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Moonstone Monitor - 13 October 2016 |
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Paul Kruger
Author/Editor |
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Self-respect is the cornerstone of all virtue – John Herschel |
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Distributed to 46 830 subscribers.
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From the Crow's Nest |
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How millennials are shaking things up - The 2016 world
insurance report*
By Florence de Vries |
“Hi @VelocityInsurance. I’ve had it with @TheBestInsuranceCompany. I
want to buy a comprehensive insurance package for my car from you. DM me for
details.”
This tweet is not atypical of what you’re likely to find on your Twitter
timeline on any given day. It is an illustration of how today’s generation of
customers use all sorts of platforms, including Twitter, Facebook and LinkedIn
to switch service providers as and when it suits them. If they’re not happy,
they simply move on. And moving on really needn’t be an arduous process either.
It’s a far cry from the days of doing your due diligence by calling your broker
to discuss the pros and cons of taking your hard-earned money elsewhere.
A ‘new’ type of consumer has started making their mark on the global insurance
industry, according to the 2016 World Insurance Report. This report is based on
the short-term insurance industry’s largest Voice of the Customer Survey – more
than 15 500 respondents in 30 countries (including South Africa) - to present a
comprehensive picture of the motivations, habits, preferences and behaviours of
a critical customer segment – Generation Y, also known as the Millennial
generation.
Millennials can typically be described as the generation born in the 1980s and
1990s who are familiar with digital technology. This generation of people
constitutes the current and immediate future potential buyers of insurance and
they have started making their mark on the global insurance industry,
threatening to disrupt the way insurers interact with customers and
destabilizing traditional engines of profitability.
A key finding from the study was that, while global customer experience of
insurance has improved, Millennials proved harder to please. This generation of
people also preferred to interact with their insurer nearly twice as much as the
generation before them (who were likely to have used a broker for most
interactions) pointing to another interesting phenomenon: if customers have more
channels to talk to insurers on, they may be using it to highlight difficulties,
bad experiences or complaints more than anything else. This assertion is
supported by a 2015 survey conducted by the UK-based Institute of Customer
Service which showed that customers are using social media to complain about
companies eight times more than in 2014.
A further illustration of how Millennials prefer to interact in their world is
the connectedness of everything – signalled by the rise of smart ecosystems
(your home appliances are all connected), wearables (smart watches) and
driverless cars – also known as the Internet of Things (IoT).
The findings in the World Insurance Report assert that insurers and customers
display differences in how quickly they expect connected technologies to be
adopted. For example, the study found that customers anticipate that they will
adopt driverless cars in greater numbers than insurers expect, which is hardly a
surprise if the adoption of uber as a mode of transport over the past five years
is anything to go by. Of course, driverless cars pose a variation of different
risks and considerations for insurers and governments respectively and the
debate has only just begun.
So how can today’s insurers respond to the Millennial generation? Firstly, take
the time to really understand what they want – they are talking to you all the
time. And if they’re not talking to your business, you may want to consider
finding ways to talk to them first.
From the rise of technology stems a myriad of opportunities for insurance firms:
Customers’ lives are becoming more mobile and therefore traditional ownership
patterns are changing. The liability aspect of insurance will certainly change
with the introduction of driverless cars, and so too, the way insurance products
are underwritten.
Recognise that most interactions with your client (or potential client),
including the underwriting process and buying of the product, will have to be
tailored to individual circumstances and preferences.
On-demand insurance business
Trov
did just that in May this year.
Click here for more information on how to
market your business to Millennials and Generation X.
Click here to download the
World Insurance Report
Florence de Vries is a communications manager in the short-term insurance
industry. |
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Today’s 50-year olds are often at risk of inadequate retirement
provision |
Modern 50-year olds need to review their retirement provision more
regularly if they want to ensure they have an adequate pension for the
post-work lifestyle they desire. This generation is increasingly
vulnerable to changes in expenditure which may have a serious
detrimental impact on their long-term savings.
Martin Wagenaar, wealth management consultant at leading financial
advisory business GTC, believes this is due to societal and economic
changes that tend to affect people in the 50-year old range more acutely
than others. “In our experience, the problem is that most people have
not changed their retirement provision and savings strategy sufficiently
to adjust for material changes to their expenses.”
Click here to read the full article. |
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Your Practice Made Perfect |
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Application for Liquidation of Saxum Insurance |
On 12 October 2016, the Registrar for Short-term Insurance launched an
urgent application in the Johannesburg High Court to place SaXum
Insurance Limited (SaXum) under final liquidation.
The application is scheduled to be heard by the Johannesburg High Court
on Thursday, 20 October 2016.
The Registrar took this action because SaXum is insolvent, and he is
satisfied that it is in the interests of SaXum’s policyholders that the
company be placed under liquidation. Saxum’s insolvency resulted from
underwriting losses due to a significant increase in claims, combined
with impairments to the value of certain of SaXum’s assets.
The Registrar’s decision to launch the application follows an intensive
process of monitoring SaXum’s financial position and engaging with its
shareholders to find a solution to the financial soundness problems. The
Registrar prohibited SaXum from carrying on any new short-term insurance
business from 8 September 2016. Clear deadlines were set, by which the
insurer needed to be recapitalised. The shareholders of SaXum failed to
recapitalise the business within these deadlines.
The Registrar is satisfied that policyholders’ interests will be best
served by liquidating the insurer in order to prevent the further
erosion of SaXum’s assets and to ensure that creditors are treated
equally and the claims of some are not preferred over others.
As SaXum is insolvent, it is no longer able to pay policyholder claims
or repay collateral amounts. SaXum’s unpaid claims and collateral will
be considered by the liquidator as part of the liquidation process,
should the application be granted. Policyholder queries can be directed
to:
Ms Farzana Badat, Head: Insurance Compliance Department.
T: 012 428 8121
E-mail:
FSB.INSSaxumQueries@fsb.co.za |
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Levy Reminder
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By now you should have received invoices for the FSB levy and one for
the FAIS Ombud.
If you have not, it may be that your contact details at the FSB are
incorrect. Remember that you are obliged to notify the Regulator of any
changes within 15 days.
Should you not be able to pay the levies by 31 October 2016, you may
make arrangements with the FSB.
Please address all levy related enquiries to
Faislevies@fsb.co.za. |
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Get your NCA Card Online
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The National Credit Act (NCA) Course from Moonstone Business School of
Excellence is intended for:
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Intermediaries in the Motor industry who are, or want to become
Finance and Insurance brokers (F&I).
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Providers of personal loans, HP agreements, credit cards and revolving
credit.
No classroom attendance is required. Training takes place via distance
or on-line learning. This means that you do not have to wait for an
examination opportunity. The final assessment is conducted online in the
comfort of your own office or home.
The course is open to anyone. There are no admission requirements.
Successful candidates qualify for a NCA card, which is a legal
requirement for most of the above industry players.
Email
Abigail or call her on 021 883 8000 for more information on
the NCA course, or visit the relevant
NCA page on our website.
For more information on other industry-specific qualifications and
courses, visit the
Moonstone Business School of Excellence website. |
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Moonstone Rugby Championship Superbru Pool
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Getwine, South Africa’s premier online Wine Portal, sponsors the
Moonstone Rugby Championship Superbru Pool. Getwine allows
you to buy superb South African wine online at more than reasonable
prices and have it delivered to your door.
Last week’s yellow cap winner was Eddie “Spagetti” Sourer,
but we are still trying to trace him. Eddie, laat van jou hoor
asseblief.
The overall winner of this year’s pool was Andrew Codd
(picture below). Those guys who came so near should not despair -
Andrew is also an actuary, which provided him with an extra arrow in
his quiver, despite the difficulty of making accurate predictions of
score differences. Andrew ascribes his success to careful research,
experience and a bit of luck. Well done, Andrew.
When I delivered his wine on Tuesday, he asked me not to name his
employer, as he was concerned that the SA rugby bosses may approach
him to address their shortcomings, which also happens to be
experience, accuracy and luck.
Baie dankie vir almal se deelname, of jy nou eerste of laaste
geëindig het.
Die laaste strooi wat my moed geknak het, is toe hulle Maandag die
loting vir volgende jaar publiseer. Ek sal nog ‘n tydjie nodig hê om
die Bokke se nederlaag te verwerk.
One quip after the match helped to make the pain slightly more
bearable:
Aaron Smith is the first scrumhalf in history to be penalised for
putting it in straight.
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Regulatory Examinations
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2016 Schedules Updated |
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The Moonstone RE schedules containing dates and venues, have just been
updated. Please click on the link below for full details.
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Regulatory Exam Preparation Material |
Enquiries addressed to our RE call centre reveal that many candidates
underestimate the importance of proper preparation for this professional exam.
Assure success by using the correct preparation material:
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The FSB's
Level 1 RE Preparation Guide for Key Individuals
and Representatives
should be your first port of call to know what you have to do, and
what to expect.
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The Inseta study material for:
Representatives (RE 5) and/or
Key Individuals/Sole Proprietors
(RE 1)
contain all the information essential for proper preparation. It is
free, and can be downloaded from our website.
It is written in plain
language, and easy to follow, with tests to monitor your progress.
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LexisNexis provides a Preparation Guide and Legislative Handbook
which is more closely aligned to the “legalise” used in the actual exams.
Many students have found this useful to bridge the gap between the study material
in layman’s language and the actual legislation.
You need to order both the Preparation Guide and the
Legislative Handbook to gain the maximum benefit. Please
click here to order directly from them.
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DVD to Aid
Preparation for Exams: Many candidates have found the DVD of a FSB
broadcast on the REs a very useful tool in preparing for the exams.
It is not a training aid, but rather a detailed extension of
what is covered in the FSB Preparation Guide. Please
click here to order a copy.
Our
website also contains a vast amount of information to assist learners
in preparing for the exams, including
Tips on writing the Regulatory Exams.
Contact details
Email enquiries should be addressed to
faisexam@moonstoneinfo.co.za. You can phone us on 021 883 8000 -
select option 2 to speak to one of our consultants.
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Careers Platform
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Are you hiring? Advertise your position on Moonstone’s Career Platform
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The Moonstone website -
www.moonstone.co.za
- enjoys an average of 15 000 visits and approximately 39 000 page views per month. |
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Moonstone boasts an exclusive newsletter mailing list of over 46000
dedicated financial decision makers who receive 2 newsletters per week. |
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Our audience is relevant and industry specific: individual and corporate advisors and brokers in the following financial sectors:
Investment, Risk, Healthcare, Banking, Retirement, and Insurance. |
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Featured Positions |
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RE Qualified Tele
Assistants:
Primary Miriadian Direct, Johannesburg - Experienced call centre
agents with excellent communication skills, articulate and fluent in
English and RE5 qualification, are required at our Bryanston office.
Read More
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Junior Operations
Manager:
St Pauls Financial Services, Johannesburg - A rapidly growing Forex
Intermediary Company is looking for a dynamic, resourceful and efficient
candidate to assist the head of forex with operations.
Read More
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Financial Adviser:
Carric Wealth, Cape Town & Johannesburg - Relevant 5-year experience
as well as RE exams a minimum requirement. Adviser must be Fit and
Proper as per the FAIS Act.
Read More
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Experienced Financial
Advisor:
ULB, Randburg - We are looking for an ethical and compliant
Financial Advisor with at least 5 years experience in the financial
industry, in particular employee benefits and medical aid.
Read More
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Experienced Investment
Advisors:
Global & Local Investment Advisors, Johannesburg & Cape Town - We
specialise in local and international investments, Forex and money
market products. Fais compliant, experienced applicants are required to
have their own reliable motor vehicle and a valid driver’s licence.
Read More
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Executive Private
Wealth Manager Assistant:
NFB Financial Services Group, Sandton - Emotionaly matured
individual with a positive attitude and at least 5 years administration
experience in the Investment and Financial Planning Advisory Field.
Read More
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Experienced Brokers /
Financial Advisors:
Calreg, Countrywide - We are looking for the experienced, ethical
and compliant broker seeking a long term income. Minimum Requirments are
a relevant degree, RE qualified and three years experience.
Read More
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In Lighter Wyn |
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Every dog has its day |
As a butcher is shooing a dog from his shop, he sees £10 and a note in
his mouth, reading, "8 lamb chops, please."
Amazed, he takes the money, puts a bag of chops in the dog's mouth
and quickly closes the shop.
He follows the dog and watches him wait for a green light, look both
ways and trot across the road to a bus stop. The dog then checks the
timetable and sits on the bench.
When a bus arrives, he walks around to the front, looks at the
number, then boards the bus.
The butcher follows, dumbstruck. As the bus travels out into the
suburbs, the dog takes in the scenery.
After a while, he stands on his back paws, pushes the "stop" bell
and gets off. The butcher follows.
The dog runs up to a house, drops his bag on the steps and barks
repeatedly. No answer.
He goes back down the path, takes a big run and throws himself, ‘whap’,
against the door. He does this over and over again. Still no answer.
So he jumps on a wall, walks around the garden, barks repeatedly at
a window, jumps off, and waits at the front door.
Eventually, a small guy opens it and starts cursing and shouting at
the dog.
The butcher runs up screaming at the guy: "What the hell are you
doing? Stop screaming at the dog. He’s a genius!"
The owner responds, "Genius, my backside. It's the second time this
week he's forgotten his key!"
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Distributed to 46
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subscribers
Tel: +27 21 883 8000 | Fax: +27 21 883 8005
info@moonstoneinfo.com
www.moonstone.co.za
P.O. Box 12662, Die Boord, Stellenbosch, 7613, Republic of South Africa
Disclaimer:
Services and products advertised by external product suppliers in
this newsletter are paid for by the respective suppliers. Moonstone
does not endorse any opinions, conclusions, data, products, services
or other information contained in this e-mail which is unrelated to
the official business of Moonstone and furthermore accepts no
liability in respect of the unauthorised use of its e-mail facility
or the sending of e-mail communications for other than strictly
business purposes.
The complete disclaimer can be accessed
here.
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©2015 Moonstone. All rights reserved. |
