Download - Presenter: Barry Taylor
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Presenter: Barry TaylorPresenter: Barry Taylor
ADVISORY COUNCIL ADVISORY COUNCIL 29 MAY 201329 MAY 2013
Short Term FeedbackShort Term Feedback
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The past year
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• Binder AgreementsRegulations concluded Take aways:– Principles based– Binder Fees permitted– Responsible attitudes
Next steps:– Guidelines to Insurers on implementation– Guidelines on moving of books of business
The past year:
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• Outsourced Agreements (Directive 159)Applicable to Insurers and effective
Take aways:– Fee allowed for issuing policies– Cost recovery for non intermediary service activities
The past year (cont):
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• Permissible Remuneration:– Commission (capped as per STIA/ paid by Insurer)– Binder Fees (Binder regulations / paid by Insurer)– Broker/policy fee ( Sec 8(5)STIA moving to
Regulations / paid by policyholder)– Outsourced fee for non intermediary services
(paid by insurer or to broker by a third party)
NB. There can be NO duplication of remuneration
The past year (cont):
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• Sec 8(2)d – Placement of business with non registered insurers– Client protection vs. market protection
• SASRIA Commission – Increased by 1% effective I July
• VAT Review with SARS • Aggregators /”pseudo” aggregators – FSB
representation– Firmer line by FSB – we need to provide detail
The past year (cont):
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• Industry sustainability of Insurance forum– Environmental, Social and Governance factors
• ST Ombud liaison– Industry stats now published– Isabel Jones award dispensed with
• STRIDE – switch live and ready for transactions• FAIS Ombuds Fee (no longer)
The past year (cont):
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• Other involvement:– IDS– Windscreen glass debacle– Demarcation– Finance and Motor Vehicle Systems (FIVS)
• Industry initiative including banks and finance houses
• Collection of vehicle data such as ownership, insured status and claims data
The past year (cont):
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• Ongoing regulatory participation and influence – G20 pressures
• “Cost of doing business” project• STRIDE• Compulsory Third Party (motor) – continue with the
pressure• TCF• Twin Peaks• Solvency Assessment and Management (2016)
2013/4
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• “What is our Raison d’etre ?”• What is our purpose?
• Understand what our businesses are about!
The challenge
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STOP MAKING EXCUSES JUST BE PROACTIVE
(bill price/Sunday Times 9 May 2010)
Improvement happens when we are willing to evolve and grow
what needs to change around here to improve the way we do things for our customers?
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FIA???SAIA???
Direct Marketers???
Where is market innovationcoming from?
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DO WE NEED TO REFOCUS AND RE-ENERGISE IN GETTING BACK TO OUR
CORE FUNCTION, “BECOMING
SMART INSURANCE ADVISERS” AGAIN?
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Consider the sustainability of our markets?
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How are we going to achieve without attracting skills and talents?
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• Despite the FAIS qualification regime why are the levels of practical knowledge so poor?
• How serious are we about taking ourselves to another level of service excellence?
• Industry Human Capital Initiative
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Any questions?
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Thank youThank you