New research has shown that business insurance companies and the industry as a whole are growing. Research by the Insurance Sector Education and Training Authority (INSETA) shows that in the 2011 and 2012 period, despite a huge amount of resignations and dismissals surrounding the new legislation the insurance sector has carried on growing with 22 478 new workers entering the industry over the same period of time (17 187 workers left the companies surveyed during this same period of time).
By making comparisons concerning the information from workplace skills plan surveys of over 927 small, medium and large insurance employers in the 2011 and 2012 time frame, INSETA says that its investigation shows the sector is continuing to grow in the face of the instability and changes brought about the FAIS legislation.
The examination also revealed that the FAIS compliance has had both a negative and a positive impact from the employers’ points of view. One of the survey participants even stated that it found the legislation had brought about awareness amongst the staff of the importance of compliance to the pertinent acts.
In the past employees had been rather unworried towards efforts by companies toward improving skills levels. However, legislation has forced employees to be compliant and through this, they have discovered how pertinent legislation is for the security of the insurance industry.
The large invasion of new employers is indeed a sign for the sector, and shows that the insurance industry is shedding the image of ritual that has been a barrier in the past. The huge number of individuals leaving the industry and most especially the loss of skills could lead to future problems if this continues in the same vein.
Insurance companies have had to deal with much in recent times, and the skills that the industry has lost will need to be replaced.
