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THe IIZ Digest

Volume 26

June

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:

Insurers rely on data but how much do they trust their data

Winning the battle in your mind

From IIZ

Hello everyone and welcome to yet another exciting edition of the IIZ Digest. Winter is in the air and on the grounds, and for some it has already been a horrible time, but here at IIZ we urge you to embrace Winter as a time of comfort, good food and warmth. It’s that time of the year when we release results for the April examinations as well and we always urge you to give your dreams all you have got and you will be amazed at the energy that comes out of you.

In other news, June is the month when we host the IIZ Annual Fundraising Golf Tournament. We applaud the industry and it’s stakeholders for the overwhelming response received so far. This year we introduced a lot of activities to hopefully make your day more enjoyable. It is a day of fun and relaxation, so come and join us. We have lots of exhibition and advertising space for those who would like to market their services and products as our golf day hosts professionals from all sectors.

As the Institute aims to revive its purpose of capacity building in the Financial Services market through skills development and improving employment opportunities to upcoming future insurance practitioners we continue to upgrade our systems and enhance our strategies for the betterment of our country. Kindly spread the word and help us improve our initiatives through comments and suggestions.

This Winter we urge you not to get frozen but to “Win the battle in your mind” in our motivational article.

Important Notice:

Be sure to attend the Claims Management Course to be held on the 21st of June 2018 at the Holiday Inn Harare, Facilitated by Mr. Marlven Mudzingwa. This course is designed to develop a practical working knowledge of handling and managing claims. Call our offices today for registration. REGISTRATION FOR OCTOBER EXAMINATIONS IS STILL OPEN…REGISTER TODAY!!!

Editor | Ruvimbo Vambe

“The issue of data veracity takes on even more importance as insurers explore partnerships to
extend their value
proposition and better
engage customers.”

“…80 percent of insurance
organizations are
increasingly using data to drive critical and
automated decision-making at scale”

“The war of the mind is
not a passive activity, but an active, vigorous fight, fought with determination and control. Believe right and flourish
outwardly””

Insurers rely on data, but how much do they trust their data???

By: Michael Costonisis, Global Insurance Lead —Historically, insurers have relied on data to assess and price risk. But without the capability to determine and maintain data veracity, they are vulnerable to significant risk.

While AI is conventionally seen as a way to improve efficiency, Accenture looks at the more nuanced application across the enterprise to augment human ingenuity—we call it “applied intelligence”—to solve complex challenges, develop new products and services, and break into or create new markets.

But AI is only as good as the data it is provided. And as insurers draw on an increasing number of external sources, the threat of unverified data creates a new vulnerability that could place the entire enterprise at risk.

In order to bring the intelligent enterprise to life, we need to first address issues of trust. The ramifications of not ensuring trust will be felt both internally and externally. Within the organization, operational and strategic decisions will be affected; on the outside, regulatory fines or sanction in the court of public opinion are
significant threats.

Data veracity: Systematizing trust Even the most advanced analytics capabilities are only as good as the data that it crunches. Insurers have a unique opportunity to transform their enterprise with AI, but it requires an equal and intentional focus on data
veracity. This is especially salient as insurers push toward fully autonomous decision-making. These decisions aren’t just a question of how much an insurance policy costs, and why—they have implications for business and society as a whole.

Consider that Accenture Technology Vision for Insurance 2018 found that 80 percent of insurance organizations are increasingly using data to drive critical and automated decision-making at scale. And yet, a study reported in the Harvard Business Review found that 97 percent of business decisions are made using data that the company’s own managers consider of unacceptable quality.

In addition to addressing data security (how it’s stored) and data ethics (how it’s used), insurers must have data grading capabilities. This means understanding the behavior around data creation, such as the data trail created by a person driving a telematics-equipped vehicle or the sensor network for an industrial system. Establishing the baseline of expected behavior around data is crucial to being able to record, use and maintain the data—and to being able to detect data tampering that can lead to poor decisions.

The issue of data veracity takes on even more importance as insurers explore partnerships to extend their value proposition and better engage customers. Insurers may no longer own the data themselves; they may have to plug into another partner’s system in order to access it. Even if they own it, the nature of the ecosystem will likely entail sharing data among the partners, all of whom have an obligation to use and secure the information properly. If for this reason only, insurers should choose their ecosystems—and ecosystem partners—wisely. As recent high-profile incidents have shown, organizations that do not safeguard and use their customers’ data ethically may find themselves under scrutiny from regulators and customers alike.

Technologies like blockchain and APIs can make it easier to partner with and trust other players at scale, especially when the insurer doesn’t own the data.

“Winning the battle in your mind”

Have you ever slowed down to pay attention to what is going on in your mind? What do you believe in? What are you hearing? And mostly what are you thinking of?

Each one of us has a story, and our stories are filled with heartbreaks, disappointments, pain, lies, and deceit. We need to take captive our thoughts and examine them, then we need to take a close look at our thoughts and consider what we are thinking or believing and why. The enemy of progress tempt us, to breed distrust in relationships to divide us, and to rehearse accusing words in our ears to destroy us. What kinds of words are you hearing in your mind?

For you to win that battle, capture your thoughts and bring them to submission. Yes! Regularly invite thoughts of belief, hope and success bringing to remembrance everything positive that has happened in your life? Fight the war of the mind by considering the good experiences you are having presently. Change you’re your belief in order to change your behavior.

The war of the mind is not a passive activity, but an active, vigorous fight, fought with determination and control. Have faith in yourself, free yourself from shame, guilt, and fear. Take all the negative thoughts and capture them and fight them with truth and faith. Don’t give up. Always ignore the subtly and cunningly voice which always use the personal pronoun “I”—I’m ugly. I’m a loser. I’m a failure —so that you’ll take the thoughts as your own and believe that that’s who you really are. Lies of deceit if planted in your head will confuse you about your identity or give you an identity crisis!

Believe right and flourish outwardly, as right believing produces right living. So the battle is not so much out there with your spouse, boss, colleagues, or even the failing economy, as it is in your mind. Your mind is your enemy. It is the preferred battleground… “Watch your thoughts for they become words. Watch your words for they become actions. Watch your actions for they become habits. Watch your habits for then your character. And watch your character for it becomes your destiny! What we think, we become.”

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!!!

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