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Moonstone Monitor - 20 July 2017 |
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Paul Kruger
Author/Editor |
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The optimist proclaims that we live in the best of all possible worlds.
The
pessimist fears this is true – James Branch Cabell |
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Distributed to 47 271 subscribers.
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From the Crow's Nest |
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Southern Cape Fires: The Future in the Rear View Mirror
Staff writer |
“Our tale is of a rather sobering scenario that should urgently be
considered by those planning for the Garden Route’s future […] in this possible
future, fires would rage with abnormal intensity, seriously threatening homes,
crops, plantations and people and […] such a scenario now seems a strong
possibility rather than an unlikely and distant outcome.”
The above extract is from an article entitled ‘How no-man’s-land is now
everyone’s problem’ which was written by botanists and ecologists Richard
Cowling, Brian van Wilgen, Tineke Kraaij and Jonathan Britton for the quarterly
magazine, Veld and Flora in 2008. It chronicles the management history of large
tracts of land in the Outeniqua and Tsitsikamma mountains, how alien vegetation
posed a significant threat to humans and their infrastructure in surrounding
areas and suggests strategies for intervention.
Nine years later, the “sobering scenario” became a flaming inferno.
In the context of one of the largest catastrophic events in the history of the
South African short-term insurance industry, the focus is now on the intensity
and frequency of catastrophes and how insurers should review their roles in
society.
While it goes without saying that insurers can’t predict when catastrophes
occur, managing catastrophe claims requires significant coordination and
planning. In the case of the Southern Cape fires, nearly 10 000 residents had to
be evacuated and homes, schools, structures and basic communication and power
infrastructure were destroyed. The first of its kind, the local fire chief
pronounced the fire South Africa’s first Type 1 incident – a type of fire which
requires a response at the national or provincial level.
The impact on short-term insurance claims will be substantial. Natural
catastrophes generally result in mass claims and large claims. Besides
processing thousands of claims as quickly and effectively as possible, insurers
also have to cope directly with the effects of a catastrophe (destroyed
communication and power infrastructure), making claims handling extremely
difficult. In the wake of the devastation, most insurers responded according to
their catastrophe protocols and where possible, reached their clients through
intermediaries, social media, emergency helplines or directly through
regional/area managers, loss adjusters or claims handlers. They also dispatched
response teams to assist people – including those who had total losses. In many
instances, insurers paid affected clients an upfront amount nearly immediately
after the fires – in a bid to assist those who needed help with basic amenities
– while ensuring that all other claims were being efficiently assessed.
While it’s true that most insurers have a catastrophe management plan and
protocols in place, many analysts agree that these plans need refining and that
an increase in the severity and frequency of catastrophic events demands a
revision of the way in which insurers respond to it at the outset.
A global framework to help governments better prepare for disaster risk and
improve the resilience of nations and communities to disasters was adopted at
the United Nations (UN) World Conference on Disaster Risk Reduction in
March 2015. Here, in particular, specific roles for the insurance industry were
identified, including strong public-private partnerships that drive disaster
risk reduction and resilience at the local and national levels.
Within the greater UN framework, there appears to be an urgent need for better
collaboration between various stakeholder groups (i.e. local municipalities, the
greater business sector, communities and the insurance industry) to help
identify and mitigate risks while building forms of resilience against
potentially devastating natural disasters.
Reactively, the insurance industry’s responses to the Southern Cape fires appear
to be adequate, but a more pro-active approach would possibly have been to put
in place effective protocols by compelling and assisting local authorities to
ensure they have the most effective resources in place to deal with the risks
they face.
Moreover, better collaboration coupled with advancements in technology should
further engender a robust understanding of the ecological interaction of
different types of vegetation and, among others, better flood plain and river
corridor management in South Africa. The consequences of overlooking the
systemic interaction of these (and other scenarios) with communities are
well-recorded. |
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GTC Medical Aid Survey 2017 reveals small medical aids also offer
good value |
Smaller medical schemes perform well by offering consumers value for
money, but they have not been as successful as some of the larger
schemes in attracting new members.
This is one of the significant conclusions from leading wealth and
financial advisory firm GTC in its seventh annual Medical Aid Survey
(MAS) for 2017.
The Medical Aid Survey analyses and rates medical aid schemes and
provides a standardised comparison and ranking of the choices available
to consumers.
This year’s survey reviewed 23 open medical aid providers, with a total
of 144 plans, which were categorised into 11 areas according to benefits
offered.
Click here to read
the article, or download the
2017 MAS
pdf. |
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Your Practice Made Perfect |
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CPD Revisited |
A reader recently wrote:
I provide training on behalf of a registered medical scheme to
accredited brokers on medical scheme benefit options, underwriting and
processes.
I recently attended a broker training session at the Council for Medical
Schemes (CMS) and was awarded 4 CPD (Continuous Professional
Development) points for attending the training.
That made me wonder if I should start doing it as well, but after I read
your article, I was wondering if it is a waste of time to start doing so
now.
If a medical scheme registers with the FPI as a CPD provider, can they
award CPD points for people attending training sessions, and will this
give them an edge in the market?
We know CPD is coming, we just don’t know when exactly.
Should we start awarding CPD points, with a view to have our systems in
place when it becomes a reality?
CPD should not only be regarded as a legal obligation. If you regard
yourself as a professional (as you should) then you will welcome
opportunities to improve your knowledge and skills to better serve your
clients.
Please
click here to read the full response to the enquiry above. |
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Annual NCR registration fees due 31 July
By Gerrit Viviers
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All National Credit Regulator (“NCR”) registrants, including credit
providers, credit bureaux, debt counsellors, payment distribution agents
and alternative distribution agents are obliged to pay their annual
registration renewal fees by 31 July 2017.
The payment of the registration renewal fees changed on 11 May 2016 when
the Minister, Dr Rob Davies, published the final regulations on the
determination of application, registration and renewal fees under
Government Gazette Notice No 514, in the Government Gazette No 39981
(“Notice”).
In addition to the prescribed fee, registrants are required to pay a
branch fee of R250 per location or premises at or from which the
registrant conducts its registered activities.
The annual registration fee (including the branch fees) may be paid to
the NCR by electronic transfer or by direct deposit. The registrant’s
registration number (e.g. NCRCP, NCRCB or NCRDC) should be used as the
reference number, and proof of payments sent to the NCR’s registration
department via email.
NCR Circular 4 of 2017, published in March 2017, warned registrants
against fraudsters who claim that the NCR’s banking details have
changed. Please ensure that you use the correct information published on
the Regulator’s website.
The NCR made provision for a grace period of 30 days after 31 July, but
there are penalties payable which can be up to 20% of the registration
renewal fees. It is advisable to adhere to the deadlines prescribed by
the NCR.
Failure by a registrant to make payment of the prescribed fees within
the grace period, will result in the automatic lapsing of its
registration.
Should you have any queries, please contact Gerrit Viviers on
021 883 8000 or by email to
gviviers@moonstonecompliance.co.za
You can also address queries or requests to the NCR directly on 011 554
2766 or
registrations_info@ncr.org.za.
Gerrit Viviers is Moonstone’s NCA Specialist who renders NCA
compliance services (including NCR registrations) to clients. He is not
a rugby commentator, nor related to the legendary Spiekeries. |
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Technologically Speaking
Moonstone Information Refinery |
Why this is no Gorillas in the mist story
by Troy Penney, SuiteBox, Australia |
If you and your business are in a
profession that charges a fee or a commission for exchange of
knowledge, then one of the Gorillas is coming after you….
Here I will tell you why and when.
Facebook, Amazon, Alibaba, Alphabet aka FAAA….k
Never in our history have we had such massive powerful global
business units. Never have such business been run as these are, more
or less dictatorships. These companies are still all run (for better
or worse) by their founders, Believe it, that if one of these
founders/owners wants blue to be black then black it goes. Board
room meeting yes but everyone would know who is in charge, normally
the one that owns the most voting stock/shares….
Click here to read the rest of this article originally published
on his blog.
Media contact
Neil Summers, Sales Manager, Moonstone Business Services
Mobile: +27729088994
Email:
neil@suitebox.com
About SuiteBox
SuiteBox transforms customer engagement with intuitive video,
document collaboration, selective recording and real-time digital
signing, helping you accelerate and close business using the full
power of mobile and desktop devices. It is able to be fully white
labelled and seamlessly integrated with a client’s core CRM or
banking platform. SuiteBox is available via monthly subscription, is
delivered via the cloud and requires no technical expertise to use.
Visit www.suitebox.com
for more information.
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Regulatory Examinations
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Legislation Handbook and
Preparation Guide for REs |
The Legislation Handbook for Level 1 Regulatory Exams provides the
legislation specified as relevant to the regulatory exams RE 1 and 5.
The Preparation guide includes the qualifying criteria provided by the
FSB for these exams.
The qualifying criteria are cross-referenced in the Preparation Guide to
the relevant sections to be studied in the Legislation Handbook.
Shaded tabs enable the user to easily identify the four sections of the
work and the information is then grouped by subject matter area in order
to assist you to find the relevant items quickly and easily.
The 4th edition reflects the law as at 15 April 2015.
Click here to order these
LexisNexis
books from our Advisor Store.
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RE Self-Help Guidelines and Frequently Asked Questions |
Self-Help Guidelines
Candidates who wrote with Moonstone can now view their results,
make a new booking or update their information on our website:
www.faisexam.co.za
Here is what you do:
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Click on the Moonstone FAIS Exam website (www.faisexam.co.za)
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Click on the second heading: “Update Your Booking/Personal
Details/Get results”.
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Key in your ID or Passport Number used to register for the
exam: click on Send password.
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The system will
send a password to the e-mail address you provided at
registration.
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Use this password to log in on the same address as above:
Type in the password – do not copy and paste.
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Click login.
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You will then be able to make a booking, download your
certificate or view results.
Frequently Asked RE QuestionsEmail 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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Wealth Management
Consultant:
Rockfin Wealth Management, Sandton - If you have the required
insurance sales experience for this client facing, sales and targets
driven profession, then
Read More
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Senior Client Liaison Officer:
Vunani Fund Managers, Newlands, Cape Town - VFM is looking for a
suitably qualified EE candidate with an accounting diploma or degree.
Read More
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Short Term Insurance
Junior Underwriter:
JFA Shortterm Brokers CC, Milnerton -
We require a responsible
person with NQF4 and RE5 for all relevant tasks related to client
services in our short term insurance practice.
Read More
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Sales Consultant –
Medical Scheme Brokerage:
Optivest, Durbanville - The ideal candidate is RE 5 qualified, has
medical scheme experience and is comfortable to interact by phone.
Read More
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Accounts Executive /
Broker:
Garrun, Houghton - We require a FAIS compliant and experienced
Short-Term Insurance Broker with own transport.
Read More
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In Lighter Wyn |
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Turning tables |
Thanks, Janet Harding.
A retired older couple returned to a Mercedes dealership where the
salesman has just sold the car they were interested in to a
beautiful leggy blonde in a mini skirt and a skimpy halter top. The
old man was visibly upset. He spoke to the salesman sharply.
"Young man, I thought you said you would hold that car till we
raised the $55,000 asking price, and you insisted there was no way
you could discount this model. “Now hear that you closed the deal
for $45,000 to the lovely young lady there.
The salesman took a deep breath, cleared his throat and reached for
a large glass of water.
"Well, what can I tell you? She had the cash ready, didn't need any
financing, and, Sir, just look at her, how could I resist?" replied
the grinning salesman sheepishly.
Just then the young woman approached the senior couple and gave the
car keys to the old man. "There you go," she said. "I told you I
could get that idiot to lower the price.”
“Happy Father's Day, Dad."
Morish Irish Humor and Wisdom
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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. |
