As we near the end of 2021, we look back and see what a crazy 2 years we had and never knew how life would treat us at the end of 2019. We all had plans for 2020, holidays, some planned to grow their families while others had to look for new opportunities to earn an income and make ends meet. The 27^th of March we all had to sit and plan from home, how will we keep ourselves relevant.

Brokers called the insurers, asking for stats on their unpaid clients, cancellations and commission statements. Other planned for the way forward. Either way, we all sit here 2years later, making plans for 2022.

Whatever you are planning, we at the IING wish you all a prosperous 2022 and that your path will be filled with success, happiness, love, peace and blessing.

"You make a life out of what you have, not what you're missing." – Kate Morton, The Forgotten Garden

How drones have changed the insurance landscape
By Indwe Risk

For decades, insurers have relied on traditional, predominantly manual methods of assessment to underwrite insurance policies, determine fair premiums and manage difficult claims. This lengthy process often includes an assessment of the client company’s risk management controls, including safety practices, fire prevention and detection, and incident records, claims history, the overall state of the business, as well as the physical state of the premises, equipment, and structures.

The latter would generally require a thorough physical site inspection with the risk assessor covering most areas of the site, whether for underwriting or claims purposes, by foot. The challenges faced during assessment periods may include:

●          Assessments become time-consuming and sometimes hazardous, as each area is reviewed, photographed and recorded manually
●          Assessments could be more prone to human error, as the risk assessor is required to document the site in his or her reports
●          Not all areas of the site, or those affecting the site, can be fully accessible (such as high rooftops, flare stacks, or neighbouring properties posing potential risks)
●          There may be some degree of uncertainty, where high-risk areas are not fully accessible, and therefore not fully understood
●          Manual assessments are achieved from a human eye-level perspective, where important details can be missed

Read more - Click here

Hello from the IING Education Committee

What a busy 6 months we’ve had ! After adapting to the new norm we are happy to report that the IING Education Committee has found its groove in the new waying of doing online training.

These past 6 months we are happy to report that we had 6 training sessions enabling our members (and non-members) to earn not just CPD points but also valuable knowledge. These sessions have been enlightening and we are so very thankful to the presenters who have supported the IING.

Our last six training sessions which included these topics:

• Third Party Recoveries & Liabilities
• Crime and Fraud
• POPIA
• Impact of the change to the code of conduct
• SHA Feedback and Analysis

We would like to give a special shout out to :

• Garth de Klerk from the Insurance Bureau
• Anton Swanepoel
• SHA and their dynamic team of presenters

From the Education Committee, thank you for your support!

Independent Contractor: Business Insurance

Iemas Insurance Brokers, FSP 47563 is a wholly owned subsidiary of iMasFinance Cooperative Limited and has been in business for more than eight decades. We have a proven track record and provide companies with expert advice and competitive personal and commercial insurance solutions from over 15 leading and reputable insurers. In addition, we offer obligation-free comparative pricing on current and new portfolios and free advice on risk assessment.

If you are a business-minded, self-starter who can work well under pressure, have knowledge and experience in Business and Personal Lines Insurance, and want to start your own Business and Personal Lines Short-term Insurance Brokerage, this opportunity is for you — allowing you to save on compliance, operational viability, servicing and claims consulting costs.

Benefits of operating as an Independent Contractor under the license of Iemas include a lucrative commission-sharing model, compliance and back-office support, existing insurer relationships, marketing collateral support, and access to more than 600 corporate employers.

If you have a qualification in Commercial and/or Personal Lines Insurance, own a vehicle, have a driver's license, and your own cell phone, you can apply for this position by visiting https://iemasinsurancebrokers.simplify.hr/ or email your CV to Sumeshni.Bassdev@iemas.co.za.

A laptop will be provided on a rent-to-own agreement.

Iemas Insurance Brokers is also interested in purchasing existing business and personal insurance books from Brokers.

Garalee from The Nailbar in Garsfontein Pretoria has sponsored 2x beauty vouchers to King Price insurance.

King Price decided to donate these vouchers to the IING and raise funds to donate to a charity of our choice. The vouchers auctioned off for R14,000!!!

The IING committee then voted and matched the R14,000 and we are grateful to Garalee from The Nailbar and proud to say, this year we can give R28,000 to HUIS GRACIA and help them in their journey.

Thank you Garalee.

Small Business Week: How to protect your business in trying times

Small Business Week, which was observed between 12 and 18 September and recognises the critical contributions of entrepreneurs and small business owners, is an opportune time to shine the spotlight on the importance of supporting these enterprises.

This is the view of Soul Abraham, Retail Executive at Old Mutual Insure, who says that although this an American-led initiative, there are lessons from this important initiative that can be adapted for the South African market.

“We know that small businesses are the lifeblood of the South African economy, yet these businesses have suffered great setbacks due to the impact of the pandemic. It’s never been more important to support these enterprises as much as we can so that business owners can focus on building and protecting their businesses to last,” says Abraham.

The importance of small businesses to the SA economy

Small, medium and micro enterprises (SMMEs) contribute significantly to the South African economy: According to research they employ between 50% and 60% of South Africa's work force and contribute around 34% to the national Gross Domestic Product (GDP). 

“This points to a picture that small businesses are also vital to solving South Africa’s unemployment crisis, which is now even more urgent given the recent figures from Stats SA of 34.4%,” says Abraham.

In addition, nearly two-thirds, or 64.4%, of people aged between 15 and 24 are unemployed. This is among the highest recorded in the world.

He adds that although he is encouraged by the record number of companies (510 000) registered in 2020 — a 32% leap over new company registrations in 2019 – as per data from the Companies and Intellectual Property Commission (CIPC), a lot will need to be done to ensure that these businesses are sustainable.

“Worryingly, according to statics, 50% of small businesses fail within 24 months of launch and a further 70% to 80% of small businesses fail within five years. We must work to improve this figure, and support small businesses where we can,” says Abraham.  – Read more click here

When insuring your hobby or sport makes total financial sense

The outbreak of Covid-19 in South Africa and the various levels of lockdown that came to characterise the ’new normal’, have had a profound effect on how South Africans socialise and occupy their spare time. It should come as no surprise that many people have decided to embrace new sports and hobbies, particularly ones that involve the outdoors.

Bertus Visser, Chief Executive of Distribution at PSG Insure, points to the recent survey by Sandton wealth intelligence firm New World Wealth, and luxury lifestyle development Steyn City Parkland Residence, which focused on high-net-worth individuals. “Some of the top hobbies, according to the review, included golf, collecting fine wines and fine art, as well as hunting. Hobbies like online and video gaming as well as photography have also featured.”
But, what if…?

He notes that what all these hobbies have in common, is the need for expensive equipment. “So, what happens when these high-value items are accidentally damaged, destroyed or stolen? Firstly, people should ensure their safety by being aware of their surroundings and any potential risks. However, they also need to make sure that their new equipment is properly insured. Any high-value movable items must be specified under an All Risks policy, and depending on the value, any accompanying equipment too.”

It all adds up

Additionally, sporting technology and hobby equipment are often significant investments. Visser says that wearable technology for runners, for example, can cost in excess of R20 000. “Golfing is a notoriously expensive sport, with basic golfing kits averaging from R6 000 to R20 000. Even indoor activities can require a substantial outlay, with equipment like sewing machines and overlockers costing R6 000 per machine on average.”

The value of these items, coupled with other related expenses, can certainly add up. And with higher value comes a higher risk, which is why insuring your new hobby is essential. Source || Article

One Black Friday shopper blew R450,000 in a single transaction

A Standard Bank customer spent R450,010 in one transaction on Black Friday this year, while another managed to process 79 transactions during the sales. Further data revealed that FNB saw Black Friday spending increase by 19% this year, while Standard Bank noticed a rise of 17% in transactions during the sales event.

The average value per Standard Bank transaction rose by 13% over the same period in 2020. In addition to sales growth, Standard Bank said that the use of contactless payments more than doubled year on year.  “This feature is increasingly popular simply because it makes the process of paying with your card much quicker,” Nelisa Zulu, Head of Card and Payments at Standard Bank, said.

“We experienced no disruption and were able to seamlessly manage transaction volumes of up to 460 transactions per second.”

FNB saw transactions for November as a whole increase by 25% when compared to 2020. “Our stats also show heightened shopping activity beyond Black Friday, with transactions for the month of November up 25% compared to the same month in 2020,” Jacques Celliers, CEO at FNB, said.

“With more shopping activity expected during Cyber Monday, we encourage our customers to continue using their eBucks to stretch their wallets as they have done over the last 20 years.”

“South African consumers have been hard-pressed in the past year-and-a-half, but we have seen an increase in volume and value spent over this time when compared to last year,” Zulu said. |read here|