Short-term insurance intermediaries who want to remain relevant will have to evolve from being insurance facilitators to professional risk advisers. This one of the key take-outs from Santam’s 2021 Insurance Barometer.
“Much of the traditional role of the intermediary was to sell generic products that would transfer risk away from their clients. However, the escalation of risk exposure and complexity, coupled with affordability issues and cheaper alternative channel solutions, render a product-push-only business model by an intermediary uncompetitive,” commented Andrew Coutts, the head of intermediated business at Santam.
“Where the risks are more straight-forward, the product has largely become a commodity that is easily distributed via technology-enabled direct channels. This all points to the urgent need for a shift in focus to remain relevant,” said Coutts.
Moonstone Business School of Excellence (MBSE) has launched a Higher Certificate in Short-term Insurance (NQF level 5) that will enable you to stay relevant in today’s fast-changing insurance landscape.
Click here to download the brochure or to apply. Applications for the first semester close on 31 January 2022.
The addition of the Higher Certificate in Short-term Insurance brings to seven MBSE’s accredited-qualification programmes. Click here to see all the qualifications MBSE offers.
This qualification will equip you to identify a client’s needs through a comprehensive risk analysis and develop a risk management plan that will assist the client to mitigate, avoid or manage identified insurance risks.
Having the Higher Certificate in Short-term Insurance on your CV will position you to advance your career and/or to go on to further studies.
Santam’s research shows that the top three reasons commercial entities gave for using an intermediary were “understanding their needs”, “claims handling”, and “insurance knowledge/expertise”.
With this in mind, some of the areas covered by the Higher Certificate are:
- Managing client relationships, including maximising client retention.
- The claims management and underwriting processes, and pricing in short-term insurance.
- The principles underlying personal lines and commercial lines short-term insurance, and the different products and services in each sphere.
- How legislation, codes of conduct and business ethics applies to the various stakeholders in the short-term insurance industry.
- The legal requirements for a valid contract and the implications of contract wording in the short-term insurance industry.
The curriculum has been structured in line with the requirements of the Insurance Institute of South Africa’s professional designations. Students who complete the Higher Certificate in Short-term Insurance and who also meet the experience requirements may apply for the designation of IISA: Licentiateship.
There are many good reasons for choosing to study for the Higher Certificate in Short-term Insurance through MBSE, including:
- Solid track record. MBSE has been providing workplace-integrated learning for the financial sector for more than 10 years.
- Approved study guides. MBSE’s study guides are developed and quality-assured by industry specialists.
- Distinguished faculty. MBSE’s teaching staff provide students with an unsurpassed depth of expertise and technical know-how.
- Excellent pass rates. MBSE has highly qualified subject-matter experts with ample experience to ensure excellent pass rates for our students.
The short-term insurance industry is evolving. The Higher Certificate in Short-term Insurance will give you the knowledge you need to stay relevant. Download a brochure to find out what the qualification covers and how to apply.