At the Insurance Institute’s 50th conference, Tony from COVER had the opportunity to sit down with Kershen Pillay, CEO of the Graduate Institute of Financial Sciences (GIFS). Their conversation delved into the importance of education, the role of professional development, and the broader impact of these efforts on society.
A Mission of Professionalisation – Kershen began by emphasising that upskilling is not just about acquiring new skills—it’s about professionalisation. “What we are trying to do is create sustainable employment for all,” he explained. GIFS has two major focus areas: addressing unemployment by training young people from underprivileged areas and advancing the careers of those already working in the financial services sector.
One of GIFS’s flagship initiatives is the Youth Accelerator Program, developed in collaboration with the Insurance Institute of South Africa (IISA) and the Insurance Institute of Gauteng (IIG). This program aims to take young people from townships and rural areas and transform them into insurance professionals. By providing these opportunities, GIFS is not only helping to build the talent pool in the insurance industry but also addressing broader social issues such as unemployment, poverty, and crime.
The second major focus of GIFS is on the professional development of those already working in the industry. Kershen pointed out that, traditionally, professional development in the financial services sector has been sporadic and unstructured. Many professionals have taken courses or earned qualifications piecemeal, without a clear pathway to advance their careers.
GIFS has tackled this issue by creating a professional pathway that guides individuals from entry-level positions to advanced qualifications. “We take someone with no knowledge of the industry right through to someone who is a professional, and we equate all those years of experience to a degree, diploma, or higher certificate,” Kershen explained. This approach allows professionals to gain recognition for their experience and provides a clear route for career progression.
A key aspect of this strategy is the use of Recognition of Prior Learning (RPL), which allows experienced professionals to bypass entry-level qualifications and move directly into more advanced programs. This not only accelerates their career growth but also helps to address the skills gap in the industry by fast-tracking capable individuals into leadership roles.
Educating Beyond the Industry – While GIFS is focused on educating industry professionals, Kershen stressed the importance of extending this education to consumers. “We are placing strong emphasis on our financial advisors and brokers to start educating their clients,” he said. This consumer education is seen as crucial for reducing claims and underwriting risks, which can be mitigated when clients better understand the products they are purchasing and the risks they are facing.
Kershen gave the example of recent floods in KwaZulu-Natal (KZN), where poor infrastructure exacerbated the damage and led to significant insurance claims. He suggested that if clients had been better educated about the importance of proper infrastructure maintenance, the impact might have been less severe. This highlights the broader role that insurance professionals can play in society—not just as providers of coverage, but as educators and advocates for risk management.
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Tony raised the question of how to improve consumer education, particularly for lower-income consumers who may not have a deep understanding of insurance products. Kershen acknowledged that this is a complex issue but suggested that community engagement could be a key strategy. He proposed focusing on educating community leaders—such as pastors, spiritual leaders, and local government officials—who can then pass on this knowledge to the broader community.
“Maybe we don’t need to educate every single person in the rural township,” Kershen said. “But there are spiritual leaders, pastors, government officials who these individuals listen to.” By targeting these influencers, insurers could more effectively reach large segments of the population and ensure that important information about insurance and financial planning is disseminated.
Kershen also suggested that insurers could incentivise these community leaders by investing in the infrastructure of community gathering places, such as churches and halls. This would not only build goodwill but also create opportunities to engage with the community in meaningful ways.
Reflecting on the Conference – As the conversation drew to a close, Tony asked Kershen about his experience at the conference. Kershen was impressed by the timing and content of the event, particularly considering South Africa’s broader political and economic context. He noted that the conference coincided with important national reflections, such as Mandela Day, and provided a platform for open dialogue about the challenges facing the country.
Kershen highlighted a keynote speech by Dr. Phumzile Mlambo-Ngcuka, which underscored the importance of responsible leadership and the dangers of corruption. He praised the conference organisers for fostering an environment where such critical issues could be discussed openly. “As a nation, what have we done 30 years into democracy?” Kershen asked, reflecting on the broader societal context in which the insurance industry operates.
He also pointed out that the financial services sector plays a crucial role in the global economy, ranking as the third most significant sector worldwide. Given this importance, Kershen believes the industry has a responsibility to hold leaders accountable and to contribute positively to the economic and social fabric of the country.
Tony agreed, noting that brainstorming and sharing ideas at conferences can stimulate innovation and lead to solutions for collective problems. Kershen echoed this sentiment, emphasising the value of dialogue in addressing the challenges facing the insurance industry and society as a whole.
The conversation with Kershen Pillay highlighted the vital role that education and professional development play in the insurance industry. By upskilling both new entrants and experienced professionals, GIFS is helping to build a more resilient and knowledgeable workforce.
At the same time, by extending education to consumers and community leaders, the organisation is contributing to broader societal goals, such as reducing risk and fostering economic stability. As Kershen and Tony both recognised, the future of the industry depends on a commitment to learning, dialogue, and innovation.