The Insurance Apprentice

In episode four the contestants had to come up with some innovative ideas to ensure the sustainability of the Sasria business model. They were tasked to consider the financial viability, premium growth, business retention, marketing, distribution, reinsurance and investment options and had to keep Sasria’s relevance to the insurance industry and its value to the shareholder in mind.

In task three the contestants have been called to a meeting with the CEO and Risk/Insurance Manager of their broker firm’s client. The client had a ransomware attack and wants to know why he was not covered, and what to do now. The contestants had to advise the client on how they can assist them with an effective cyber security strategy, focusing on the importance of cyber risk management.

In task three the contestants have been called to a meeting with the CEO and Risk/Insurance Manager of their broker firm’s client. The client had a ransomware attack and wants to know why he was not covered, and what to do now. The contestants had to advise the client on how they can assist them with an effective cyber security strategy, focusing on the importance of cyber risk management.

The first episode of The Insurance Apprentice 2019 sees the Apprentice head to the first boardroom session of The Insurance Apprentice 2019. The first task challenged the candidates to conduct a customer needs analysis that would identify gaps in the current corporate portfolio, with the aim of achieving profit, growth and continuity for the client’s business.

In episode eight the winner of The Insurance Apprentice 2018 is announced.

The task was to look at the legislative prohibition on inducements, as set out in section 44 of the Short Term Insurance Act, 53 of 1998 (STIA) and section 45 of the Long Term Insurance Act, 52 of 1998 (LTIA), some inducement practices in the industry, and then determine if there are other principles that the Registrar should consider when it comes to inducements in terms of delivering good outcomes for customers.

The insurance industry is traditionally white, and male dominated. However, a few strong ambitious women are breaking through the glass ceiling. Inseta wanted the apprentices to talk to learners about women who are breaking the glass ceiling in the insurance industry, the education journey of the chosen individual and motivation for the learners, with a brief overview of what Inseta is/does and the opportunities that Inseta provides that could offer a similar career trajectory for the learners. But there was a twist…

Based on risk governance and ethics, the task for the day sees the judges act as Chairperson and Chief Executive Officer of ‘ConsultCo’ (a fictitious company) as they request an urgent meeting with the broking company (the apprentices) after media coverage of alleged serious misconduct.

Episode four sees the contestants acting as commercial and corporate property insurers who underwrite business in South Africa, the Indian Ocean Islands and Africa. A client plans to expand into Africa over the next two years and they are approached by a broker to give indicative terms for the upcoming renewal for the current sites in RSA, Morocco and Mauritius, as well as renewal for the additional sites in Zambia and Libya.

Hollard does things differently, and by coupling trade credit insurance with credit risk management, a policyholder is able to insure only the debtors that keep them up at night. A full credit review of each selected debtor is completed, providing a good indication of those the client should be doing business with, helping to prevent bad debt in the first place. Not all debtors are created equal and various factors determine each one’s risk. What really matters, from an insurance perspective, is how well each debtor is assessed as a credit risk – which is the task the contestants were assigned in task three.