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2020 2nd Quarter Communicator

Dear

  Thank you to our sponsors for their Contributions
 


- Discovery Insure
- Iemas Insurance Brokers
- King Price Insurance
- Old Mutual Insure
- Tracker
- Constantia Insurance
- AON


- What a year it has been, 2020 has been a rocky road. How do we survive this times? 
- Will normal still be normal after tthe COVID-19 time has shaken our foundations a bit?
- We have already heard of businesses that gave up their rental office space as more and
   more people will start working from home.
- How will this change in future and employment?
- Business interruption and the court, what did they rule on?
- Our communicator covers this and more.

 


Popi act now in force

Five steps to ensure POPI compliance for direct marketing

The Protection of Personal Information Act 4 of 2013 (POPI) has now come into effect and it is important that South Africa businesses adhere to the new regulations. The use of personal information is everywhere and it’s almost impossible to do direct marketing without using personal information collected from customers, suppliers and employees. The POPI Act was designed to serve as one of the measures to protect consumers from direct marketing, regulating direct marketing via electronic communications and making it stricter.

Direct marketing is often favoured as a popular means of product marketing, especially for start-ups looking to grow their customer base. It is, however, often also a source of irritation for many consumers as suppliers are increasingly testing the boundaries of what is allowed.

Justine Krige, Director in the Corporate and Commercial practice at Cliffe Dekker Hofmeyr (CDH), says South African marketers need to do better to ensure that they are POPI compliant - whether it’s direct marketing by post, telephone, email or SMS.

Krige highlight five key ways to ensure that marketers do not cut corners…. Read more


 

The importance of insurance that is responsive in the face of challenging and changing times

 

Since the first COVID-19 case was reported in South Africa, life for South Africans has changed drastically and there has been a significant impact on the economy. From a short-term insurance perspective, many insurers across the industry faced the risk of reduced affordability of their clients, the potential for lapses, exposure to the volatile stock market that will affect earnings, and the exposure to claims because of the pandemic. On the other hand, South African citizens faced lower incomes and employment uncertainty and looked to their service providers, including their insurers, for assistance during these times...Read more


Different driver mindset necessary as new drunk-driving law takes effect

As South Africa officially moved to level 3 of the national lockdown on 1 June 2020, the country also saw the reopening of liquor stores. In the same week, the healthcare fraternity recorded a slight increase in the management of cases related to alcohol consumption, according to Arrive Alive.

Sadly, drunk driving resulting in fatal crashes and incidents of pedestrians being knocked down are some of the issues that were reported with the gradual resumption of some economic activity.

With a reported 58% of road traffic deaths in South Africa linked to alcohol consumption, according to a recent World Health Organisation Global Status Report on Road Safety, road fatalities continue to cost the economy billions of rands each year…. Read more


PREPARATION GUIDE FOR REGULATORY
EXAMINATIONS(RE 1 andRE 5) 

Help on the RE exams - Click here

 


Your financial wellbeing has never been more important – now is the time    
The outbreak and rapid spread across the globe of COVID-19 shocked the world and left many already struggling economies, and even strong economies, in trouble. The good news is that measures can be implemented to help individuals to cope with the situation. Iemas Insurance Brokers’ experts give their perspective on how to manage ones’ personal finances during this challenging time.What is the most important piece of financial advice that you can give?
Charles Makondo, National Sales Manager: Financial Advisory Services: Each persons’ financial situation is different, however one tip I can give to anyone is to take stock of your finances – the way you spend no matter what your circumstances, definitely changed since the outbreak of COVID-19. Do not make the calculations in your head, sit down and make a list of all your expenses to compile your personal budget...Click here to read more.

FSCA statement on Crowd 1


The Financial Sector Conduct Authority (FSCA) warns the public against an entity called Crowd 1, which is not authorised to render the financial services it is providing. Crowd 1 is neither an authorised Financial Service Provider (FSP), nor is it a representative of an authorised FSP. There is also no record of this entity having applied for a license with the FSCA.


The FSCA is mandated by the Financial Sector Regulation Act (FSRA) to regulate, investigate and impose enforcement on any individual and/or entity rendering financial services and/or financial products as defined in the relevant acts (FSRA, FAIS Act, FMA etc.). Any activity or entity outside our jurisdiction is referred to the relevant authority or law-enforcement agency. In the case of Crowd 1, the FSCA referred it to the Prudential Authority (PA) at the South African Reserve Bank, where it is currently being investigated. While the FSCA cannot comment on the status of another agency’s investigation we urge the public to only do business with financial entities that are registered with the FSCA or are registered under the Companies Act (2008). Any investment or business opportunity that is offered to the South African public (that is not regulated by the Companies Act) must be offered by an authorised financial services provider (FSP).


While it is true that all investments hold risk, one with an unauthorised FSP should be considered extremely high-risk. It is also often fraudulent in nature, and likely to lead to losses for customers, for which there is little or no recourse. Therefore, the FSCA urges the public to always be mindful of this whenever approached by an individual or entity offering an investment opportunity. It is also important to remember that if it sounds too good to be true – it probably is.


 

  The hottest trend in insurance right now? It’s not about who makes the snappiest TV ads (although we do, obviously). It’s also not about who has the cheapest premiums or the latest new products. It’s all about the client experience: Whoever keeps their clients the happiest, keeps their clients. Fullstop.

Let’s face it, most insurers will tell you they’re focused on the client experience. But they’re not. Because delivering a superior client experience takes more than friendly call centre agents. It requires a company culture and business model that focus less on products and operational efficiencies, and more on people and their experiences with you....Read more

Discovery Business Insurance updates address the changing needs of SMEs

 

Discovery Insure CEO, Anton Ossip, today announced enhancements to Discovery Business Insurance’s offering. This includes a partnership with MTN to give businesses up to 50% back on their monthly data costs, capital support for the retail sector in partnership with Merchant Capital, as well as the Dynamic Distance Cash Back to reward people for driving less during the COVID-19 pandemic.

Solutions to support the sustainability of small businesses

The current global health crisis has caused distress to many small and medium-sized enterprises in particular. This is largely due to loss of revenue and cash flow constraints.

“Around 80% of small to medium-sized enterprises may not be able to survive a lack of turnover for three consecutive months. SMEs need insurance that is affordable enough to sustain business operations during this challenging period,” Ossip says...Read more

Accelerating change is the new normal

It would be safe to say that every single business has been affected by the outbreak of Covid-19. Not only are there new regulations governing the way businesses operate, but regulations also keep changing. Businesses have had to adapt and demand flexibility and concessions from their insurers and other business partners.

If Covid-19 has taught us anything, it is that you can never be too prepared when it comes to adapting to and taking advantage of change. Agile businesses that have been able to react swiftly and reinvent themselves have been able to move from ‘tried and trusted’ models to new ones that allow their business to thrive. Across all sectors, companies have had to think differently about every aspect of the way they run a business – anything from adjusting their office seating arrangements and managing production disruptions to the changing customer habits and consumption....Read more


Redefining the role of the broker in a digital age

Technology data, cultural and behavioural change of the consumer is transforming the role

of the broker and the importance of advice in South Africa’s intermediary insurance market. Soul Abraham, Old Mutual Insure’s newly appointed Chief Executive for Retail Insurance examines the fascinating disruption of the inter mediary market and its implications for dramatically improved customer service in the fourth industrial revolution...Read more




Cape café’s ‘precedent-setting’ business interruption insurance victory

High court ruling could rock short-term insurance sector, but insurer Guardrisk is likely to appeal.

Popular Cape Town restaurant Café Chameleon has taken on insurer Guardrisk for non-payment of business interruption insurance linked to the Covid-19 pandemic – and won.
The win in the Western Cape High Court on June 26 only came to light on Monday night in a Facebook post, but could have major ramifications for other short-term insurers that are either refusing to pay or delaying similar claims.


Speaking to Moneyweb, Café Chameleon’s owner Nico Schoeman said while he is pleased with the successful declaratory court order ruling, for now “we can’t get too excited because we expect an appeal”.
The news has nevertheless buoyed the spirits of other players in the distressed tourism and hospitality industry who are also taking on big insurance companies on the issue...Read more


 

 
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