The South African Underwriting Managers’ Association (SAUMA) held its 2022 virtual conference, managed by CN&CO Events, on 30 June 2022. The event was hosted by Santam’s Letlhogonolo Tau and attracted more than 1 200 online attendees.
“One of my favourite quotes is, ‘Life begins at the end of your comfort zone’,” he said. “Today’s conference will move you out of your comfort zone and into a new way of thinking.”
SAUMA chairperson, Steve von Roretz, provided an update on the association. He spoke about SAUMA’s willingness to help brokers move forward in these tough market conditions. He focused on two major concerns for the insurance industry: inflation and under-insurance.
Brokers and UMAs need to work together to highlight these issues to clients.
“Make sure the customer understands the issue of underinsurance. Sign off on cover limits and make sure the customer takes the decision around cover limits.”
Steve Murphy, head of Santam Re, called on UMAs to “stop thinking so small!” He outlined a brief history of UMAs and highlighted what makes the distinctive in the industry. He spoke of how the role of the UMA is unappreciated, before sharing his views on where we are, where we’re going… and how to get there.
Danny Joffe of Hollard spoke on the Conduct of Financial Institutions (CoFI) bill. He emphasised the industry’s commitment to ensuring that things are done in the right way for the customer.
CoFI shouldn’t be changing our lives too dramatically, he says, as we already have a raft of regulations in place that govern industry conduct, most notably the policyholder protection rules (PPR) and the guidelines to treating customers fairly (TCF), which are about to be fully legislated.
Danny went into detail on what companies need to have in place in order to be CoFI compliant once the bill is introduced.
Dawie Roodt of Efficient Private Clients spoke on “SA: politics, the economy and a fast-changing world”. His talk covered the war in Ukraine, how it changed the world and its implications for South Africa; local economics, specifically the South African economy and the legacy of the ANC; and other economic variables, both local and global.
He then shared some good news with delegates, notably around advances in healthcare and technology, and increased sustainability.
Last up was Bryan Hattingh of Cycan who spoke on “Living a Brave New Life”. After a few breathing exercises, Bryan got a more relaxed audience fully engaged in “igniting the spark of perpetual self-actualisation”.
He spoke of cosmic metamorphosis, living in interesting times, reflection after the Covid pandemic and the pandemic’s impact on individuals and society in general. He outlined a framework for being future-fit leaders, speaking of heightened self-awareness, listening with empathy and the need for a behavioural shift to drive change.
“Great ideas change the way we think,” he said, “and revelational moments transform the way we live.”
Tau closed the conference by doing a lucky draw for a Nespresso coffee machine, sponsored by Ami (the lucky winner was Marietha Roetz) before thanking the headline conference sponsors Compass Insure, Hollard, Lombard and Santam Insure, as well as event partners Camargue, Centriq, CIB, Glasfit and Lireas.
Watch the full recording of the conference below: