SAIA

South African Insurance Association

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Transformation and Social Risks

Transformation and Social Risks
The Transformation and Social Risks department strives to drive industry activities with regard to social and economic development, including the industry's standing in terms of the goals and purposes of:

  • Employment Equity
  • Broad-Based Black Economic Empowerment
  • The National Development Plan
  • The Financial Sector Code
  • Skills development
  • Corporate Social Investment

The Financial Sector Code

  • Alignment of the FSC to the DTI Codes
  • Review of the Access standards
  • Continue with existing Consumer Education initiative
  • Participating in FSC structures

Access

  • Assisting SAIA members with access and microinsurance initiatives
  • Development of a FAIS Access category

Enterprise Development

  • Development of an Enterprise Development initiative
  • Use the existing Motor Body Repairer initiative to develop an Enterprise Development project
  • investigate the possibility of using the existing agricultural insurance initiative to create agricultural access products and enterprise development projects

Procurement

  • Initiative to enable small, medium and microbusinesses

Human Capital Development

  • Participate in the broader industry initiative regarding Human Capital Development

Social Risks

  • Identify social risks and its impact on the industry and where possible develop initiatives to mitigate these
  • Continue to support BACSA
  • Create public awareness about the SAICB
  • Review existing SAIA member projects that could create transformation or social risk mitigation opportunities, such as the Green Geyer project

Consumer Education Initiative

The SAIA Consumer Education Initiative continues to play an important role in promoting financial literacy among consumers, particularly in the low-income communities of South Africa. The initiative, which was established in 2004 as part of the original Financial Sector Charter (FSC) requirements, is a collaborative effort by the short-term industry to uplift financial literacy skills among consumers as well as to promote short-term insurance products and services.