Insurance Underwriter

The purpose of this qualification is to prepare a learner to operate as an Insurance Underwriter. An Insurance Underwriter evaluates and interprets information to protect stakeholders' interests using specialist technical knowledge to determine, price, manage and transfer risk. A qualified learner will be able to: • Apply and adhere to operational and administrative procedures and practices. • Evaluate the risk information to determine risk profile and manage risk exposure. • Apply basic legal and insurance principles to underwriting recommendations. • Apply knowledge of product and pricing to arrive at an equitable underwriting decision.

The currently registered Insurance Agent: Insurance Underwriter was due for review. This prompted INSETA together with industry stakeholders encompassing Insurance Institute of South Africa, recognised market specialists and accredited Skills Development Providers, to embark on the review process. The review was informed by lessons learnt from the pilot project that was implemented. This project highlighted gaps in terms of relevancy, affordability and currency in relation to content. In addition to the above-mentioned reasons, the review took into consideration the latest changes in the regulatory environment, including but not limited to the likes of Twin Peaks, Insurance Acts, and incorporation of the Financial Services Board (FSB) to Financial Sector Conduct Authority (FSCA). This qualification brings professionalism to a highly specialised occupation across the three principal spheres of short term, long term and medical insurance. Learners can be taken from a wide range of individuals, including those with experience in the industry and new entrants. Qualified learners will be able to: apply and adhere to operational, administrative procedures and practices; evaluate basic risk information to determine risk profile and manage risk exposure; apply basic legal and insurance principles to underwriting recommendations and apply knowledge of product and pricing to arrive at an equitable underwriting decision, within insurance (small/medium/large insurance and statutory organisations). Statutory insurance organisations include the Road Accident Fund, National Health Insurance, South African Special Risks Insurance Association (Sasria) and Compensation for Occupational Injuries and Diseases Act (COIDA). This qualification will also benefit individuals who have worked competently within the underwriting profession without any option for formal education to be certificated, based on Recognition of Prior Learning. It further allows learners to advance their careers both horizontally and vertically within the sector and to equip them to move horizontally onto more specialised areas such as Marine, Engineering and Liabilities. The competencies covered in this qualification also expose learners to management concepts in preparation for career advancement. The qualification benefits the industry at large as it ensures that scarce and critical skills are reintroduced into the sector, thereby closing the skills gap.

Recognition of Prior Learning (RPL): RPL for Access to the External Integrated Summative Assessment: Accredited providers and approved workplaces must apply the internal assessment criteria specified in the related curriculum document to establish and confirm prior learning. Accredited providers and workplaces must confirm prior learning by issuing a statement of results or by certifying a work experience record. RPL for Access to the Qualification: Accredited providers and approved workplaces may recognise prior learning against the relevant access requirements. Entry Requirements: • NQF Level 4 qualification.

• Apply and adhere to insurance operational and administrative procedures and practices.
• Evaluate risk information to determine the risk profile and manage risk exposure.
• Apply basic insurance legal and principles to underwriting recommendations.
• Apply knowledge of insurance product and pricing to arrive at an equitable underwriting decision.