As 2022 draws to a close, we can breathe as a collective and sigh of relief and be thankful for the lessons learnt over the past two years; they have left us stronger and more resilient, with every reason to believe that our industry is poised for growth for if we play our cards right. But it hasn't been an easy journey. In addition to recovering from the devastating effects of COVID-19, the insurance industry had to navigate a market characterised by difficult economic conditions, political uncertainty, as well as a rapidly evolving landscape of emerging risks.

This year demanded that insurers become more innovative, agile, flexible and efficient. It called on us to do more with less and to respond to a consumer mindset that is increasingly focused on environmental, social and governance (ESG) factors.

We would like to thank all our members and partners for their unwavering support throughout this year, you are the engine room that drives our organisation. We would also like to praise your hard work and dedication towards building a robust and resilient industry that is future-fit and ready to grow.

Despite the challenges, it has also been an exciting year and rewarding in many ways. We would like to share a just few of the highlights that the Insurance Institute of South Africa (IISA) managed to achieve this year.

We successfully hosted the annual African Insurance Exchange (AIE) Conference as a hybrid event this year for the first time, attracting more than 700 in-person delegates. This key industry event enabled us to reconnect professionals in the financial services sector and deliver world class content that contributed to attendee knowledge.

This year’s AIE Conference was fittingly themed “Resurgence. Resilience. Revival.”, reflecting that the world has changed and that now is the time to move forward and be more resilient than ever. As an industry, the insurance sector has the opportunity to rise to new heights.

We are also extremely happy to report that the IISA has attained a level 2 BBBEE status, which enables us to remain focused on staying relevant in the South African insurance industry and the economy at large. It is our mission to elevate and transform the insurance profession by continuously delivering quality programmes that drive skills development in the industry.

During the year, we also adopted two schools and empowered them with study material for maths and science for both leaners and teachers. This important initiative is in line with the IISA’s view that basic education is the foundation from which we must build the next generation of professionals that will drive our industries and country forward.

As part of the IISA’s role in developing skills on the continent, we welcomed the first cohort of graduates of the Professional Degree in Insurance that we designed in partnership with the Botswana Accounting College.

Furthermore, we hosted two cohorts of the Insurance Director Training programme which contributes to mitigation of shortage of skills at director level.

In terms of our overall performance, IISA is a solid organisation that is positioned for longevity through sustainability and remains a ongoing concern. Notwithstanding the milestones, there are areas that we, as an organisation, need to address.

We recognise that an area of concern remains our membership base, which is in urgent need of growth and diversity to enable us to maximise our impact, as a skills developer across the African insurance industry.

As at the end of October, we onboarded 172 new members during the year and 100 members who upgraded their memberships to higher levels. Despite this, our membership numbers remain relatively low. IISA recorded 2 600 members in total as at the end of October, out of more than 300 000 professionals in the industry. This indicates that there is a critical need to increase the number of professionals accredited, by the Institute.

We would like to therefore appeal to you, as professionals and captains in the industry, to assist us in growing the number of professional IISA members ie members who have been verified and awarded the various designations. The wealth of knowledge possessed by the over 300 000 professionals in the industry makes each individual eligible to become a professional member. Professionals who may be eligible to become members include professional in roles such as claims, underwriting, risk management, compliance, audit, legal, actuarial, accounting, sales/advisory, services and relationship/key account management, among others. Take a step in 2023 and be counted when we talk about professional members accredited by IISA.

As a central organisation tasked with skills and professional development, we continued to share with the industry, unique, relevant and current thought leadership content, not just from South Africa, but also from our international affiliates. This contributed to the industry’s knowledge base and kept the industry abreast of what is happening in the international landscape.

An area of concern is a noticeable increase in the numbers of retiring members, which poses a risk to the industry from a skills and knowledge retention perspective. This trend further underpins the need to increase and diversify the membership base.

As we reflect on 2022 and 2021 it is no doubt that the industry faced the reality of increased complex risks which require a fine focus on developing skills to ensure understanding of the impact of these emerging risks in the insurance sector.

Looking ahead to next year, development of skills that will enable the industry’s readiness in managing complex risks, complex claims, and overall emerging risks will be a key focus area for the Institute. As such, we will deliver various training programmes that will equip the industry with these critical skills that will better position the industry and elevate the existing knowledge base.

Furthermore, in 2023 we will continue 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 insurance industry.

We therefore call upon each and every professional within the industry to partner with us as we elevate the relevance of the insurance profession to be one that is aspired to.