Risk exposure and mitigation of claims

In the fourth episode of The Insurance Apprentice, sponsored by Sasria, the apprentices had to conduct a social risk assessment.

In 2016, Santam partnered with Sasria and Ehlanzeni District Municipality to conduct a Social Risk Assessment in order to understand the various facets of disaster and Disaster Risk Management in the area. The aim of the study was to ensure that “all developmental initiatives, as well as contingency planning and practice of the municipality are informed by accurate knowledge of disaster risk, enabling various stakeholders to contribute to the reduction of disaster risk” in the area. Through this study, Sasria hoped to understand the drivers of potential community unhappiness, and then address it proactively to prevent any unrest or protest action.

As a result of understanding the factors that contribute to social unrest, Sasria wanted to explore how it could support municipalities and partner with them and other interested parties to address issues that trouble communities. Among other things, the study revealed the lack of youth centers and libraries where the youth can access computers to do homework or apply for jobs. The study also revealed the lack of Sports Centers, where young people can congregate after school. The report culminated in Sasria and Santam funding the development of two youth centers in Ehlanzeni Municipality that have computers and free Wi-Fi.

In 2019, Sasria experienced high claims volumes De Doorns in the Western Cape as well as Alexandra township in Johannesburg. Socio-economic reasons driven by the current political climate lead to violent protests as well as the destruction of property.

With Judge Simon Colman, Executive Head of Digital Distribution at SHA Risk Specialists, Judge Nadia Starr, Chief Executive Officer at Inseta and guest Judge Fareedah Benjamin, Executive Manager of Insurance Operations at Sasria Soc Ltd on hand, the apprentices were tasked with conducting research about these communities and to find out what are the drivers of violent protests, possible solutions and key opportunities to support the communities in order to effect a decrease in Sasria’s risk exposure and mitigation of further claims.

Did the apprentices meet the mandate? Which apprentice/s fell victim to elimination?

Watch it here

We would like to thank Sasria for sponsoring the fourth episode of The Insurance Apprentice 2020.

To watch the episode on YouTube, click HERE
To watch it on the website click HERE

To watch it on Facebook, click HERE

The CPD factor

Earn Continuing Professional Development (CPD) for every episode you watch. Each episode will carry 1 CPD hour. Simply:

  1. Visit fanews.co.za
  2. Click on the CPD tab
  3. Register by filling in your personal details;
  4. Confirm your log-in details via email once you have registered;
  5. Log-in using your email and password;
  6. Click on the episode you wish to complete; read the article and
  7. Answer the multiple-choice questions related to each episode listed and click submit.

The #Superfan competition

For every episode of The Insurance Apprentice, we have a question. Simply visit www.theinsuranceapprentice.co.za answer the #Superfan question, up to episode seven, to stand a chance to win R20 000, sponsored by Constantia Insurance. All the correct answers will go into a lucky draw and three people will be chosen to attend the competition winner announcement finale. At the finale, we will have a lucky draw between the three people and one person will win.

Superfan question

In episode four, task four, there were branded bottles on the judge’s table. What color were these?

  1. Orange
  2. Pink
  3. Black

Winner and runner up prizes

The winner of The Insurance Apprentice wins a trip to Lloyds of London, sponsored by Lloyds of London, a R75 000 bursary, sponsored by Inseta, a R20 000 cash prize, sponsored by the Graduate Institute of Financial Sciences (GIFS), a R10 000 cash prize, sponsored by Tracker and an apple watch, sponsored by Genasys Technologies. Thank you AIE conference organisers for sponsoring the winner of The Insurance Apprentice to go to the African Insurance Exchange at Sun City in July.

The runner up wins a bursary from GIFS worth R27 500 and a prize sponsored by CIB. Third place will also receive a bursary from GIFS worth R27 500.

One apprentice will receive the award for Best Team Player, voted for by their peers in the competition, and one apprentice will receive a prize as being the audience’s favourite apprentice – the one they like most (not the favourite to win necessarily). These prizes are sponsored by Liberty and Innosys.

The IISA is sponsoring the Top 4 Apprentices’ conference fees to go to the African Insurance Exchange at Sun City in July. They will also take part in a panel discussion at the conference, something we are very excited about.

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