Long-term and short-term insurance are both vital to the development of the sector in South Africa

The South African insurance sector is vibrant and multifaceted. This is exemplary of the ever growing and evolving needs of its customers, and entering into what many have termed 'the fourth industrial revolution' in which insurance practitioners will have to align their expertise with the short-term and long-term needs of the customer.

Short-term is incorporative of risk aversion with regards to day-to-day life, while long-term insurance only refers to life insurance. The sector, while it makes a clear distinction between the two, only fares well when both types are catered for developmentally.

Thokozile Mahlangu, CEO of the Insurance Institute of South Africa (IISA) says the organisation exists for both types of insurance practitioners.

"There is a skills shortage across various industries in South Africa. However, within the insurance industry the skills shortage mainly talks to the fulfilment of customer expectations both today and in the future. This can only be quenched by a vigorous desire for personal and professional development. The IISA tries to mitigate this by offering avenues for professional development to insurance practitioners across the country's insurance sector," says Mahlangu.

Since its inception in 1966 the IISA has been passionate about the development of the insurance sector in South Africa and beyond.

"Our primary responsibility is to promote the advancement of knowledge and skills, the maintenance of the highest level of standards and ethics as well as professional development within the broader industry," says Mahlangu.

She says that in recent years, due to the ever evolving nature of short-term insurance, this type of insurance has taken the limelight. However, the IISA, as custodians of the sector, places priority on the development of practitioners operating in both types of insurance.

"We are the knowledge and standards hub for insurance industry professionals in the country. It is our purpose to keep South African insurance practitioners abreast of the latest developments within thelocal sector and abroad. We do this to ensure high levels of quality within this sector but ultimately we do it for the customers, that they may know that their assets, material or otherwise, are well taken care of in good qualified hands," says Mahlangu.