SDT Financial Software Solutions recently hosted its inaugural Involve Conference at the Birchwood Hotel and Conference Centre in Johannesburg.
Well attended by delegates from across South Africa and Africa, the one-day conference focused on building a new model for the life assurance industry.
Its aim was to assist life assurance industry players better understand the challenges presented by the 2005 Pension Fund Adjudicator ruling regarding retirement annuities, and appreciate the impact of government's increasing focus on the long-term insurance industry in general.
"As a discussion and debate platform, the forum offered delegates the opportunity to gather information and learn the steps that must be taken to change current business models," says Freda du Toit, director of SDT, creator of the Involve Conference. "We expected that the conference would stimulate new ideas in the industry, assist players to break out of some of the rigid moulds in place, and empower them to broaden perspectives on issues and trends in the market."
With sponsorship support from DST International, the conference boasted speakers such as:
* Rob Rusconi, industry researcher, consultant and independent actuary;
* Radesh Maharaj, senior assistant adjudicator in the Johannesburg Office of the Pension Funds Adjudicator;
* Basil Reekie, actuary and consultant;
* Deon Olckers, executive director of Absa Brokers; and
* Stewart Henderson, CEO, principal officer and director of companies at Old Mutual Kenya.
Rusconi's opening presentation set the context for the conference by pointing to the serious challenges facing the local life assurance market, the impact of the lack of a savings culture among South Africans, and the local market position compared to other countries.
"While the current situation is quite serious, not all is doom and gloom for the industry," Rusconi said. "Industry players are beginning to innovate more dramatically to bring charges down and they are coming to terms with a more knowledgeable customer base. The industry is definitely moving in the right direction, and this momentum can be maintained through finding ways to continuously improve the quality of advice given and fair competition. Conferences such as SDT's Involve are the perfect forum to ensure that the industry continues on the right path."
Absa Brokers' Olckers discussed the issue of sales and commissions, emphasising that industry players must move away from the old model of selling products to the more appropriate one of selling advice.
Maharaj of the Pension Fund Adjudicator's office positioned the adjudicator as an entity concerned with fair and legal business practices, rather than an anti-industry entity.
"The Adjudicator is not in existence to make the lives of those in the insurance industry a living nightmare," he said. "We exist to protect both the customer and the industry. The Involve Conference has given me the opportunity to readjust the image of the adjudicator in the eyes of the industry."
* The discussions started at the conference will be facilitated further by SDT and at the next Involve conference in 2007.
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