I recently had the pleasure of speaking to Bukhosi Khumalo, the Manager of Corporate Insurance and Risk Management at Marsh.
The occasion was not just a catch-up but a celebration of Bukhosi’s remarkable achievement – winning the Young Insurance Professionals Excellence Award at the AIO (African Insurance Organization) for his significant contributions to the African insurance industry.
The Young Insurance Professionals Excellence Award recognizes individuals who have made outstanding contributions to the growth and development of the African insurance market. Bukhosi Khumalo’s journey towards this award began at the age of 19 when he started initiatives that touched the lives of hundreds. Over the years, his dedication and leadership within organisations like IISA (Insurance Institute of South Africa) and IIG (Insurance Institute of Gauteng) have allowed him to impact thousands of lives within the industry, from newcomers to industry executives.
Bukhosi acknowledges that the award is not just a personal triumph but also a testament to the collective effort of everyone in the insurance industry who strives for excellence and the betterment of the African insurance sector. It serves as an encouragement to continue the vital work they do in serving the industry and its stakeholders.
In the interview, Bukhosi shares three key elements that have contributed to his growth in the industry:
- The Power of People: Bukhosi emphasizes that the insurance industry is fundamentally about people. Building strong relationships with colleagues, clients, and suppliers has been instrumental in his career. He acknowledges that “what you know is important, but who you know is crucial”, highlighting the significance of interpersonal connections in the insurance world.
- Preparation and Proactivity: He stresses the importance of preparing today for the opportunities that may arise in the future. Whether it is acquiring new skills or gaining expertise in a particular area, being proactive and ready for opportunities is crucial. Waiting until a job posting appears is not the best strategy; instead, one should be continuously prepared to seize the moment.
- The Role of Mentorship and Support: He also credits his success to the mentorship and support he has received from industry leaders and peers. He believes in working hard to excel in every opportunity presented to him, ensuring that those who provide opportunities do not regret their decision.
THINK BACK.THINK AHEAD.
Now Rethink Insurance.
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When asked about the role of industry leaders in his achievements, Bukhosi highlights their ability to identify potential and provide platforms for young professionals to thrive. He also emphasises the importance of inspiration and learning from these leaders, drawing from their expertise while infusing his unique perspective to achieve success.
Tony and Bukhosi also discuss the future of insurance in Africa. Bukhosi, a staunch advocate for the African insurance industry, sees immense potential and opportunities. While acknowledging the challenges, he believes that Africa accounts for a small percentage of global premiums, signifying significant room for growth and product development. He views the future of African insurance as exciting, full of potential, and a promising field for those willing to seize the opportunities.
Bukhosi Khumalo’s journey from a young industry enthusiast to an award-winning insurance professional serves as an inspiration to the insurance community in Africa and beyond. His story emphasises the importance of people, preparation, mentorship, and seizing opportunities in the insurance industry.
As the industry continues to evolve in Africa, Bukhosi’s optimism and dedication remind us of the vast potential and exciting possibilities that lie ahead.