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.