SSP Brochure:Layout 1 - INSETA

The scarce skills identified in the Study of Scarce Skills in the Insurance sector in 2007 have been filled into the DoL template and is attachedas Annexure E to this SSP. Scarce skills have been identified at the most detailed occupational level. It must, however, be noted that inmatching the occupational titles generally used in the insurance sector with the occupations specified in the OFO the OFO was found lackingin many respects. Version 6 of the OFO was used to identify the scarce skills in Annexure E. While this version of the OFO made betterprovision for occupational titles generally used in the insurance sector than earlier versions, it is still difficult to identify scarce skills at themost detailed occupational level. For example, underwriters were classified as Insurance agents/sales consultants (611201), while the sectordistinguishes between the two occupations in reporting on scarce skills.Critical skills have been identified for broader occupational groups and are attached as Annexure F.4.4 ConclusionsThe research on scarce skills presented in this chapter indicates that the industry has experienced shortages of professionals and managerswith insurance experience and the appropriate qualifications. These shortages are, however, not general shortages in the market but aredirectly related to the impact of new legislation to change the racial profile and increase educational standards in the sector. Because largeorganisations’ (50 or more employees) employment equity are monitored they are more affected by the scarcity of black skills than smallorganisations (with less than 50 employees).As mentioned in Chapter 3, output from the tertiary institutions in the general field of business, commerce and management sciences hasgrown substantially over the last five years and the racial profile of graduates from this sector is changing rapidly. However, the insurancesector competes for skills with the rest of the financial services sector and with business and commerce in general. The insurance sectoris not the sector of choice for many graduates due to a lack of knowledge about the sector and the over-regulation of the sector which,among other things, makes it too risky to start new brokerages.The critical skills or skills gaps in the current workforce can be seen in management and leadership, sales and marketing, basic and advancedcomputer work, industry and product knowledge, communication, knowledge of legislation and basic financial skills.INSETA Sector Skills Plan - page 39