The Insurance Institute of South Africa (IISA) recently launched its Youth Accelerator Programme aimed at upskilling and training matriculants and graduates on hard and soft skills to prepare them for entry-level jobs in the insurance industry.
IISA said the programme was created in a bid to bridge the skills shortage in the sector and prepare the youth for employment.
The programme will target 50 unemployed matriculants and graduates in metropolitan, urban and rural areas per year.
On completion of the 12-month programme, participants will acquire an NQF Level 5 qualification with work exposure and graduates will be made IISA professional members.
“The programme will seek to cover the five critical competency requirements as legislated by the Financial Sector Conduct Authority (FSCA), as well as the inclusion of digital literacy competencies,” said IISA.
IISA CEO Thokozile Mahlangu said the programme provided experiential learning.
“The insurance industry is experiencing a shortage of skills in entry-level positions which impacts service delivery and productivity, often resulting in a loss of income and competitive edge. Yet, our country’s youth unemployment rate averaged 55.55% from 2013 until 2022,” she said.
Mahlangu said it had also become increasingly evident that the insurance sector had for some time struggled to fill the talent gap from a shrinking pool of qualified candidates. The industry was also finding it increasingly difficult to attract and retain top-quality talent.
“One of the most obvious ways for the industry to address these skills-related challenges is to adopt a proactive approach,” she said.
She said by investing in the youth, the industry could build a pipeline of skilled workers who were trained according to the industry's needs, ensuring a future workforce that was well-equipped to contribute effectively.
“Secondly, it drives innovation. Young people often bring fresh perspectives and innovative ideas to the table, which can drive creativity and help the industry stay competitive in a rapidly evolving market,” said Mahlangu.
She noted that the added benefit was the long-term sustainability of the industry.
IISA called on industry players to get involved and support its Youth Accelerator Programme.
The Mercury