Rabbits, ducks and gamification among the topics discussed at InsureTalk43

InsureTalk43 took place on 20 June 2024, with 2 700 insurance professionals logging in for three hours of information sharing and entertainment.

The event was headline sponsored by Global Choices and Elite Wealth Assets Insurance – whose MD, Tarina Vlok, was first in line. Her talk covered the entry of Gen Z into the workplace.

“Recently, we celebrated Youth Day and I took the opportunity to gain insights into the work expectations of Generation Z, the latest entrants to the job market,” said Tarina. “Having previously researched millennials’ work expectations, I found it eye-opening and, as a baby boomer preparing to exit the corporate world, I wanted to understand how employers can attract and retain this bright young talent.”

Generation Z, born between 1997 and 2012, is entering the workforce in increasing numbers, and by next year, they are predicted to make up 27-30% of the workforce. Tarina said their unique perspectives and preferences require a re-evaluation of traditional workplace structures.

“This generation, having grown up in a digital age, is tech-savvy and expects seamless digital integration in the workplace. Their world has been shaped by rapid technological change, economic uncertainty, and a heightened awareness of global issues, which has influenced their work expectations and values.”

“Generation Z places high value on ethical behaviour, corporate social responsibility, and sustainability. They prefer employers who align with their values and contribute positively to society, and they are willing to reject assignments or employers that don’t meet these criteria. Work-life balance, flexible working conditions, and mental well-being are also top priorities for them.

“Gen Z is flexible, resilient, and open to new ways of thinking, and they expect workplaces to offer continuous learning and career development opportunities.”

Tarina encouraged employers to embrace technology, promote ethical practices, offer flexible work arrangements and build an inclusive culture to attract and retain Gen Z talent.

“By aligning with these values, businesses can ensure a dynamic, innovative, and resilient workforce prepared to adapt to the transforming work environment,” she concluded.

Elite also sponsored the second talk, which was delivered by Dr Cobus Oosthuizen. Cobus encouraged guests to “discover more Fs” in his talk on excellence and the influence of neuroscience on thinking.

Cobus used a few mind-bending exercises, including “spot the Fs”, “Is it a duck or a rabbit?”, “Which card is bigger?” and “What is the total?” to show us how our minds sometimes don’t allow us to see things that have been there the whole time.

“Our brains filter information based on what they deem important, which can lead to blind spots or scotomas,” he said. “Understanding this can help us be more open to different perspectives and recognise where we might be missing important details in our lives.”

Thokozile Mahlangu couldn’t join us for her traditional update, so the team updated guests on the African Insurance Exchange, which takes place from 21 to 24 July at Sun City and online.

You can book here for AIE 2024.

FA News editor and founder of The Insurance Apprentice, Rianet Whitehead, pointed out that we are living in interesting times after the recent elections.

“We all hope and pray that these election results usher in a new era of stability and growth, particularly from an investment perspective,” she said. “For those of us in the insurance industry, this is particularly relevant because a stable political climate can lead to more robust economic environment, which in turn can drive growth in our sector and obviously mainly other sectors, which all brings business back to insurance.”

She continued onto the topic of the two-pot retirement system, calling on guests to make sure they are au fait with what it means and inviting them to attend a webinar on the subject in July.

She highlighted a couple more major themes in the industry right now, including the use of AI and machine learning in underwriting and claims processing, as well as the growing emphasis on mental health and resilience within the insurance sector.

In conclusion, Rianet invited guests to read the latest issue of FA News (which is available here) to keep updated on industry trends and happenings, and to start earning CPD early in the current cycle.

Lukhanyiso Skosana provided some soulful entertainment before our next speaker, Jaco Oosthuizen, took to the hot seat. Jaco is the MD and co-founder of YuLife.

Jaco discussed the need for innovation in the insurance industry, highlighting its historical persistence in outdated practices despite advancements in technology and changing consumer needs.

“The core of the insurance industry, a $6 trillion sector, is to spread risk, but it remains an unappealing purchase for consumers who rarely engage with their insurers,” he said, referring to it as a grudge purchase.

“Historically, insurance began with the Babylonians and evolved through various stages, including medieval guilds and the establishment of Lloyd’s of London. However, much of the policy language remains over 200 years old.”

Jaco believes the industry hasn’t adapted to modern technology and consumer behaviour, despite technological advancements.

“The insurance sector still operates with outdated systems and low consumer engagement,” he said, putting this down to three main problems: insurance is not fun, engagement is low, and the industry is stuck in the past.

“We should be focusing on prevention, using technology to create engaging, user-friendly experiences, and adopting ecosystems for better service delivery.”

He cited gamification as a great way to increase engagement, integrating world-class technology to streamline processes and improve the overall client experience.

“By creating ecosystems and leveraging existing technologies, insurance companies can offer better services without developing everything in-house,” he said.

In summary, Jaco believes the insurance industry must evolve from its outdated practices, embrace technology, and focus on prevention and consumer engagement to create a more appealing and efficient model for the future.

To close the webinar, Stephen McGown shared his harrowing experience of being held captive by Al-Qaeda in the Sahara Desert for six years. The central theme of his talk, “Freedom is an Attitude,” emphasises the importance of maintaining a positive mindset despite dire circumstances.

Stephen’s ordeal began in 2011 when he was kidnapped while riding a motorbike from London to Johannesburg. During his captivity, he endured extreme physical and mental challenges, including threats of execution, harsh living conditions and severe health issues.

“Throughout my captivity, I learned to focus on what I could control—myself,” he said. “I realised that maintaining a positive attitude, finding a routine,] and making the best of my situation were crucial for survival.”

Steve’s conversion to Islam allowed him to engage with his captors, learn new skills and maintain a semblance of normalcy.

“I cannot overstate the importance of self-awareness, showing good character and the power of attitude,” he said. “Your attitude can shape reality, enabling you to find hope and resilience even in the darkest times.”

Steve’s story is a testament to human endurance, the power of the mind and the significance of maintaining hope and positivity in the face of adversity.

Steve’s story brought to an end an information-rich InsureTalk session, which was attended by some 2 700 people in the insurance industry.

To conclude, here are some InsureTalk housekeeping notes:

CPD certificates are automatically updated to the IISA portal if you are an IISA member. If you are not a member, you can access all your certificates via www.insuretalk.co.za and log in to the CPD portal.