very eyes. Client needs are evolving in markedly different ways, and therefore the relevance of historical business models is fast losing its relevance as a basis on which to think about the structures and nature of our future business models and products and services.

In your opinion, what is going to be the biggest game-changer in the industry that will create an insurance revolution?

The obvious answer may be technology – but in reality, changing technology opens or facilitates opportunities to do things differently in a manner which aligns with the changing requirements and needs of our clients.

Companies need to have a far more in-depth understanding of who their clients are, and about their needs and values.The added complexity of the South African insurance market is the diversity of its clients both regarding their financial means but also the generational and societal norms and values which are developing in different ways from the historical approach to understanding one’s clients.

Finally, the biggest threat regarding technology is the sheer pace of it: companies and their products and services can come under threat overnight. So, in essence, the most significant game changer is likely to centre around concepts such as mass customisation, brand authenticity, and speed to market facilitated by the most efficient deployment of relevant technology.

If there was one thing you could have done differently during your term as President, what would it be and why?

With the support of the right team of diverse, passionate and driven team members – probably nothing regarding my approach. Naturally, as the insurance sector needs and requirements evolve, and quickly, the IING needs to find and build on “its right to exist.“

As clients come under pressure, this pressure translates to our members and so it becomes imperative for the IING to have a believable cause in which its stakeholders can align to and continue to support.

Greetings to all of you in the wonderful land of the north!

What a year! Some say it was one of the worst years ever regarding catastrophic events. Hurricanes Harvey and Irma will cost an estimated $290 billion, and I believe we are going to feel their effect in the re-insurance and local insurance market during 2018.

The year is winding down, and it is always a good time to reflect on what has happened and how you dealt with it.

At the IING we want to thank all our members and sponsors for their contributions during 2017. We couldn’t do it without your continuous support. We hope we can do even better in 2018. Staying relevant and making a difference are two of the most important aspects we want to achieve at the IING.

At our annual IING year-end function, we announced our intention of starting up a programme where we want to assist young insurance individuals with their insurance studies.

We realise that we need these young people to come aboard, and some of them can just not afford to pay for their studies. It will be a small beginning, but I sincerely hope it can grow into something big and great in the future. Watch this space!

Please allow me the opportunity in thanking the IING exco and committee members for their work during 2017. You don’t get paid for doing what you do at IING, but I am sure we are all doing it because we love giving back to the industry.

Also big thanks to all the companies you work for in allowing you to be part of the IING committee.

Walt Disney once said – “The difference in winning and losing is most often…..NOT QUITTING!

Let’s take 2018 head-on and go out and make a difference in the lives of our clients we serve in this wonderful industry of ours.

God bless, Merry Christmas and a Happy New Year from all of us here at the IING.


By Precious Nduli – Head Technical Marketing, Discovery Insure

A lot of disruption is caused by tech companies across industries. The result is that consumer expectations have changed, ultimately giving birth to the connected customer. These customers want products that are mobile-first, transparent and personalised.


Changing consumer expectations also appears in the financial industry as a result of fintech (financial technology). Fintech is “computer programs and other technology used to support or enable banking and financial services, making them more efficient.”[1] Examples of fintech include online-banking, payment networks and peer-to-peer insurance.


Fintech presents itself in the insurance industry as insurtech (Insurance Technology), which “is a set of innovative business models and platforms that bring in new customer experiences by applying innovative technologies in the insurance industry.”[2] Insurtech has become popular and has seen a 248% growth in global investment between Q2 2016 and Q2 2017.[3]


The disruption caused by insurtech is largely due to the constant connectivity and huge volumes of data generated by many telematics devices, wearables and the Internet of Things. Using this data, insurtech has enhanced the risk assessment, pricing, service solutions and product development for many insurers that have adopted big data analytics. Insurtech has also changed the way that insurance is distributed – from online distribution and peer-to-peer insurance all the way to robo-advisers.


Even though 74% of insurers see ongoing sector-wide innovation, most are not considering addressing disruption with new forms of improvements yet.[4] However, 79% of CEOs agree that companies that don’t embrace big data and fintech may face extinction.[5] As a result, insurers need to adopt key survival elements within their organisation. They must make sure that their business model is agile and that they invest in developing large tech capabilities. By combining technology with the skills of their actuaries, they can disrupt their value chain to redistribute profits to clients in the form of accurate risk assessment and pricing.


For example, Discovery Insure’s Vitality drive programme, uses telematics devices to incentivise drivers to improve their driving behaviour. They then reward their clients and ensure safer roads for society by using their insurance savings from fewer claims as good drivers have fewer and less severe accidents.


The need to respond to this disruptive environment is not just vital for insurers – it’s also crucial to advisers. Even though fintech has bought about the arrival of robo-advisers, 67% of clients are uncomfortable using an entirely digitised service as their primary financial adviser.[6] As a result, we see the relevance of financial advisers who can offer personalised service, emotional and trusting relationships and the ability to advise clients with complex cases that an algorithm cannot be applied to.

Therefore advisers must react to this disruption by becoming connected:

  • To clients, by maintaining a constant, personalised relationship
  • To big data, by harnessing it to identify and attract key target markets. This can be done by partnering with insurers who provide their brokers with insurtech innovations. With increased access to technological advances, brokers can better understand their clients, improve their selling strategies and engage with new markets, thus benefitting the brokers.
  • Online, by creating interactive websites, use social platforms and webinars, videos and apps to interact with clients.


Clients need to feel that their financial advisers are available to them at any time and through many forums.

[1] https://en.oxforddictionaries.com/definition/fintech

[2] http://massimociaglia.me/2017/01/06/7-insurtech-startup-to-follow-2017/

[3] https://www.financierworldwide.com/fw-news/2017/9/14/insurtech-investment-increases-in-q2-2017-as-reinsurers-wise-up-to-opportunities

[4] Opportunities await: How InsurTech is reshaping insurance, Global FinTech Survey, PWC June 2016

[5] Accenture, 2014. Big Success With Big Data

[6] https://www.wsj.com/articles/can-robo-advisers-replace-human-financial-advisers-1456715553

by Martin Hesse

Financial advisers and brokers who sell short-term insurance policies are still providing the worst advice to consumers.

This is according to the breakdown of complaints to the Ombud for Financial Services Providers, Noluntu Bam, between April 2016 and March 2017, as detailed in the ombud’s annual report for 2016/7. 

Bam is more widely known as the FAIS Ombud, as her office deals with transgressions of the Financial Advisory and Intermediary Services Act (FAIS), which applies to financial advisers.

Of the 7 971 complaints the ombud’s office received that were FAIS-related (2 875 of the 10 846 complaints were not FAIS-related), 3 215, or about 40%, concerned short-term insurance policies. Another 2 841 (about 36% of FAIS-related complaints) were in connection with long-term insurance policies, and 1 396 (about 18%) concerned investments.

Bam says in her report: “Despite the importance that short-term insurance plays in an individual’s financial planning, financial services providers who operate in the short-term insurance space still violate provisions of the FAIS Act and the [accompanying code of conduct].”

Bam says they do this by trying to obtain the lowest insurance premiums for their clients, without considering the implications for the client, “who might only in the event of a claim find out what the true cost of the lower premium is.” 

She says this true cost “could include a reduction or exclusion in the cover provided or the numerous additional excesses payable.”

The main concern with advice on short-term insurance, Bam says in her report, “is the persistent refusal by advisers operating in this area to obtain all relevant and available information from the client, in violation of section 8 of the code”.

She says that advisers use the term “single need” as a way of circumventing the requirements of the code.

“By claiming that the client requires assistance only for a specific need, such as insurance for his new motor vehicle, advisers argue that there is no need to obtain all relevant and available information and, by extension, no need to conduct a needs analysis for the client.”

She also says there is a “disconnect” between the client’s understanding of comprehensive cover and the adviser’s understanding. By obtaining comprehensive cover for a vehicle, for example, the client may assume that everything is covered, including “extras” on the vehicle, such as a sound system or a bakkie canopy.

But for many advisers, Bam says, comprehensive cover means cover up to the retail value of the vehicle, with extras not taken into account. Such extras are usually not covered unless specifically noted in the policy.

In another lapse of duty, advisers might ask clients whether or not they are paying off a loan on a vehicle, but “very rarely” offer or recommend top-up cover, “which often compromises clients if they claim the early stages of the credit agreement.”

In the area of homeowners’ insurance, advisers and brokers tend to fail to disclose to clients the exclusions in their policies, Bam says in her report. 

Exclusions are items that are excluded from cover under a policy or sets of circumstances under which cover is not provided. For example, damage to the structure of a house because of subsidence is often excluded, or only partially covered, in these policies.

Bam says the rejection of a claim that may run into many thousands of rands would be particularly devastating for young first-time homeowners.

Another ongoing area of concern, Bam notes in her report, is advice on retirement planning.

“The decisions clients make at retirement are probably the most important financial-planning decisions they will ever have to make. The consequences of these decisions are, in most cases, permanent. For this reason, inappropriate advice can have disastrous effects on a client who is no longer economically active and is unable to make up any losses sustained,” the ombud says.

It is becoming more common, Bam says, for advisers to admit to shortcomings in the advice they provide, but then claim it is not possible to reverse the transaction. 

“The impossibility of a reversal stems from the adviser having no power to place the client in the position he would have been in prior to the advice provided. 

“Clients are told that reversing the transaction is impossible because of the unwillingness of the South African Revenue Service to cancel the tax directive. This explanation undermines the FAIS Act and the principle of Treating Customers Fairly,” Bam says.


In many cases, the FAIS Ombud reaches a settlement with a financial services provider (FSP) before a complaint gets to the determination stage. This is in the interests of the FSP because its name is not made public, as in the case of a determination.

Below are three cases highlighted in the FAIS Ombud’s annual report in which a settlement was reached.

Failure to disclose the risk of under-insurance

After a fire in June 2015, Mr. A lodged a claim with his insurer on his homeowner’s policy. The damage was assessed as being to the value of R261 000. The insurer offered to pay R141 000, stating that Mr. A had been under-insured and that, as a result, it had applied the rule of average in determining the amount of the payout. (The rule of average is when an insurer decreases a payout in proportion to the degree of under-insurance.) Mr. A claimed not to have been informed of the requirement to have the building insured for its replacement value. 

On taking up his case, the ombud asked the insurer to show it had complied with the code of conduct under the FAIS Act. Specifically, it had to provide proof that its representative had obtained all relevant and available information to ensure that the product was appropriate. 

The insurer was unable to provide any evidence to show it had complied with the code, and could only point to having sent Mr. A policy schedules annually. The insurer maintained that it was Mr. A’s responsibility to ensure that he was adequately covered. 

After the ombud’s office maintained its stance on the insurer’s failure to adequately provide for Mr. A’s needs, the insurer offered an amount in settlement of the matter. 

Settlement: R120 000

Failure to disclose pre-existing condition clause

Mr. B took out a life assurance policy that included an income-protection and a disability benefit. He was later declared medically unfit to work. 

When he submitted a claim with the life company in terms of the income-protection benefit, the claim was rejected on the grounds that it had been submitted during the waiting period. The assurer said the policy terms provided for a 24-month waiting period on pre-existing medical conditions, and the illness that had rendered Mr. B unfit to perform his duties had arisen directly from such a pre-existing condition. 

In correspondence with the ombud’s office, the assurer said the product was suitable for Mr. B because it catered for the need that had been identified. Mr. B knew of the exclusions, it said, because these had been disclosed in both the application form and the policy schedule. 

However, the ombud drew the life assurer’s attention to the fact that it had failed to advise Mr. B of the blanket exclusion on the policy with regard to pre-existing conditions. In addition, it had failed to elicit information from the complainant pertaining to his medical history. This information was both relevant and available, and, if it had been requested, the unsuitability of the product would have been evident. 

The life company responded by making an offer that settled the matter in full.

Settlement: R563 581

Failure to take client's needs into account 

Mr. C retired as a member of his employer’s pension fund. He was the sole provider for his family, supporting his wife and dependent child, who was a student. Mr. C had sustained a significant amount of debt, which he had consolidated by taking out a loan shortly before he retired. This had been done in the knowledge that he would have access to one-third of his pension benefit, which he could use to settle the loan. 

On consulting an FSP, he was advised to buy an annuity, which resulted in his entire pension benefit being transferred into the annuity. When Mr. C asked about taking a third of the pension benefit in the form of a lump sum, he was told that he was unable to access the money. 

Taking up his case, the ombud asked the FSP for evidence that it had obtained all available information about Mr. B’s financial situation. It was established that the FSP had not kept a record of the advice and had failed to take Mr. C’s circumstances into account. This failure had resulted in an outcome that was inappropriate to Mr. C’s needs. The ombud recommended that the FSP pay Mr. C an amount equal to one-third of his retirement benefit in a full and final settlement, which it did. 

Settlement: R570 994

Source: Personal Finance 12 November 2017

The Ladies’ Day event was held at Moonshot Café earlier this year.

Here are some nice pictures of the day where our ladies indulged in lots of ice cream treats.


Add your photos to our facebook page, and tag yourself.


A full house attended our last event of the year: the IING Year-end function at The Promenade on the 26th of October.

This year the theme was 'local is lekker,' and the atmosphere was casual and fantastic.



The Photo Bus was a firm favourite with the guests.

                 Everyone enjoyed themselves.
 For more photos, visit our facebook page. Add your photos of the event  

We would like to thank all our members for a memorable 2017, and we are looking forward to making 2018 even better!



Deur Hendriehet Young

Ons seun Juan Pierre Young  is oorlede op 24 Mei 2017.

Vir ons as familie  is die dood van ‘n kind, ‘n man, ‘n pa en broer geen geringe saak.  Ons probeer om die stukke van lewens bymekaar te skraap en om sin te maak en om aan te gaan, dit is tans vir ons elkeen ‘n  moeilike daaglikse taak.  Die hartseer bly vir ewig.


‘O Die pyn gedagte: my kind is dood

Dit brand soos ‘n pyl in my

Die mense sien daar niks van

En die Vader alleen weet wat ek ly’

Elke ma dink haar kind is die beste!  Juan was ‘n besonderse seun, en ek was baie trots op hom!

Hy het intens geleef en was eerlik en opreg, eienskappe wat in ons samelewing  skaars is.  Juan moes op sy lewenspad van bykans 40 jaar baie teleurstellings oorbrug, en tog het Juan almal wat sy pad gekruis het met liefde en respek en ‘n glimlag hanteer.  Almal onthou hom as ‘gentleman’!

As gevolg van metaalvergiftiging moes Juan sy beroep as Tandtegnoloog prysgee en het hy by  De Novo Versekerings Makelaars aangesluit.   Hy en sy pa was ‘n goeie span en hulle sukses in die Verskeringsmark was gou duidelik.  Juan het verlede jaar op 6 Junie 2016 in ‘n restaurant in mekaar gesak en is daarna met ‘n Brein Tumor gediagnoseer.   Hy was dapper en volmoed dat hy volkome genees sal word, ons het saam met hom geglo.  Sy stryd was geen geringe een nie

Ek eer Juan vir die mens wat hy was, en sal vir ewig hierdie hartseer saam met my dra.

Lawrence Binjon het gesê:

“They shall not grow old as we that are left behind grow old. Age shall not weary them, nor the years condemn. At the going down of the sun and in the morning, we will remember them”.

Juan het die wedloop voltooi! Sy aardse voetstappe het stil geword maar dit sal in ons nagedagtenis bly voortleef.

Following Transport for London’s decision against Uber, Cliff Saran looks at the role of professionalism and ethics in software development.

Uber is the latest company to get caught out for using software to help it overcome official audits and tests. Among the reasons Transport for London (TfL) gave in September 2017 for not renewing Uber’s licence to operate in London was the software that the app-based taxi firm allegedly developed to avoid officials inspecting its drivers.

While newspaper commentary has largely been about the Licensed Taxi Drivers’ Association, which represents London’s black cab drivers, lobbying TfL against Uber, an important part of its decision was Uber’s stealth software.

This is not the first time a company has been found to have written software explicitly to get around official tests and audits.

In May 2014, Volkswagen was found to have modified its engine management software to detect when diesel cars were being run on an official emissions test so that it could dial down the emissions.

The carmaker effectively wrote software specifically to cheat, according to the New York Times, which wrote: “Volkswagen admitted 11 million of its vehicles were equipped with software that was used to cheat on emissions tests.”

The newspaper reported that an on-road test conducted by West Virginia University found some cars emitted almost 40 times the permitted levels of nitrogen oxide. This led to the California Air Resources Board’s investigation of Volkswagen.

Looking at TfL’s decision not to renew Uber’s licence to operate in London, among its concerns was the use of so-called Greyball software, which geofences government and official buildings.

The software reportedly presents an alternative site to customers, or people wishing to book a ride from outside those buildings, which is used to prevent officials from booking an Uber ride.

Other cities have been concerned about the use of Greyball software. In a blog post, Gerald Gouriet and Charles Holland of barristers’ chambers Francis Taylor Building described Uber’s Greyball program as a way to identify regulatory staff using the customer app and thereby avoiding regulatory activity and highlighted the case of New York.

 “Uber initially robustly defended the program, but after six days, announced it would be withdrawn,” the pair wrote. The US City of Portland recently published an audit looking into the use of Greyball software at Uber, which confirmed that the transport company had admitted using such software.

“In a letter dated 21 April 2017, Uber’s counsel provided their second response. In this response, the company admits to having used the Greyball software in Portland for a two-week period, from 5 December to 19 December 2014 against 17 individual rider accounts,” the audit report said.

The records provided by Uber show three of those individual riders actively requested and were denied rides on the Uber platform, the court filing stated. The company said it would never engage in a similar effort to evade regulators in the future. But as Computer Weekly’s sister title, TheServerSide, notes, the company’s record of unethical practices in software development appears to reveal a culture of contempt among managers.

On her blog about sexual harassment at Uber, Susan Fowler wrote about a “toxic culture” in the company, where managers refuse to cooperate. “I remember a very disturbing team meeting in which one of the directors boasted to our team that he had withheld business-critical information from one of the executives so he could curry favour with another,” she wrote.

There is also the case of Uber’s God View tool, infringing users’ privacy by collecting data about their location even when the Uber app is not being used.

Overcharging clients Beyond Uber and Volkswagen, examples of unethical coding include overcharging clients, producing poor quality code, and stealing intellectual property.

In a post on open source repository GitHub, one developer has been trying to raise the profile of coding ethics. The developer described how on one occasion, an employer asked to change the value of refund vouchers on an e-commerce site to make the refund worth less.

The coder wrote: “I think we need to establish a code of ethics for programmers. Doctors, social workers, and even lawyers have a code of ethics, with tangible consequences for skimping on them. Why not programmers as well?

“I want to live in a world where a programmer who hasn’t agreed to follow our code of ethics has a hard time getting employed. It is simply not acceptable to write code that is harmful to users. What the hell is wrong with these people?”

The Association for Computer Machinery’s ethics statement says: “Software engineers shall approve software only if they have a well-founded belief that it is safe, meets specifications, passes appropriate tests, and does not diminish quality of life, diminish privacy or harm the environment. The ultimate effect of the work should be to the public good.”

Ethics in software engineering is also an area that has been looked into by the BCS, The Chartered Institute for IT. The BCS’s code of conduct for its members: “You shall have due regard for public health, privacy, security and well-being of others and the environment.”

Improve human wellbeing David Evans, BCS director of policy and community, believes an overriding outcome in the domain of computing should be to benefit society and improve human well-being.

For organisations that value customer relationships, ethics is very important; he says: “In the academic world, ethics is top of the checklist.” But working in an ethical manner can be challenging.

“The idea of public benefit or human wellbeing turns ethics into a misplaced concept,” says Evans. “You can lose the reason why you do it. We want professionals who do things that do not cause harm to others, and we also want our IT team to understand the effects of what they do.”

The value of working ethically should, says Evans, be ingrained into the corporate culture, including IT and software development.

Rewrite the rules to win the cyber arms race, says McAfee. Cyber defence cannot be effective unless it becomes more automated and proactive, says Raja Patel, vice-president and general manager of corporate security products at McAfee.

Patel told the Mpower Cybersecurity Summit in Las Vegas: “We are in the same evolutionary race against cyber predators, who are constantly evolving to resist our defences. We can’t change our pace – we have to change the race.”

Source: Computer Weekly, 7-13 November 2017

We presented a successful third RE 1 & RE 5 Information & Preparation Session at the King Price offices in Pretoria on 16 October 2017. We had great feedback on both the workshop and the facilitation.

As a result of continued requests, the first session for 2018 will follow early in the first quarter of 2018. Details would be communicated on the Insurance Institute Northern Gauteng website.

Mike Pierce welcomed the delegates at the workshop and extended our appreciation and gratitude to Fatima Maharaj from Learnon for a very well executed facilitation.

Fatima welcomed the candidates and explained the examining bodies the four levels of difficulties:

(1) Knowledge, (2) Comprehension,(3) Application and (4) Analysis for KI

Mock exams questions were provided to the candidates.

Participants could also log in to the website to practice before writing exams.

Special thanks to Mike for welcoming the participants and for King Price for their facilities.

All of the best for everyone who still needs to write the examinations!

24 October 2016. Judge R McLaren, Ombudsman for Long-term Insurance, found there was adequate information for an insurance claim to be successfully assessed.

Despite insurance company Bidvest Life declining a credit life claim on the basis that documents and information were outstanding, the Ombudsman for Long-term Insurance found there was adequate information for the claim to be assessed.

The insurer had also claimed there had been non-disclosure that the deceased was suffering from HIV at the time of application.

However, the Ombudsman, Judge R McLaren, found that the deceased may have had a pre-existing condition, but there was no evidence that he had received treatment or advice at any time during the 18 months’ period before becoming a policyholder, as required by the policy.

Credit life insurance provides cover in the event of you having outstanding debt when you die.

The deceased purchased a vehicle through a finance bank and took out an Auto Settlement policy which commenced on 28 March 2008. He passed away on 18 October 2008. Regarding medical reports, he died as a result of peritonitis and septicemia.

On 20 November 2008, his wife, who was the complainant in this matter, visited the dealership to lodge a claim for the settlement of the vehicle. She produced documents in support of the claim.

On 23 March 2009, the insurer’s assessor, dealing with the matter, requested the dealership to obtain and submit further documents.

On 21 April 2009, the claim was considered not taken up by the insurer due to the documents not being submitted. There was no further contact with the deceased’s wife.

In October 2014, the Sheriff successfully served the complainant with a Warrant for the Delivery of Goods to the bank, showing that the relevant Magistrates’ Court had ordered the repossession of the vehicle on 8 June 2010.

The complainant alleged that the dealership had indicated to her that the claim had been settled.

The insurer claimed that neither the bank nor the dealership with which it dealt, could trace the complainant from 2009. The outstanding documents were never submitted and, therefore, the claim could not be properly assessed.

When the vehicle was repossessed, and the complainant’s claim for the benefit was not approved by Bidvest Life, she submitted a complaint to this office.

The matter was submitted to an adjudicators’ meeting, with the Ombudsman presiding, and subsequently, a provisional determination dated 18 January 2016 was issued, upholding the complaint.

The insurer held that the deceased had signed the following mandatory declaration, but there was evidence that he did not disclose his HIV status at application stage and the insurer had, therefore, asked for his full medical file and clinical records:

“I am aware that I am not covered for any claim arising out of any injury, disease, or illness which is, in the opinion of McLife (which subsequently became Bidvest Life), related to a previous injury, diseases or illness for which I received medical treatment or advice at any time during the 18 (eighteen) months prior to becoming a policyholder.”

The meeting’s view was that adequate documents were submitted for the insurer to reasonably assess the claim. The deceased may have had a pre-existing condition, but there was no evidence that he had received treatment or advice at any time during the 18 months’ period before becoming a policyholder as required by the policy.

The cause of death had been advised by a medical practitioner, and there was confirmation that the deceased had only become aware of the condition that caused his death days before the date of his death.

Bidvest Life had not proven non-disclosure of information or the applicability of the exclusion clause.

The meeting upheld the complaint and asked the insurer to consider the claim on the documents provided.

The insurer agreed to assess the claim and subsequently made a settlement offer to pay R40 000 of R102 462.53, being the amount due as at the date of loss, provided by the finance bank.

Bidvest Life submitted a detailed statement showing transactions from 28 March 2008 to 11 February 2015, on which date the capital balance amount appears as R156 292.24. This amount includes costs such as legal fees, repossession costs, storage fees at the vendor, service fees, interest and bad debt amounts that had been written off.

The insurer added that given the circumstances and the facts of this matter, R40 000 was an equitable offer in final settlement as the complainant should be apportioned some blame to her failure to follow up on this matter over an extended period of time. She had not submitted requested documents and had placed the insurer in a position that the claim could not be properly assessed, while there had been evidence that pointed to non-disclosure of the deceased suffering from HIV at application.

The offer was rejected by the complainant. The complainant’s attorneys noted that the outstanding liability to the finance bank had amounted to R321 243.70. It is not clear how this amount had been calculated.

At the adjudicators’ meeting held on 29 April 2016, the Deputy Ombudsman presiding the meeting decided that the complainant had a responsibility to make enquiries with the insurer about the status of the claim instead of relying on the dealership’s alleged oral confirmation that it was settled. She had not produced any evidence of confirmation that the claim had been settled.

The complainant was not entitled to the amount of R321 243.70 that she was claiming. According to the insurer their outstanding liability at the date of the event was R102 462.53.

The insurer was ordered to make payment of R102 462.53 to the estate of the deceased which Bidvest Life has done.

(Source: Entrepreneur Magazine)

The intention of the Protection of Personal Information Act is to bring South Africa in line with international standards of protection of personal information and will radically change the way in which both government and business deal with individuals’ private information,” says Charles Stretch, MD of SMSPortal.

How POPI Will Affect The Data You Collect

POPI protects personal information by restricting how it can be collected and used by a company, organisation or person, and sets out eight principles:

1. Accountability

The responsible party (those who process the personal information) must ensure that all of the Act’s principles and the measures are complied with.

2. Processing limitation

Processing of information must be done lawfully and in a manner that does not infringe the privacy of the individual. Personal information can only be processed if the processing is adequate, relevant and not excessive, given the purpose for which it is to be used.

3. Purpose specification

Personal information must only be collected for a specific purpose, and the individuals must be aware of this. Records must not be kept for longer than necessary to achieve the purpose for which it was collected.

4. Further processing limitation

Further processing of the information must be compatible with the purpose of collection.

5. Information quality

The holder of the data must take reasonable steps to ensure that personal information is complete, accurate, not misleading and updated when necessary. All the while, taking into account the purpose for which the information was initially collected.

6. Openness

Steps are required to ensure that the data subject is aware of the personal information being collected and the purpose of collection.

7. Security safeguards

The responsible party must secure the personal information under their possession/control. Should a security breach occur, the responsible party must notify the subject whose information is compromised.

8. Data subject participation

The data subject can request whether an organisation holds their private information, and what information is held. They may also request the correction or deletion of information that is inaccurate, irrelevant, excessive, out of date, incomplete, misleading or obtained unlawfully.

POPI Will Make it Essential for Prospects and Customers to Agree to Receive Your Communication.

Stretch points out, “Specifically relating to the running of SMS marketing campaigns, direct marketers cannot use personal information for direct marketing unless they have the consumer’s permission. In the case of a direct marketing organisation, they must have ‘opted in.'”

The consumer can “opt-in” in one of two ways:

1.     Firstly, the consumer can give his or her explicit consent to receive direct marketing.

  1. a. This would ideally be obtained when the information is collected, but a direct marketer can also approach the consumer for consent later. If it does this, it can only approach the consumer once for consent.
  2. b. A direct marketer must get a consumer’s contact details in the first place to approach the consumer for consent. Unless these contact details were in the public domain, such as a telephone directory, merely obtaining the contact details could be an infringement of POPI.
  3. c. For example, if a direct marketer received a list of individuals and their contact details from a company that collects and sells marketing information, the data vendor would itself have infringed POPI by passing the list on to the direct marketer, even if the direct marketer never actually uses any of the information contained in the list. Unless the individual specifically consented to their information being passed on.

2.     Secondly, if the consumer is a customer of the direct marketer (and not of anyone else) then the direct marketer can use their information for direct marketing ONLY if:

  1. a. The data was obtained in the context of the sale of a product or service, and
  2. b. The direct marketing will be in respect of the marketer’s OWN similar goods/services, and
  3. c. The consumer has been given a reasonable opportunity to object to receipt of direct marketing both when the data was first collected and on each occasion when direct marketing is made to the consumer.

POPI infringement: The Consequences Will be Harsh

POPI makes provision for enforcement notices to be served on those infringing the data protection principles or the direct marketing provisions of POPI. Failure to comply with an enforcement notice is an offence, and on conviction may lead to a fine, up to 10 years in prison, or both.

Perhaps more seriously, says Stretch, if a data subject suffers any loss as a result of the infringement, the responsible person will be strictly liable for this loss. In other words, it does not matter if the responsible person was negligent, or acted intentionally in infringing POPI – if the infringement caused loss to the consumer, the responsible person is liable.

7 Legal Pitfalls You Need to Avoid

  1. 1. Ensure that your company is properly set up and registered in order to protect you against personal liability.
  2. 2. Every transaction has a tax consequence. Make sure you understand what these consequences are. If you are not sure, it is worth investing in a consultation with a tax specialist.
  3. 3. Do not make promises or commitments in writing if you are not completely committed to honouring them. Always assume that what you say in an email or text message is as legally binding on you like a signed agreement.
  4. 4. As soon as there is more than one shareholder or member of the business, all parties involved should sign an agreement to govern their relationship. Make sure you address the following aspects: how profits are shared and paid out; how new partners/shareholders can be brought into the business; who will fund the business; and how and when loans will be repaid.
  5. 5. If your business supplies goods or services to the public, know what your obligations are in terms of the Consumer Protection Act.
  6. 6. Avoid signing personal surety, especially a covering surety, since it cancels the benefit of limited liability that trading through a company provides. Instead, consider other forms of security such as a bank guarantee.
  7. 7. If you are selling your business, do not forget that your employees must transfer to the buyer and cannot simply be retrenched. Also, remember to transfer your rights and obligations under the business’ contracts to the buyer. If you do not transfer the contracts to the buyer, you will remain liable under those contracts.

The draft Insurance Laws Amendment Bill addresses development in the South African insurance market in respect of corporate governance, risk management, internal controls and insurance group supervision. The draft Insurance Laws Amendment Bill (ILAB) forms part of the interim of the Financial Services Board’s (FSB) Solvency Assessment and Management (SAM) regime and aligns the South African Insurance market with internationally accepted standards for insurance supervision and regulation. (December 2013)

Requirements in respect of corporate governance, risk management and internal controls

The draft ILAB requires insurers to demonstrate that they have adequate corporate governance, risk management, and internal controls in place to manage
their business. These requirements include:

Corporate governance:
Insurers must adopt and implement an effective governance framework that provides for the prudent management and oversight of their insurance business and adequately protects the interests of policyholders.

The governance framework must be proportionate to the nature, scale and complexity of the insurer’s insurance business and risk profile, and must as a minimum provide for:

  • # An adequate transparent organisational structure with a clear allocation and appropriate segregation of responsibilities and an effective system for ensuring the transmission of information;
  • # Compliance with the relevant insurance legislation and prescribed requirements;
  • # Written policies, approved by the insurer’s board of directors, in respect of general governance, risk management, investments, reinsurance and risk mitigation, internal controls, remuneration and outsourcing.

The FSB may at any time review an insurer’s governance framework or require the board of directors and/or senior management of the insurer to demonstrate that the governance requirements are being complied with. The FSB may also direct insurers to strengthen and effect improvements to their governance frameworks.

Board of Directors:
The draft ILAB requires insurers to have a sufficient number of non-executive and
independent directors to promote objectivity in decision making. An appropriate number and mix of individuals are required to ensure that there is an overall
adequate spread and level of knowledge, skills, and expertise.

The chairperson of the board of directors should be independent and may not
have been the chief executive officer at any time during the preceding three years. The board of directors must establish an audit committee. Exemption from the FSB is required if the board elects not to establish a risk committee or a remuneration committee.

The audit committee of an insurer must consist of at least three directors. The 2 of 3 audit committee members should not be employees of the insurer or any of its related parties. The chairperson of the board of the insurer or its controlling company may not be a member of the audit committee.

Duties of each director:
Each director of an insurer, in addition to the requirements of the Companies Act, must:

  • # At all times meet the fit and proper requirements as prescribed in the draft ILAB;
  • # Act in the best interests of the insurer and policyholders, putting the interests of the insurer and policyholders ahead of their own interests; and
  • # Exercise independent judgment and objectivity in decision making, taking into account the interests of the insurer and policyholders.

Risk management policies:
The draft ILAB requires insurers to develop and regularly review adequate written risk management policies. This includes policies in respect of investments, reinsurance, risk mitigation and remuneration.

Internal control system:
The development and implementation of a compliance plan which ensures the insurer’s compliance with the Insurance Acts, and provides for the effectiveness and efficiency of operations, ensuring the availability and reliability of financial and non-financial information, is required.

Control functions:
Insurers need to establish the following control functions:

  • # Risk management;
  • # Compliance;
  • # Actuarial; and
  • # Internal audit.

The board of directors must regularly review the performance of each control function. A regular independent review of the control functions is required to be performed by internal audit or objective external reviewers.

Insurers must appoint a head for each of the control functions within the insurer. The head of each control function must regularly report to the board of directors (or one of its committees) and communicate directly with the chairperson of the board of directors (or one of its committees).

Insurance group supervision
The draft ILAB introduces insurance group supervision in the South African insurance market. Insurance group supervision will apply to all insurance groups unless an insurer has applied for exemption from the requirements as set out in the draft ILAB.

An insurance group exists where there are two or more entities of which at least one is an insurer, and one has a significant influence on the insurer.

Controlling company:
Insurance groups are required to have an FSB authorised non-operating, public holding company. The intention is not to extend the supervision of the insurer to the holding company but to keep the holding company responsible for the prudential and market conduct requirements of the group.

Transparent group structure:
The controlling company is required to ensure that the structure of the insurance
group does not impede the financial soundness of any insurer that forms part of the group or the ability of the FSB to:

  • # Determine how the different types of business of the insurance group are conducted; or
    # Determine the risk profile of and the manner in which internal risk management is organised and conducted by the group.

Acquisitions and disposals:
Controlling companies are required to obtain approval from the FSB for all material acquisitions or disposals. The FSB needs to be notified of all other acquisitions and disposals.

Financial arrangements:
The draft ILAB introduces financial soundness requirements for insurance groups. The group’s capital and solvency position should be adequate given the group’s overall risk profile.

Other Amendments
The requirements as per the FSB’s Outsourcing Directive have been included in the draft ILAB. The powers of the FSB have also been strengthened in respect of the approval of registration of insurers and the variation of registration conditions of insurers.

Tom Healy, Business Unit Manager within Marsh Africa, comments on the industry and its changing regulatory environment.

There has generally been a lack of trust within the insurance industry. The industry was perceived to be a necessary evil within the public domain, and this perception did very little in driving trust between insurers and policyholders. Objectively speaking, the benefits of insurance cover far outweigh the disadvantages. This is because insurance cover permits businesses and homeowners to recover quickly after major negative events and protects purchases like homes, motor vehicles, and valuables.

According to the International Monetary Fund, insurance regulation in South Africa is sound, and it is, in fact, the assessment aspect that is identified as an area for development. This is driven by the fact that the Financial Services Board (FSB) takes a thorough approach to regulation, recognizing the scale and development of the South African market and the need for effective market conduct as well as prudential regulation.

South Africa is home to the largest insurance market in Africa. The South African market generates 90% of Africa’s life insurance income and has the second highest life insurance penetration in the world after South Korea. It remains healthy despite the challenges in operations. We are all aware of the important and unique role insurance plays in the daily lives of millions of people, so it’s important to have an insurance industry that is sustainable, innovative and competitive.

Like many industries, the insurance industry faces its own set of challenges. These range from difficult new business, investment and regulatory environments, geopolitical uncertainty in some areas of Africa, social changes and technological advancements as well as uncertain economic environments.

Among the most significant, the changing regulatory environment which stems from the continuous changes in the industry is notable. The sector has experienced a promulgation of regulatory legislation which has improved the level of compliance with the international standards body, the International Association of Insurance Supervisors (IAIS).

Tom Healy, Business Unit Manager of the Knowledge Centre within Marsh Africa advises, “Without an Association and/or Regulatory Body, entities within an industry could each do their own thing as far as general supplier, customer and member relationships are concerned. The same applies to standards of products and services. There would also be no collective body for communication or collective bargaining purposes. Regulatory Bodies and Associations, therefore, ensure there are minimum professional and legal standards in place, supported by Compliance functions to ensure adherence to accepted laws and governance.”

The recent changes in legislation have also resulted in a financial sector that largely meets the existing requirements of The South African insurance regulator, the Financial Services Board (FSB).

Ongoing public complaints of poor customer outcomes from the South African insurance industry are largely behind the Financial Services Board (FSB), and the National Treasury drives to introduce more and more governance, regulation and supervision to the industry. The regulatory intervention is to ensure insurers deliver on the promises made to their markets. This assists in curbing the negative perception of the industry. For the market to continue to grow, the industry needs to manage its reputation by respecting all regulations and continuing to increase access to insurance products for all customers. Financial advisers and brokers must be authorised to provide financial advisory and intermediary services.

A key positive element for the South African insurance industry is that the various South African Regulatory Bodies are national and apply to the whole country. “In the UK and the USA, component countries or states may have additional regulations to those which apply overall. Our standards are as good as any in the world and, in fact, South Africa is a world leader in Financial Services Sector standards”, says Healy.

Amongst the key insurance regulations are the following: The Policyholder Protection Rules, Micro Insurance Regulations, Binder Regulations Capital Adequacy Requirements, Demarcation Regulations, Captive Insurer Regulations, VAT Regulations, Consumer Credit Regulations, the FAIS Act and Subordinate Legislation, etc. These regulations supplement the original Short and Long-term Insurance Acts 1988 in South Africa.

The Financial Advisory & Intermediary Services Act 2002 (FAIS) was introduced from 01 July 2004 and mainly regulates the Intermediary sector.

The South African Regulatory authorities decided on a Twin Peaks approach to Insurance Industry regulation, divided into Prudential and Conduct. Prudential relates to the financial management side of the industry such as Insurer Income Statements and Balance Sheets, and this regulatory monitoring function will be transferred from the Financial Services Board to the Reserve Bank under National Treasury. Conduct refers more to the supplier, product, service, relationship and customer communication side of the Insurance industry, all in the ultimate interests of Treating Customers Fairly.

To ensure fair treatment of Insurance Industry Customers, Treating Customers Fairly is an over-riding conduct ethic driven by the Financial Services Board which was launched in November 2014. The FSB is the official Market Conduct Authority. However, an additional Joint Committee between the FSB, Reserve Bank, and National Treasury, will be formed to resolve any conflicts within the regulatory twin peaks.

Industry players will, therefore, need to be aware of both existing and pending Insurance Industry regulatory requirements and abide by them for Compliance and Client Service purposes.

“There is a good reason for most regulations - so embrace and understand them to implement each successfully,” adds Healy.

Fair treatment of customers underpins the General Code of Conduct for financial services providers (FSPs) and Representatives. While the principles embodied within the outcomes may already form part of the culture of an FSP’s business, the demonstration of the outcomes may not yet be in place and changes to some business processes may be required, and in some cases, new processes may need to be implemented.

Masthead provides support by helping FSPs understand the requirements and run workshops to help businesses align their processes with both the Financial Advisory and Intermediary Services Act (FAIS) and Treating Customers Fairly (TCF) framework. Identifying TCF gaps and providing solutions that best suit the FSP also forms part of the compliance visits.

What is Treating Customers Fairly?

TCF is a regulatory framework set by the Financial Services Board (FSB). This framework governs the way an FSP business conducts daily dealings with its clients ensuring that all clients are treated fairly, during all stages of the product life-cycle and advice process.

The TCF framework is built on principles that help drive an FSPs business conduct towards a set of six outcomes aptly termed TCF outcomes. An FSP, therefore, needs to move toward a place where their business practices achieve these outcomes and eventually become an inherent part of all areas of the business. At the same time, all FSPs need to demonstrate to regulators that they adhere to the TCF principles and treat their customers fairly. Documenting the implementation of new business processes or the change to existing practices, therefore, becomes a fundamental part of companies’ TCF journey.

What is the FSB looking to achieve through the TCF outcomes?

Placing clients at the center of your business and aiming to achieve the six TCF outcomes in the fullest sense ensures a win-win situation for everybody. The TCF outcomes, which should already be entrenched within an FSP, are defined by the FSB as follows:

  • TCF Outcome 1 – Customers must feel confident that they are dealing with an institution where TCF is at the core of their culture.
  • TCF Outcome 2 – Products and services in the retail market which are sold and marketed are designed according to the needs of the customers identified and targeted accordingly.
  • TCF Outcome 3 – Customers are provided with clear information and kept appropriately informed before, during and after the point of sale.
  • TCF Outcome 4 – Advice is suitable and according to the customer’s circumstances.
  • TCF Outcome 5 – Service is of an acceptable standard and products perform as customers have been led to expect.
  • TCF Outcome 6 – Customers do not face unreasonable post-sale barriers when they want to change a product, switch providers, submit a claim or make a complaint.

TCF Principles

The TCF principles are encompassed in the TCF outcomes and in many ways are also embodied in the General Code of Conduct. Although these principles may already form part of your business strategy, they are linked to outcomes that focus specifically on the fair treatment of the customer. The principles can be defined as follows:

  • TCF Outcome 1 – Principle of Culture & Governance
  • TCF Outcome 2 – Principle of Product Suitability
  • TCF Outcome 3 – Principle of Disclosure
  • TCF Outcome 4 – Principle of Suitable Advice
  • TCF Outcome 5 – Principle of Performance and Service in line with expectations
  • TCF Outcome 6 – Principle of Claims, Complaints & Changes

The TCF principles are being incorporated by the FSB into its regulatory and supervisory frameworks on an incremental basis. This approach will form a fundamental part of the new Financial Sector Conduct Authority (FSCA).

The FSB provides guidance regarding its Treating Customers Fairly expectations. However, businesses are expected to identify ways in which they can integrate these principles into all areas of the business to ensure that the desired outcomes are achieved. Incorporating TCF in your business ensures that you comply with regulation and in turn results in fewer complaints from clients. Customers who are treated fairly are more likely to remain loyal clients and in turn reward your business.

MASTHEAD is a national supplier of risk management services to independent financial advisors and other licenced financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.

The IING presented another successful RE 1 and RE 5 Information and Preparation session at the Santam offices in Pretoria on 26 September 2016. As a result of continued requests, the first session for 2017 will follow early in the year. Details will be communicated in January 2017 on the Insurance Institute Northern Gauteng website.

About 80% of participants attended for RE 5, and about 20% for RE 1.

They agreed they would be better prepared for future examinations with the knowledge and skills gained from this last session of the year. Some of the participants mentioned they had already written the exam for the third time before the workshop, but it would have made a big difference if they had known about the course beforehand.

The IING would like to extend its appreciation and gratitude to Fatima Maharaj from LearnOn for the well-executed facilitation and to Mike of the Insurance Institute Northern Gauteng for the warm welcome of the participants.

All the best for everyone who still needs to write the examinations!

Margaret Mandla

(Souce: RiskAfrica magazine)

The Financial Services Board (FSB) recently released an update of the Retail Distribution Review (RDR) discussion document that was originally published in November 2014. The FSB considered the feedback of 88 commentators on the RDR paper, with additional comment by industry players along with other sources. 

With this document, the FSB aims to regulate the conduct of business in the financial services industry with the focus on treating customers fairly. However, many in the industry say these proposed changes will severely disrupt the insurance industry, especially the broker market.

The RDR put forward 55 regulatory proposals to be implemented in phases, of which 14 subset proposals were identified to be implemented in Phase 1. The latest update of the RDR communicates the next steps for implementation of these proposals and proposed changes to some of these.

The document and proposed changes have a direct bearing on everyone involved in the financial services industry, especially the proposals in Phase 1, which deal with adviser categorisation.

The proposals in the document include the following:

Proposal V: Insurer-tied advisers may no longer provide advice or services in relation to another insurer’s products.

Proposal Y: Advisers may not act as representatives of more than one juristic intermediary (adviser firm).

Proposal Z: Restricted outsourcing to financial advisers and Proposal AA: Certain functions permitted to be outsourced to financial advisers.

Proposal FF: General product supplier responsibilities in relation to receiving and providing customer related data.

Proposal OO: Product supplier commission prohibited on replacement life risk policies.

Proposal PP: Commission regulation anomalies and early termination values on “legacy” insurance policies to be addressed.

Proposal QQ: Conflicted remuneration on retirement annuity transfers to be addressed.

Proposal RR: Equivalence of reward to be reviewed.

Proposal UU: Remuneration for selling and servicing short-term insurance policies.

Proposal VV: Conditions for short-term insurance cover cancellations.

Proposal ZZ: Binder fees to multi-tied intermediaries to be capped.

Proposal AAA: Commission cap for credit life insurance schemes with “administrative work” to be removed.

Proposal BBB: Outsourcing fees for issuing insurance policy documents.

In the final edition of the Communicator for this year we focus on regulatory aspects of the financial services industry and the importance of complying with these regulations. It is clear that the South African financial services industry will align to international standards and that we need to adapt to these requirements.

I agree with the article published by Tom Healy that ‘we are all aware of the important and unique role insurance plays in the daily lives of millions of people, so it’s important to have an insurance industry that is sustainable, innovative and competitive.

This year close to 200 members and guests attended the Silver, Black and White themed IING year-end function hosted at the Olympus Stream Venue. While we have many functions throughout the year, this celebration is always our biggest event, which gets bigger and bigger every year. This event is less about formality, but more about a thank you to our members. It is a great opportunity for us to network with fellow members of the industry, and to look back at a year that has been both challenging and rewarding.


The evening was opened by our deputy president Natalie Graham who handed over to our President Marieta Steyn, who took us through the 2016 IING journey and what was achieved this year. Marita thanked her current committee for the hard work and dedication given by each member, who volunteers their time for the better of our industry.

While most of what we do is for the upliftment of the industry, we also believe in giving back to worthy causes as this speaks to our values. On the evening we were privileged to have representatives from both the Jacaranda Children’s Home and Sungardens Hospice. These organisations received a donation of R5000 towards their charity. Both charities do amazing work and hold a special place in our committee member’s hearts.

It goes without saying that an evening like this one would never be possible without our generous sponsors. We would like to thank Hollard, our main sponsor of the evening, as well as Auto&General, Tracker and Mutual and Federal. We appreciate the support!

Once the formalities were done, we turned up the music and let our hair down, and spent a very enjoyable evening with friends and colleagues alike.

The IING team wishes everyone a prosperous festive season! Be safe wherever you are, and we look forward to seeing you all for a fresh 2017.

Once a year we all get together in a beautiful setting to celebrate being women. This year that setting was the Farm Inn, where the lovely surroundings set the scene for a wonderful morning. The 177 “Diamonds & Denim” dressed ladies, who had shed their mantles of responsibility for a few hours, sipped champagne (or coffee, for those shivering with cold!) and spent some time catching up with friends and colleagues too seldom seen.

“I would like to be known as an intelligent woman, a courageous woman, a loving woman, a woman who teaches by being. Maya Angelou”

Walking through the courtyard into the hall our “Diamonds and Denim” theme was evident on the tables set for the ladies, where each received a lovely little pamper gift bag. Settling in, our IING President, Marieta Steyn, welcomed all and introduced our first speaker.


Ronel Pretorius, holding the title Head of Broker Services in her Company, is a woman of strength in the Financial Services industry. A remarkable woman, she is making it clear that women are more than capable of juggling the tasks of being a wife, mother and businesswoman. Although it is challenging for us to wear so many hats, Ronel says it comes down to balancing your priorities. Don’t get bogged down with the small things, those will just wear you down. In business especially, focus on educating yourself – it is never wise to let yourself stagnate as this leads to complacency. Personal growth extends to helping those around you – empower the women in your lives, support each other as we endeavour to carve out our spot in the world. Ronel’s light-hearted but powerful message is that it is possible to be more, do more and accomplish more!

“No matter where you are in life, INSPIRE and EMPOWER the women around you. Success is never reached alone. WISDOM and WEALTH are sweeter shared. Mizzfit”

Another woman who has excelled in her field is Dr Pixie du Toit, from the Sinoville Crisis Centre. Our second guest speaker for the day, Dr Pixie was the first female Forensic Criminologist in the Country, an excellent achievement indeed. Dr Pixie is extremely passionate about the Crisis Centre and highlighted the plight of those who cross their path daily. Crossing the spectrum from children to the aged, men and women, it was heart-breaking to hear of the huge number of households affected daily by incidents of crime, xenophobia, abuse and so on. Utilising the props that she brought with her, Dr Pixie expounded on the processes that they follow when confronted with various scenarios. So vivid were her stories that there were very few dry eyes left in the room.

“I can do things you cannot. You can do things I cannot. TOGETHER we can do great things. Mother Teresa”

The Ladies who attend our events know that we always choose a Charity to support, and this year it was the Sinoville Crisis Centre. After hearing Dr Pixie’s talk about the amazing work they do, our ladies were very moved, and gave generously at our “Bell Tree”. We managed to raise almost R2500 to support the good work of the Crisis Centre. As Dr Pixie said, that doesn’t have to be the end – there are many centres throughout Pretoria that need the support of the Community, be it a donation of your time, money or goods!

At the IING we are also firm believers of supporting local entrepreneurs, and therefore had five ladies showcasing their products in the courtyard. Ranging from make-up and bags to bath products, jewellery and cards, this provided an excellent “from me to me” shopping opportunity!

As always, we are extremely grateful to the Companies that sponsor our events and help to make it so enjoyable for all. Hollard and Auto & General, your support is invaluable to us, and we thank you.

Photos of the event have been posted on our Facebook page. If you would like to share your photos of the day, please tag us, or send them to secretary [AT] iing [DOT] co [DOT] za to be added on our site.

By Karen Vincent

The IING hosted the 2016 Egoli challenge at the Parys Golf Estate on the 1st of September 2016. The IING Sporting Committee received the support of 5 associations and a total of 60 players. Supporting insurance institutes were KZN, Free State, Eastern Gauteng, Gauteng and Northern Gauteng.

The winner team of the day and the floating trophy were awarded to the team from Gauteng, captained by Anthony Jackson.

Gauteng Team

The individual top player was from the Northern Gauteng, Dawie Van Der Linde.

Gauteng North Team

The challenging course ensured a day filled with anticipation and great fun.

The next Egoli challenge 2017 will be arranged by the winners, Anthony Jackson and the IIG.

For more photos visit our Facebook Page.

The correct identification details of FSPs, key individuals and representatives are critical especially the correct ID numbers and/or passport numbers.

The FSB has distributed several communications and requests to FSPs to update their records, and more specifically the ID numbers of all their key individuals and representatives, to ensure that the FSB records are up to date and correct. FSPs are also requested to check the records regularly to ensure that they remain up to date.

All examination records are linked to the ID number of the person writing the examination, and since the roll-out of the examinations, problems were experienced in relation to ID numbers specifically. Below are a few examples of the most common problems encountered:

a. A person would have a particular ID number recorded on the FSB system (this number may be “old” or outdated) and then the person would write the examination with his/her new ID number. When the examination record is uploaded to the FSB then the two different ID numbers for the same person do not link up;

b. A person is a South African citizen and has an ID number recorded on the FSB system. When the person writes the examination, he/she writes the examination using his/her passport number. When the examination record is uploaded to the FSB, the two different numbers do not link up and two separate records are created;

c. A persons’ ID number has become outdated and the person is required to obtain a new ID book from the Department of Home Affairs. The ID number on the FSB system is the “old” ID number, because at the time that this ID was recorded on the FSB system, the number was in fact valid, and became outdated after it was captured on the system.

Now that the person uses this same ID to write the examination, and the examination is uploaded to the FSB, the system validates the ID number, and it rejects the number because it has become outdated. Therefore, the examination body cannot upload the exam result until the person has supplied them with an updated ID number, and the FSB has updated its records with the new ID number as well.

The updating of these records is the responsibility of the FSP, and if these records are not accurate, then the accuracy of the communication issued by the Registrar may also be affected. It is therefore of utmost importance for all FSPs to check and confirm that all their records are accurate.

Regulatory action has nevertheless commenced by means of letters of intention to suspend being issued to sole proprietors that, according to the FSB records, are in breach of the level 1 regulatory examination requirements. This process will continue in January 2013.

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