IIG International Visit

There are so many different facets to education. Education is empowering because it allows us to make informed decisions. Education is inspiring, allowing us to learn from others who have walked down similar paths. Education is aspirational, encouraging us to journey down roads less travelled or challenging us to bring about significant change in roads that are frequently travelled. Education is about sharing ideas and advice. It is for all these reasons that three of our directors joined the IIG International Tour from 24 September to 4 October 2019. Kershen Pillay, Sue Sunker and Terrisha Jainarain returned home from an extraordinary experience in the U.S. that combined strategic networking, ideas-exchange, on-site learning and personal growth development. Some 37 insurance industry professionals from across South Africa joined the 2019 IIG International tour to San Francisco and Washington. They visited several companies, interacted with industry leaders and trail-blazers, sat in on informative presentations and benefitted from unique first-hand exposure to international insurance and reinsurance markets.

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In San Francisco, the hub of technological innovation, the #IIGlobal2019 delegates visited software provider, Guidewire. They offer a platform for property and casualty insurance carriers around the globe, including South Africa, that allows them to adapt and succeed in a time of accelerating change. The team interacted with Laura Drabik, Group Vice President of Business Innovation, who discussed trends and innovation in insurance. Next, delegates dropped in on Gen Re where they were hosted by Vice President, Steve Eilers, who provided an overview of Gen Re, their Property Facultative product as well as the current market dynamics in the US. A trip to Plug and Play’s head office in the heart of Silicon Valley rounded off the San Francisco leg of the journey. It was fascinating to engage with the team that brings together the world’s best start-ups and largest insurers on one innovation platform.

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In Washington, delegates visited Zurich where they engaged with the company’s Business Development leader, Florence DiPetro and industry stalwart, Daniel Flood, who unpacked Zurich’s US model. Stef Zielezienski, a guest speaker from the American Property Casualty Insurance Association (APCIA) provided insights into the current and predicted challenges, that led to a robust discussion on the similarities and differences between the SA and USA markets.

The final day in the American capital saw delegates visiting the World Bank where they met fellow South African, Dr Reshma Sheoraj, who is a board member at the Bank, and sat through informative presentations on a range of issues including emerging trends in insurance market development, closing the protection gap through risk sharing mechanics/insurance, and insights to the Global Index Insurance Facility. Then it was a visit world-famous legal firm, Wiley Rein, where Steven Seitz, Director at the Federal Insurance Office of the US Department of Treasury, shared an international perspective on US insurance regulations. A trip to the South African Embassy rounded off #IIGlobal2019 tour where the Charge D’Affaires, Yoliswa Mvebe, urged delegates to apply all the key learnings from the US trip to bring about significant change within South Africa’s insurance industry to boost economic development.

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For GIFS CEO, Kershen Pillay, the #IIGlobal2019 tour was of immense value. “It was fascinating to get first-hand insight into the world of insurance in an American context and to understand how America is dealing with sustainability within an insurance context, the fast pace at which we are consuming information as a global community and on-demand compliance-based education.” Kershen says it was interesting to note that the US is facing similar challenges to South Africa, including that of an ageing workforce. One of the highlights for the GIFS team was visiting the World Bank and the SA Embassy where they had discussions about bilateral agreements, trade relations and free trade agreements.

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#IIGlobal2019 was a two-way learning experience for the GIFS team, with Kershen, Sue and Terrisha using the opportunity to highlight South Africa, our diversity, work ethic, robust financial services sector and the fact that SA is always open for business.


30 October 2019