SSP Brochure:Layout 1 - INSETA

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Small business opportunity Subsector Skills and training needs Other requirementsAdministration services tomanage complianceOutsourcing of specialisedactuarial servicesOutsourcing of specialisedlegal servicesOutsourcing of fraudinvestigation andprevention servicesBoutique type of assetmanagement company cancooperate with existingregistered unit trustmanagement company toform new unit trustmanagement companyRange of services tosupport intermediarieswho serve the lower-endand emerging consumermarketsTraining for trustees ofpension funds and medicalschemesBroad range ofprocurement opportunitiesfor black-owned SMMEsShort termLong termIntermediariesMedicalinsuranceLong termShort termLong termShort termLong termCollectiveinvestmentsShort termLong termIntermediariesCollectiveinvestmentsMedicalinsuranceLong termMedicalinsuranceEntireinsuranceindustry, butespecially inshort-termsector• Relevant technical insurance industry knowledge and practicalexperience (not merely textbook knowledge).• Knowledge of statutory and regulatory requirements• General office and practice management skills• Client management skills• Accounting, bookkeeping and financial record-keeping skills• Entrepreneurial skills• Business and financial management skills• IT and computer skills• Qualification as actuary• High-level financial and analytical skills• Qualification as lawyer• High-level financial and analytical skills• Technical insurance industry knowledge and practical experience• Forensic and investigative skills• Risk management skills• Analytical skills• Technical insurance industry knowledge and practical experience• Business management and financial skills• People skills• IT and computer skills• High-level financial, analytical and numeracy skills• High-level economic skills• In-depth knowledge of investment markets• Relevant technical skills• Risk management skills• Business management and financial skills• IT and computer skills• People management skills• Marketing and selling skills• Customer service skills• Technical insurance industry knowledge and practical experience• Knowledge of statutory and regulatory requirements• Knowledge of insurance and financial products• General office and practice management skills• Mentoring and guidance skills to assist intermediaries• Client management skills• Accounting, bookkeeping and financial record-keeping skills• Entrepreneurial skills• Business and financial management skills• IT and computer skills• Sound knowledge of legal and statutory framework for retirement andmedical schemes• Relevant technical insurance industry knowledge and practicalexperience• Training and development skills• People skills• Business and financial management skills.• Marketing and selling skills• Client service skills• Specialised goods and services relevant for industry (e.g. insurancereplacement providers, panelbeaters, loss adjustors, glass fit shops,builders, office furniture and equipment, etc.)• Entrepreneurial skills• Business and financial management skills• Marketing and selling skills• Client service skills• Supply chain management skills• Start-up capital• Office infrastructure• Business systems• Skilled human resources• Office infrastructure• Business systems• Highly skilled humanresources• Office infrastructure• Business systems• Highly skilled humanresources• Start-up capital• Office infrastructure• Business systems• Access to externaldatabases• Specialised humanresources• Start-up capital• R50 million or more ininvestors’ funds to start offand to grow assets toR100 million in 12 months• Office infrastructure• Business systems• Access to externaldatabases• Specialised humanresources• Start-up capital• Office infrastructure• Business systems withelectronic solutions tosupport practices ofindividual brokers• Specialised humanresources skills• Access to distributionchannels, esp. in emergingmarkets• Start-up capital• Office infrastructure• Accreditation withinindustry and in NQF totrain according tostandards and outcomes• Specialised and specifictraining material• Start-up capital• Office infrastructure• Specialised humanresourcesINSETA Sector Skills Plan - page 41
5.3 Support to small levy paying and non-levy paying firmsThe NSDS specifically requires SETAs to provide skills development support to small levy paying and non-levy paying organisations (NSDSindicator 2.2). For this purpose the INSETA has developed a voucher system whereby small businesses can access skills developmentfunding. The voucher system allows organisations to obtain vouchers from the SETA and to exchange it for training that will enable themto improve the viability of their businesses.The INSETA also have various regional initiatives that are aimed at assisting the small organisations in the sector. These initiatives include:• The appointment of regional advisors who assist small organisations with the claiming of grants and with any other SETA-related matters• Regular regional forums where the INSETA interacts with its constituent organisations and where a wide array of skills development issuesare discussed• The institution of regional assessor forums where matters relating to the qualify assurance function of the SETA can be discussed anddealt with and• The training of skills development facilitators.During the SSP development process various other needs were identified. These include the need for information on the current skillsdevelopment terrain, the need for small employers to organise themselves in order to interact with training providers in a co-ordinatedmanner and the need for support with the implementation of learnerships.FAIS compliance and black economic empowerment remain burning issues in the sector – especially for the small brokerages. The INSETAwill continue to support these businesses to become compliant and to increase the number of black brokers and financial advisors in thesector.5.4 Adult basic education and trainingThe NSDS aims at increasing the educational levels of the workforce and to substantially increase the number of workers who haveachieved at least ABET level 4 (NQF level 1).In previous chapters of this SSP it was indicated that the majority of workers in the formal levy paying component of this sector are highlyeducated. Only a small number of workers in elementary occupations are possibly potential candidates for ABET. However, it is suspectedthat a large number of informal sector workers, specifically people who sell assistance (funeral) policies could be candidates for ABET.(These people are also referred to as “runners”). According to the FAIS Fit and Proper requirements these workers, if they don’t have aNQF level 2 qualification, have to be competent in an appropriate NQF level 2 skills programme. For those who don’t have a NQF level1 qualification, ABET becomes a very important vehicle to obtain access to such a skills programme.The INSETA is currently in a process of determining the ABET needs in the sector. A major challenge is to identify the runners and toobtain their commitment and participation in ABET.5.5 National standard of good practiceOne of the ways in which the NSDS wants to promote and accelerate the quality of training in the workplace is by promoting theachievement of a national standard of good practice in skills development. The Survey of employment, Scarce and Critical Skills establishedthat only a very small percentage of companies in the sector are certified to a standard of good practice – 2.5% are certified to the ISO9001 standard and 2.5% to Investors in People. The majority of organisations were either not familiar with the concept of standards ofgood practice or did not have the resources to implement such standards.5.6 Stakeholder capacity buildingThe NSDS aims to improve stakeholder capacity to deliver on and commitment to the NSDS. The SETAs are responsible for capacitybuilding and the promotion of commitment within their own sectors.The INSETA has started with the training and development of members of the INSETA Board in respect of their roles and obligations asBoard members, good corporate governance in the SETA environment and the NSDS targets and objectives. It has also instituted a SDFtraining programme. Furthermore, the regional advisors and regional forums play an important role in building the capacity of stakeholders.INSETA Sector Skills Plan - page 42
Page 5 and 6: Table 4.4 Scarce skills: clerical a
Page 7: EXECUTIVE SUMMARYBackground and met
Page 10 and 11: How the INSETA addressed Scarce and
Page 12 and 13: 1 PROFILE OF THE SECTORThe insuranc
Page 14 and 15: Table 1.4 Other activities of organ
Page 16 and 17: A major problem in estimating the n
Page 18 and 19: • The fact that the industry has
Page 20 and 21: Figure 1-6 Trends in net premium in
Page 22 and 23: Figure 1-9 Trends in collective inv
Page 24 and 25: additional staff. The technology al
Page 26 and 27: 2 THE DEMAND FOR SKILLS IN THE SECT
Page 28 and 29: 2.3 Employment trends2.3.1 Changes
Page 30 and 31: Competition from other financial se
Page 32 and 33: 3 THE SUPPLY OF SKILLS TO THE SECTO
Page 34 and 35: Table 3.2 Population group distribu
Page 36 and 37: Figure 3-4 Senior Certificate passe
Page 38 and 39: Table 3.7 Qualifications awarded by
Page 40 and 41: 3.3.3 Further education and trainin
Page 42 and 43: Table 3.13 People to be trained in
Page 44 and 45: • The racial profile of graduates
Page 46 and 47: OccupationPosts difficult to fillSp
Page 48 and 49: Table 4.5 Scarce skills: sales occu
Page 50 and 51: The scarce skills identified in the
Page 54 and 55: 5.7 ConclusionsThis last chapter ou
Page 56 and 57: ANNEXURE APROFESSIONAL BODIES INTER
Page 58 and 59: Core component of BEE Indicators Ta
Page 60 and 61: Senior managementBlackMaleTOTAL MAN
Page 62 and 63: ANNEXURE ESCARCE SKILLS IN THE INSU
Page 64 and 65: OCCUPATION level ss Specialisation/
Page 66 and 67: OCCUPATION level ss Specialisation/
Page 68 and 69: ANNEXURE FCRITICAL SKILLS NEEDED IN
Page 70 and 71: OCCUPATION level ss52 Personal Assi
Page 72 and 73: ANNEXURE GINSETA BUSINESS PLANINSET
Page 74: The DoL requires all Councils to un

SSP Brochure:Layout 1 - INSETA

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