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August 2019

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AUGUST 2019 Africa’s premier financial publisher COVER Wo nd Add er ing Spi Wo Pro ce Su tec st tio to The aina men r The bili ty nG e is Life ! Uni is ap Go Ban…
AUGUST 2019 Africa’s premier financial publisher COVER Wo nd Add er ing Spi Wo Pro ce Su tec st tio to The aina men r The bili ty nG e is Life ! Uni is ap Go Ban ld nsu Key kin in t rab It's g hos les en Alr Revo ead lu um ber y H tio s ere n Renasa makes brokers more competitive. Our unique combination of leading edge insurance technology and the highest level of personal service is why brokers have made us FIA Insurer of the Year for the past three years. www.renasa.co.za IN MY VIEW “THANK YOU TO ALL THE WOMEN WHO ARE GROWING THIS VALUABLE INDUSTRY.” Marching to the top Tony Van Niekerk, Editor I can easily say that this A PERSONAL PERSPECTIVE My second experience reporting I have had the pleasure of reporting to a woman, was during my five issue of COVER has given years at Sage Life. Here I found a to two women in my career. In one of me the most joy and my first jobs as a student, working as woman who, in the very early days biggest satisfaction to put a shop assistant in a super market, I of women in insurance leadership, reported to a couple that played an had smashed the glass ceiling. She together, since I took over. is an iron-willed, highly principled amazing role in my life at a time of and determined woman who stands In celebration of Women’s Month, discovering the world. Most of my back for no person, man or woman. I decided to ask a few of the many shifts were spent working with the I learned from her how to speak up special industry women that have wife and mother of the Greek family when I disagree with something, enriched my life, to provide me with who owned the establishment. She regardless of the consequences a short contribution. I provided would ensure the housework is and to raise issues that affect the no brief and no guidelines, simply done by day and food is prepared for business, regardless of whether it asking them to write from the heart supper before starting the evening might strain relationships. on “being a woman”. shift, looking after the family business. The character of these two strong I encourage you to take your time women ensured that my career and really immerse yourself in Every single night, if I dropped her started off with the due respect and these stories, for they will not only at home on my way, she would admiration for women in business, enrich your understanding of the insist that I come in because “you that all women deserve from every can’t just go home without eating man. During my career I have seen role women play in our industry, but something”. She played her role as fantastic transformation in our they will encourage you to promote wife, mother, business partner to industry, and I have experienced first gender equality. hand the difference women make. her husband and nurturer of the Thank you to all the women who are young students working for her with So here we are in August 2019, with growing this valuable industry and such ease and dignity that it left a many women in senior positions who enrich my life and my business lasting impression with everyone and counting. The ceiling has been on a daily basis. Thanks also to all around her. Her influence in many smashed and I have absolutely no the exceptional women who took the unexpected ways, added greatly to doubt that there are more women time to provide their comments for shaping the man I am today, and I marching to the top, and I know this feature. am forever thankful for that. many of them. 2 COVER AUGUST 2019 CONTENTS Features 8 WOMAN IN THE WORLD The most rewarding feature you will read this year. A host of spectacular woman in our industry provides us with their views on being a woman, at home, in the office and in life. 34 THE PROTECTION GAP We often raise this concept, but when a natural disaster strikes, the reality dawns. Individuals, communities and countries can take massive steps back when the protection gap is too big. Vanessa Otto-Mentz, Santam, illustrates this point in a well motivated article. 46 THE GOLD IN UNINSURABLES Jeff Roberts is a Senior Associate Editor, AMBest, provides a fascinating take on the opportunities awaiting the industry, if we are able to make the shift to reach the currently uninsurable. The is a must read for those looking at new opportunities. 66 A BANKING REVOLUTION Paul Calvey and Pierre Romagny, both Partners in FS, Oliver Wyman, South Africa provides an in-depth overview of the state of the banking industry amidst threats from all sides, especially new technology innovations. It’s not just about transactions anymore, it’s all about platforms and integrated financial services. 4 COVER AUGUST 2019 AIG has solutions that provide flexible cover to SME business through focused packaged products, such as: • SME Office • SME Hospitality • SME Retail, among others. We cover your essential business needs, and you choose from a variety of optional add-ons. To find out more please contact your broker. AIG SME WAR1380 COVER 022019 All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. For additional information, please visit our website at www.AIG.com. AIG South Africa Limited is a licensed Financial Services Provider. FSP no: 15805 Reg No.1962/003192/06 CONTENTS what’s in the mag? GENERAL Taking brokerages into the future 38 In my view 2 Digital exploitation – where to now? 40 Market Cover 69 Environmentally Exposed? 41 WOMENS MONTH On their way: is 2019 the year of MiWay? 42 Leading gender transformation in the industry 9 The future in the face of climate change 43 Promoting the role of young women 10 FINANCIAL PLANNING Moving towards Gender balance 12 4 reasons policyholders choosing wrong waiting period 46 Credibility is not defined by gender 14 Reaching the Uninsurables 48 Freedom and Human Rights 15 Who’s Paying Who? 52 We’ve come a long way, baby 16 INVESTMENT We play a vital role 18 Following in the footsteps of Brazil 54 Your personal brand and success 19 Yes, you can achieve and be cautious 55 Beyond my imagination 20 Global real estate offers alternative to SA options 57 Celebrating Women’s Role and Contribution 22 Live in sunny SA while earning global returns 58 Building up the Women around you 24 TECHNOLOGY Challenges abound 25 Platforms: Buy or Build? 61 Taking your personal brand to the next level 26 Cyber threats facing the insurance industry 62 Woman’s intuition not just for finding missing keys 26 Life cover in the age of legal Cannabis 64 Together we can! 28 Digital transformation: a game-changer 65 The Responsibility Gene 28 AFRICA Women’s increased presence in the future 29 Africa presents a world of opportunity 58 SHORT-TERM 4th Africa Insurance Barometer 60 Anti-coal stance will deliver benefits 33 BANKING Need to collaborate to narrow risk protection gap 34 Should winning mean having to start again? 66 6 COVER AUGUST 2019 Are you offering your clients an all-encompassing productivity enhancing solution? Employees who are financially healthy and engaged tend to be more productive and contribute positively to business performance and a healthier bottom-line. Our FundsAtWork Umbrella Funds help your clients on their journey to Contact your success and healthy productivity. Momentum Let’s talk to give your clients the momentum they Corporate need to build a productive workforce. Specialist momentum.co.za Momentum is a part of MMI Group Limited, an authorised financial services (FSP6406) and registered credit (NCRCP173) provider. MMI Holdings Limited is a level 1 B-BBEE insurer. DIANE MARIECHILD, AUTHOR OF MARILYN MONROE: MOTHER WIT AND INNER DANCE: “A WISE GIRL “A WOMAN IS THE FULL CIRCLE. KNOWS HER LIMITS, WITHIN HER IS THE POWER A SMART GIRL TO CREATE, NURTURE AND KNOWS SHE HAS TRANSFORM” NONE” WOMEN’S MONTH P8-28 ELEANOR ROOSEVELT, PAST CHAIR OF THE U.N.’S HUMAN RIGHTS MALALA YOUSAFZAI, COMMISSION AND US FIRST LADY: “A PAKISTANI ACTIVIST “I TELL WOMAN IS LIKE A TEA BAG – YOU MY STORY NOT BECAUSE IT CAN’T TELL HOW STRONG SHE IS IS UNIQUE, BUT BECAUSE IT IS UNTIL YOU PUT HER IN HOT WATER”. THE STORY OF MANY GIRLS.” COVER Leading gender transformation in the insurance industry Thokozile Mahlangu, CEO, The Insurance Institute of South Africa Women remain a minority During her key note address titled: ideas, which leads to increased Transformation in the financial profitability and opportunities. “he and are still facing services sector at the AIE2019 insurance industry has made great challenges when it comes conference which was held in progress on gender transformation, to representation and July 2019, Prof Mamokgethi we do however still have a long way participation on executive Phakeng alluded to the fact that to go in order for us to have a fair transformation in an organisation representation of all genders and levels in the insurance can help to foster creativity races at leadership levels in the industry. and a range of perspectives and industry. Transformation lies at the core of our strategy at The Insurance Institute of South Africa. We aim to create tangible impact and transformation for the industry and our country. The Institute has formed strategic partnerships with key partners in the industry to host programmes that aim to address the shortage of skills, particularly at executive and senior management level. We hope to see a lot of women being empowered to take advantage of these opportunities. This will enable them to make a significant impact in their areas of work and in the industry at large. We also plan on opening e-learning platforms for the industry as well as providing alternative entry points to qualify for professional designations. It is through these platforms that we hope to attract a diverse set of individuals, and in particular more women who will be ambassadors of the insurance profession. Women make an enormous contribution to the economy and by investing in their development we set a direct path towards gender equality and inclusive economic growth. Industry success is partly dependent on an ongoing reflection of society. There is no better way to show South Africans how patriotic the insurance industry is than through transformation. 9 WOMEN Promoting the role of young women in the Insurance Industry Patty K-Martin, CEO, NamibRe The world of today is increasingly changing and more women have proven that they are ready to take up top positions in the traditionally male dominated industries, such as the world of Insurance and Finance. This is also evidenced by the increasing number of female presidents. However, focusing on the Insurance and Finance Industry, it can be said that progress has been made to encourage women leaders, to advance in this male dominated world. However, more needs to be done, as we are not there yet. As a female leader myself, with over 27 years of experience in the field of finance, accounting, and Tax and (Re) Insurance, I believe that we can do more to nurture and develop other female to climb the ladder in the Insurance and Finance Industry. It is evident that female leaders add indeed special skills to the Board room and to their leadership teams. As women leaders we must create opportunities and policies for other females to advance in their careers. There are many initiatives available, such as mentors and mentees as well as many others initiatives. On the other hand, women must also take up these opportunities that are available, and start empowering themselves to be ready for this male is more pronounced in leadership them and observing what some dominated world. Women should positions. As an industry, we have female executive in the industry have plans and goals on how they a responsibility to change this and are doing, they get encouraged and want to advance in their workplace, encourage the participation of inspired to climb the corporate and in their personal lives and work towards making that a reality. By women in the industry. As a female ladder and become Executives in the engaging others that have made it, leader in the industry, I have a industry in the near future. to assist them in order to get there responsibility to contribute to this process and hence, I often try to Therefore, it is our moral as well, and to be focused at all times. identify talented young women in responsibility to make sure that we the industry, and motivate them to identify young talented females, Yes, indeed, the Insurance achieve and grow to the best of their create a conducive environment for industry is male dominated, this abilities. I hope that by engaging their growth and mentor them. 10 COVER AUGUST 2019 WOMEN Moving towards Gender balance in the Insurance Space Linet Macharia, Secretary General, Organisation of Eastern and Southern Africa Insurers (OESAI) The benefits of diversity in leadership have been enumerated widely with a wide body of work attesting to this. In the insurance field, whereas the gender gap at the lower cadres is much narrower, there is still underrepresentation of women in leadership and decision making positions in our markets. Some of the now accepted benefits of diversified teams include the mitigation it offers against Group- think in decision making as well as the innovation in problem solving. Further, the effectiveness of risk management has been shown to be higher and to have a correlation with diversified leadership teams. This challenge is not unique to the insurance space. In their report ‘Women Matter Africa’, McKinsey polled over 55 companies across the continent further complimented by analysis of the performance of 210 listed entities, and found that women continue to be underrepresented at almost all senior levels of management with only 5% of them making it to the top. This is consistent across multiple At OESAI, we hold the view that be available to take up positions that sectors on the continent. concerted action needs to be inevitably will come up. taken to spur on a more diversified representation in the leadership with To this end, we will be formally our region. That only 5% of women commissioning the launch of G.I.R.L “WOMEN generally across the continent make (Global Insurance & Reinsurance it to the top is a telling statement. Leaders), a women leaders in CONTINUE TO BE As stated, the impact of a diversified Insurance Organisation that seeks UNDERREPRESENTED leadership is well known and as to highlight and increase the profile AT ALMOST ALL such the business case is not lost of women in (Re)Insurance. OESAI SENIOR LEVELS OF on anyone; and yet the challenge will also help pair a high potential MANAGEMENT persists. woman in member organizations WITH ONLY 5% OF We as OESAI hold the belief that with a G.I.R.L.s member. THEM MAKING IT TO one of the ways that this challenge can be addressed is through active This would help address the gap of THE TOP.” mentoring and coaching of those in women on the cusp of moving into middle-to-senior management to see a senior level, who may be at risk, them through the paces and ensure increasing probability that they will that there is a pool that continues to stay. 12 COVER AUGUST 2019 OGILVY SA 18263/E THANDO 2017 THANDO 2019 The best solutions come from having the right information. Add value to your relationships and to your bottom-line by remaining relevant to your clients’ changing needs and life stages. Partner with Tracker to stay ahead of the game by making the most of the insights and knowledge we can provide as you navigate industry transformation. Call us on 0860 60 50 40 or visit tracker.co.za To care is to protect. WOMEN Credibility is not defined by gender Lizelle Van der Merwe, CEO, Financial Intermediaries Association (FIA) During the month of August in 1956, long before I was born, women of all races and ages from every corner of our beloved country marched together to the Union Buildings to protest against the pass laws that would have placed even more restrictions on women movements in South Africa. The march was a huge success and today, I am thriving as a woman because of their bravery. I pay tribute to the 20 000 brave women who fought for my rights. Where would I have been today if it had not been for them? Women’s month is about celebrating women. Women are making huge strides as leaders, innovators and money earners. Whilst we have a lot to celebrate this month, we still have a long way to go. That said, it would be remiss of me not to acknowledge the great men in my life who encouraged me to believe in my dreams and take some risks (friends, colleagues, bosses and husband included). of your control therefore you should need to just take a breath to taste not spend an hour worrying about the coffee and not just drink it. One of the biggest setbacks I faced something you have no control recently was being told “we don’t over (like the Zondo commission Credibility is not defined by gender want a white woman representing or what other people say or think but by actions and values. Credibility us on transformation”. It took me about you). Worry about what you is something you earn over time some time to understand why my do have control over, your thoughts, because decisions you make and gender and colour would influence decisions, actions and words, these actions you take. Every day we have my commitment to transformation ultimately determine your values choices to make, how we treat our in the industry. I embraced the and your values become your colleagues, how we treat our boss, comment and made a decision to destiny. how we treat our customers, how we continue to work closely with the If I can share some of my lessons in treat our partners. If we approach industry to make a meaningful contribution to this key strategic life with others - I would embrace every engagement with a sincere priority of our sector and country. my mistakes instead of punish intention to improve the outcome A very wise person (my life coach – myself for them after all, they for everyone concerned, credibility Sharon Jansen) once told me – you helped get me get to where I am usually follows. have a circle of concern and your today. I would be less judgemental have a circle of influence. Your circle on others and more open to diversity The benefit of building credibility is of influence should keep you awake of people and their choices. The list when you face a challenge, you will at night, your circle of concern is out can go on but at the end of it, we overcome it – always! 14 COVER AUGUST 2019 COVER Freedom and Human Rights Lelani Bezuidenhout, CEO, Financial Planning Institute As we celebrate women’s day if you dare harm those loved by her. Women all have the ability to on the 9th of August, we are stand strong in the face of extreme reminded of what freedom difficulties and manage to smile and human rights are about. though the darkest hours. It is the strength that we show that becomes Just over six decades ago, women the strength of our children. It is of all population groups in South the love that radiates from us that Africa protested against laws of the makes the world a better place. then government that restricted the movement of black women in The 9th is truly a celebration urban areas. The pass laws were only of womanhood, motherhood, repealed three decades later…. caregivers, women in finance, women in leadership and all As women we need to take hart in women across South Africa. We the song that was chanted on that should never under estimate our day: “When you strike a woman, role in society – to be the ones who you strike rock”. In many instances bring balance and harmony to any those words still ring true today. As situation, team, family, company or women, we are passionate about any collective gathering of people. our country, our people and our Women are the ones who are up families. I do not know any woman earl
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