Professional investment in long and short-term insurance is 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 insurance practitioners entering into what many have termed 'the fourth industrial revolution' 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.

The Insurance Institute of South Africa (IISA) exists for both types of insurance practitioners, however in the more recent years has been used mainly by those in the short-term insurance space.

There is a skills shortage across various industries in South Africa. Within the insurance industry the skills shortage mainly concerns the fulfilment of customer expectations both today and in the future. This industry has to find ways to mitigate risks for today's insurance consumer and tomorrow's customer. Whether operating within the long or short-term space, upskilling can no longer be an option.

The fear of the millennial insurance consumer, or who runs their life in a digital space, has engulfed the local insurance sector. It is a fear that can only be quenched by a vigorous desire for personal and professional development by insurance practitioners. The IISA tries to mitigate this by offering avenues for professional development to practitioners across the country's insurance sector, aiding them to stay on top of trends and demands.

Since its inception in 1966 the IISA has been passionate about the development of the insurance sector in South Africa and beyond. Its primary responsibility is to promote the advancement of knowledge and skills, the maintenance of the highest levels of standards and ethics as well as professional development.

Due to the ever evolving nature of short-term insurance, this type of insurance has taken the limelight. However, the IISA, as custodian of the sector, places priority in the development of practitioners operating in both types of insurance and the safeguarding on the industry as a whole through upskilling and professional integrity.

The IISA is the knowledge and standards hub for insurance industry professionals in the country, a role which benefits practitioners, the industry and ultimately the customer today, tomorrow and everyday.