A KEY FOCUS IN THIS EDITION OF COVER, IS THE GROWING RISK IN THE CYBER ENVIRONMENT
Several contributors are sounding the alarm, warning that the risk is much bigger than most businesses anticipate. I believe that the main reason for this stride mentality from the business environment and the insurance industry, is the fragmented manifestation of the risk and claims.
When looking at this through the riot risk and life/critical illness claims lenses, one can draw parallels. SASRIA was easily able to manage the huge uptick in social unrest related claims. In fact, many commentators were saying that they are sitting on a far too big piggybank. Until the July 2021 riots, when it hit on a massive scale. So big in fact, that SASRIA not only had to be bailed out, but they had to rethink their model and limits of cover.
The COVID pandemic saw the same results. Here we saw a health related event become a massive business insurance threat, with billions being paid out in business interruption related claims. It would be easy to see an epidemic or even a pandemic as a health and life insurance issue, missing the wider fallout.
As for cyber risks, these alarm calls should be heeded and the potential for a national or even global cyber pandemic should be a collective agenda. We cannot simply keep trying to make the defences bigger (residents building higher walls), we need to tackle the issue on a grand, collective scale.
MAIN STORIES
CLAIMS DENIED? UNDERSTANDING & OVERCOMING REPUDIATION IN EMPLOYEE BENEFITS
Shameer outlines the whole truth behind repudiation in employee benefits, arming employees with the knowledge to safeguard their loved ones.
CYBER RISK EXPOSURES IN THE FINANCIAL SERVICES SECTOR
There are approximately17 to 20 known or identified types of cyber crime and, since the pandemic, there has been an estimated 600% increase in the number of cyber attacks across the globe.
INSURERS BLACKLISTING AREAS DUE TO CLIMATE IMPACT
South Africa can glean valuable lessons from the critical situation unfolding in the USA where insurers are blacklisting areas due to climate impact.
FIVE USES OF GENERATIVE AI TO ENHANCE CUSTOMER SERVICE IN FINANCE
Now, with generative AI breaking into the mainstream, many financial institutions are examining where they can put this innovation to work.
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Financial Planning
- Closing the Risk Cover Gap: Challenges and Strategies Evan Baars, Partner at NMG Consulting, Nic Smit, Bidvest Life’s Chief Product Actuary, and Melody Cloete, Bidvest Life Training Specialist
- Discovery Life making strides in closing the insurance gap Discovery Life
- The path to successful retirement: Strategies for financial advisers and how a DFM can help Dean De Sousa, Portfolio Manager at Equilibrium
- Securing Your Future
Anton Keet, Head of Risk Services at 1Life - The Impact of COVID-19 on the Insurance Claims Process
Boitumelo Mothoagae, Divisional Executive of Claims Management at Liberty - Wealthy families at risk of losing their wealth in 2nd and 3rd generations
Nirdev Desai, Head of Sales, PSG Wealth
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Cyber Risk
- Boosting cybersecurity with robust digital risk assessment tools
Patrick Evans, CEO of SLVA Cybersecurity - How SMBs can navigate an increasingly complex and dangerous cyber-risk landscape Francois Potgieter, Managing Director at Bi-me (Business Insurance Made Easy)
- Cyber Risk Exposures in the Financial Services Sector
Written on behalf of the IISA by Peter Olyott- Director - Constantly evolving threat landscape call for new approach to cybersecurity risk mitigation
Ryan van de Coolwijk, Product Head: Cyber at iTOO Special Risks - In the ‘new world of work’, AI can be your friend – or foe
Eugene Wessels, chief technology officer at King Price Insurance - Safeguarding SA businesses against an evolving cyber threat environment
Jason Lane-Sellers, director of fraud and identity, LexisNexis Risk Solutions
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Employee Benefits
- Many employees don’t realise how much their employer does for them
Robyn Laubscher, Advice and Product Specialist at PSG Wealth - Claims denied? Understanding and Overcoming Repudiation in Employee Benefits
Shameer Chothia, Senior Consultant Momentum Corporate (Advice and Administration) - Unlocking Financially Secure Retirements – The Unrivalled Power of Employee Benefits
Thokozile Mahlangu, Chief Executive Officer of the Insurance Institute of South Africa - What can employers do to improve South Africa’s low retirement savings rate?
Samantha Jagdessi, Head of Advice & Best Practice, Old Mutual Corporate Consultants (OMCC), answers this critical question - Tightening the screws: can an employer really still withhold pension benefits?
Kenneth Coster, Partner, Nicolette van Vuuren, Senior Associate & Eugene Chaphi, Candidate Attorney at Webber Wentzel
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Short- Term
- A Journey of Excellence
Bukhosi Khumalo, the Manager at Corporate Insurance and Risk Management at Marsh - Insurers Blacklisting Areas Due to Climate Impact: Lessons for South Africa Bill Klehm, the chairman, and CEO of eBliss, a critical issue was brought to light – insurers blacklisting areas in the USA due to climate impact.
- Empowering Clients Through Effective Communication
Marike Van Niekerk, Manager of Legal, Marketing, Communications & Compliance Officer at MUA Insurance Acceptances (Pty) Ltd (MUA) - How to think about climate change risk management in 2023
Ronald Richman, chief actuary at Old Mutual Insure - Glass in insurance – Not always as clear as it seems Gary Stieger, the CEO of MyGlass
- Ombudsman for Short-term Insurance results get Better and Better
Dr Gerrit Sandrock, FCII, is a Chartered Insurance Practitioner - Opportunity to drive Public and Private partnerships in Agriculture Insurance Daniel Stevens – Head Santam Agriculture Crop Insurance
- Taking tech to tradition: Mitigating risk in the evolving financial services sector
Kirsten Wolmarans, Partner at Webber Wentzel - The rising risk of insurance fraud
Soul Abraham, chief executive for retail at Old Mutual Insure - UK Art Theft Serves as a Warning for Curators to Maintain Accurate Art Register
Gail Bosch, Product Head at ITOO Artinsure
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Technology
- AI delivers automation at scale for insurers to drive efficiency and customer experience
Patrick Ashton, Head of UK Operations at Alula Technologies - Fintechs’ role in identity and financial security beyond OPTs and passwords
Paul Carter-Brown, Co-founder and CTO of fintech enablement partner Ukheshe - Five uses of generative AI to enhance customer service in finance
Bryan McLachlan, Managing Director: Africa at CyborgIntell - Navigating the Data Landscape
Kali Bagary, the CEO of The Data Company - Reframing the insurance brokers’ value proposition Wimpie van Der Merwe, CEO, Global Choices
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