These were the core takeaways from today’s Insurance Bootcamp, at The Venue in Johannesburg’s Melrose Arch, which focused on three specialist insurance areas: aviation, marine and drones. The message from each of the speakers was that insurance professionals should equip themselves with as much knowledge as possible.
The Insurance Bootcamp is an initiative of RISKAFRICA magazine, the Financial Intermediaries Association of Southern Africa and the Insurance Institute of the Western Cape. It is supported by the Insurance Institute of SA, and Hollard is its diamond sponsor.
In opening the Insurance Bootcamp session, master of ceremonies Tim Timmerman said the aim of the occasion was to “whet delegates’ appetite”.
“We want to make you aware of these fascinating topics, and you can go further and learn more about it,” he told the audience.
Justine Ogle, business development manager for Hollard Marine, was the first speaker to present. He took delegates through case studies highlighting marine insurance, specifically looking at general average: the combined contribution of all interested parties in saving a vessel that is in trouble.
He said brokers should ensure their clients have adequate cover and that it is the right cover: “Brokers should ensure clients are aware of the complexity of shipping uninsured goods.”
Olge said afterwards that the Bootcamp is an important event that allows for networking and knowledge sharing across different classes of insurance and different insurance fraternities – and that he had walked away from this one, having learned.
“I've learned quite a bit in this Bootcamp, particularly about aviation,” he said.
Pieter Niemand, of Oakhurst Insurance, guided the audience through aviation insurance and the proliferation of drones. He said the most important thing for brokers is that they must know the law, and understand policies.
“Whether in marine or aviation both are specialist fields and require you to be an expert in order to advise clients well and make sure all processes and procedures are followed,” he said.
Niemand said safety, liability and regulation are the most important elements to focus on in aviation insurance. “You must go through the documentation, [and] you must know the law,” he told delegates.
Mike Patterson, of Patterson and Associates, used some notable case studies in the marine industry to highlight the consequences of inadequate risk management. Patterson emphasised that human error can lead to massive disasters, and huge losses for clients – thus the importance of risk management.
Hollardites Karabo Motuba and Samukelisiwe Khumalo, who attended the Bootcamp, said they had learned a great deal from it.
“The most interesting part for me was the impact of human error in all business processes. It helped me see the role each person in the underwriting process plays, and why it is important,” said Motuba.
Marine was the topic that sparked Khumalo’s interest. She said she had always seen marine as a complex subject, but with the knowledge she had gleaned from the Bootcamp she sees it differently.
“I found it so interesting. Marine, for me, was so intimidating, but now after Bootcamp I'm keen to learn more about it,” she said.
Timmerman said knowledge transfer was the reason the Insurance Bootcamp was launched seven years ago. “We wanted to upskill the entire industry, by getting senior experts in the industry to share and impart knowledge to juniors still growing in the industry,” he said.
He added that the biggest challenge facing the industry was the ability of junior staff to access education due to time constraints and other commitments.
“Bootcamp allows such people to gain that kind of exposure to information from the best in the industry,” he said.
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