+263 242 788 010,746 238, 776 636 info@iizim.co.zw

THe IIZ Digest

Volume 25

May

Mark the Dates:

  • Friday 15 June 2018 | Golf Tournament | Chapman Golf Club
  • Friday 20 July 2018 | Annual Graduation | Meikles Hotel
  • Sun 19 – Wed 22 August 2018 | Winter School
  • Sun 11- Wed 14 November 2018 | Annual Conference
  • Friday 7 December 2018  | Annual Dinner & Awards Ceremony

INSIDE THIS ISSUE:

5 Cyber insurance trends to watch for in 2018
Motivational Article
Upcoming Events

From IIZ

Greetings everyone and welcome to our 25th issue of the IIZ Newsletter. We are excited to be celebrating this
particular copy as it’s our 25th issue since we started writing.

When we started sending out our newsletter we could not predict who would read it, or if ever it was going to make a difference to our members and stakeholders. Our first recipients were the few members who were on our database, and we remember receiving an email from one of our past presidents congratulating us on taking a step on ensuring that the industry is connected to the Institute.
That email greatly moved us and it gave our work here at
IIZ a different meaning and purpose.

It is that purpose that still drives us to produce meaningful,
informative, educative and motivational content. We are
proud of the growing readership and we couldn’t be more
thankful to the insurance industry and all our stakeholders
for the continued support. Your feedback has been well
received and it has been lessons and experiences well
noted. Thank you!!!

As ever we hope you enjoy reading this newsletter, and if
you wish to participate and write articles we would love to
hear from you. Let’s see what our feature articles have lined up this
month.

IMPORTANT NOTICE

  • IIZ WINTER SCHOOL EARLY BIRD REGISTRATION CLOSED ON MONDAY 30 APRIL 2018.
  • IIZ ANNUAL CONFERENCE EARLY BIRD REGISTRATION CLOSES THURSDAY 31ST OF MAY 2018.

Editor | Ruvimbo Vambe

“Connecting to an
ecosystem outside of a
carrier’s four walls is
fundamental to
understanding emerging risks”

“The maturity of big data platforms and associated data lakes will make integration much easier. ”

“Struggling is not the
same as failing but what is most important is how strong we come back after a fall”

New emerging risks offer insurers a valuable revenue stream!

By: Jim Bramblet — New emerging risks include: Cyber insurance; Increased longevity risk; New
commercial exposures in motor insurance; Insuring digital/virtual assets; The sharing economy;
The freelance/gig economy. Most folks understand the nature of risk arriving with autonomous and more instrumented vehicles, and much has been written about coverage moving from personal lines auto to general liability for vehicle manufacturers and software providers. But I’d like to explore a different angle. As I mentioned previously, I think the three levers of design thinking, building/iterating and connecting will give insurers an edge in the market. Let’s assume a carrier wants to introduce a new product to cover the general liability of an asset manufacturer for its analytics enabled Internet of Things (IoT) device. Applying the concept of design thinking to this business-to-business relationship, the carrier will ask itself how it can expose risk data, prior loss data, safety data and risk engineering data for underwriting and pricing when it quotes on that policy.

Through relationships and integrations with OEMs, it will have a material opportunity to gain a
better understanding of the space and how to price risks. Imagine the competitive advantage for a carrier that can stream data on the historical performance of insured assets directly from manufacturers.

Or the carrier’s ease of doing business with the brokerage community, or the effectiveness and
efficiency of a more data-enabled underwriting workforce. Similarly, the concept of building/
iterating applies. The maturity of big data platforms and associated data lakes will make integration much easier. And as risks continue to evolve as fast as manufacturers can continuously improve assets, the ability to quickly consume new risk data and drive that into underwriting and pricing processes will further cement competitive advantage. This advantage must be fueled by an agile business and technology organization that has the tools to test, fail and succeed quickly.

Finally, connecting to an ecosystem outside of a carrier’s four walls is fundamental to
understanding emerging risks, developing products that are relevant, and underwriting and pricing them in an effective and profitable manner. In the near term, carriers might be hesitant to invest here, citing things like the lack of standards across manufacturers or the lack of scale in the market.

I would counter that now is exactly the right time to invest in these capabilities and to develop the living business muscles that will be required to compete in five years. Carriers willing to start
building these skills now will have time on their side. Their risk is low because they will have time
for testing and failing before these new capabilities need to be scaled up.

“We may encounter many defeats but we must not be defeated”

Not all days are bad and not all days are perfect either. As we walk around in our individual capacities we all carry heavy burdens that can be extremely heavy and can weigh us down. We also have experienced moments that we are not proud of and even if they are to be repeated we might wish for death.

Just because we face many struggles it does not mean that we are failures. Struggling is not the same as failing but what is most important is how strong we come back after a fall. A spirit that does not want to be defeated cry but at the same time gets the strength to wipe away those tears and continue to face the challenges. Each one of us have faced wars or challenges that we have not won at times but that does not mean that we are weak. Not every war is meant to be won, but some wars are meant to provoke our fighting spirit so that we can think outside the box.

When hit with difficult times in life, gather all the strength in you to fight and pull through. Some situations might be scary but remember in our last article we emphasized on the phrase what does not kill you only make you stronger. So what do we need to do? See the light of positivity in all the difficulties that you face with faith and hope. Never let your struggles define you.

Every setback is a setup for a come back and you ought to concentrate all your thoughts on the work or challenge at hand. PATIENCE! PATIENCE! PATIENCE! There are no shortcuts to any place worth going and no matter the obstacles we face, all things are difficult before they become easy.

When we suffer defeat we must use it to reflect what changes we are willing to make in ourselves and our lives. It could also be life changing events that are guiding us into our true calling. No matter the challenges we may encounter winners never give up. People who quit are never winners. You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats, so you can know who you are, what you can rise from and how you can still come out of it.

IIZ ANNUAL FUNDRAISING GOLF TOURNAMENT – FRIDAY 15 JUNE 2018

“If you think its hard to meet new people, try picking up the wrong golf ball.” IIZ brings you yet another exciting fundraising golf tournament at the Chapman Golf Club on the 15th of June 2018. It’s another Par-Tee-Time for a round of Golf. Lot’s of exciting prizes to be won. Register today for Exhibition, Sponsorship and Participation. Call us today for more information!!!

IIZ GRADUATION CEREMONY | FRIDAY 20 JULY 2018 | MEIKLES HOTEL

This is that time of the year where we celebrate and congratulate the class of the previous year for a job well done. They fought their battles and overcame obstacles. They had a goal, gave it their soul. They worked hard, went the extra yard. They gave it their all, and stood tall. Congratulations class of 2017!!! Graduation will be held for all levels of qualification, from COP, Diploma and Associateship. See you there!!! Call us today for more information!!!

WINTER SCHOOL | 19 – 22 AUGUST | TROUTBECK NYANGA

Join us at this year’s Winter School as IIZ partners with the Insurance Industry aiming to avail a platform for training and development of future leaders in the insurance industry. Leaders who will make things happen; who will maintain the image of the Insurance Industry and build it to lofty heights from the foundations the current leaders are laying. The theme of the 2018 Winter School is “Driving Growth—Disrupting the Mind-set Completely.” Call us today for more information!!!

IIZ ANNUAL CONFERENCE | 11 – 14 NOVEMBER | ELEPHANT HILLS RESORT

IIZ brings you a high powered delegate of quality speakers at this year Annual Conference to be held in Victoria Falls. Don’t miss out on this annual event which is held to continue the fine tradition as an excellent educational, networking and social conference. Be part of the 200+ delegates expected at this year’s event. Come and be part of an exciting experience, share your expertise and learn from the best! Call us today for more information!!!

IIZ ANNUAL DINNER | FRIDAY 7 DECEMBER 2018 | MEIKLES HOTEL

We close down the year with this august event where people from all sectors of the industry gather to celebrate the milestones achieved in the year. Come and dine with us as we celebrate a successful and fruitful year. This year we are having an exciting theme…watch the space!!!

Career Prospects

  • Underwritter
  • Assessor
  • Loss Adjuster
  • Broker
  • Financial Advisor
  • Financial Planner
  • Insurance Investigator
  • Insurance Sales Agent
  • Pensions Administrator

Never underestimate the vital importance of finding early in life the work that for you is play!!!

IIZ specializes in offering excellent professional insurance qualifications. Register Now!!!

Enhancing Excellence In Insurance Practice

Follow us on Facebook for:-

  • Motivational Mondays
  • Catch up Tuesdays
  • Wordy Wednesdays
  • Tutorial Thursdays
  • Educate me Fridays

We also have a discussion forum, feel free to start a discussion and engage with some of the insurance practitioners.