South African Underwriting Managers Association (SAUMA) held this year’s conference at the Forum in Johannesburg graced by thousands of members and an expert of speakers from the insurance sector, business and society.
Caroline da Silva from the Financial Services Board (FSB) gave an update of the much anticipated Retail Distribution Review and shared some of the new proposed amendments in her presentation. She said all the proposed regulatory changes were at the best interest of the industry. Da Silva emphasized that the financial industry has to be forward looking, proactive, comprehensive aand consistent.
Technology entrepreneur and former CEO of Mxit, Alan Knott-Craig Jnr, who is currently Executive Chairman of Herotel, a brand-new firm providing fast, reliable wireless broadbrand at affordable rates captivated audience with his sense of humor when he was talking about his business journey and sharing some of the challenges he came across his business and personal life. His company is responsible for providing free wifi in Tshwane which is currently the biggest free wifi network in Africa. He said by 2018 every citizen in Tshwane will be walking in a distance of wifi and his goal is to expand to the rest of the country and as well as Africa.
Letlhogonolo Tau from Sasria gave members important tips when selling or underwriting SASRIA insurance cover to their prospective clients that protect assets, businesses against political riots, public violence and strikes. Tau urged underwriters to ensure that their clients are covered properly. He said SASRIA clients include private individual corporate commercial and government entities such as university and schools.
Tau told members that service delivery protests in the country count for 50% of their claims. He also expresses concerns regarding the public unrest and the burning of schools in Vuwani, Limpopo. He said all the burnt schools didn’t have a SASRIA cover and at the time the cost was estimated around R500 million.