From Youth to Professionals: GIFS's Pathways for Success

At AIE 2024’s landmark 50th conference, Tony from COVER sat down with Kershen Pillay of GIFS to discuss the organisation’s innovative approach to upskilling within the financial services sector. Kershen highlighted GIFS’s commitment to professionalisation through its Youth Accelerator Program and the IIG Academic Program. These initiatives aim to bridge the gap between unemployed youth and career opportunities in insurance, transforming individuals from township and rural areas into skilled professionals. This focus not only addresses unemployment but also leverages the financial sector as a means to combat social issues like poverty and crime.

Kershen also discussed GIFS’s efforts to enhance professional development for current industry practitioners. By creating structured pathways that align practical experience with formal qualifications, GIFS addresses the fragmented nature of professional development in financial services.

A key topic was consumer education, where Kershen advocated for community-based strategies to improve financial literacy. He suggested that engaging with community leaders such as pastors and government officials could effectively disseminate insurance knowledge, thereby reducing underwriting risks and claims. This approach supports the Treating Customers Fairly (TCF) principle, which underscores the importance of consumer education.

Reflecting on the conference, Kershen found the timing significant, coming shortly after Mandela Day and amidst discussions on South Africa’s democratic progress. He praised the conference for its advocacy and open dialogue on the broader socio-economic challenges facing the country. Kershen noted that such discussions are crucial for fostering innovation and ensuring the financial services sector’s continued global impact. He expressed optimism about the future of industry collaboration and community engagement in driving meaningful change.

Key Takeaways

• Upskilling Focus: GIFS is dedicated to upskilling through programs like the Youth Accelerator and IIG Academic Program. These initiatives aim to transform unemployed youth from underrepresented areas into skilled professionals within the insurance sector, addressing unemployment and promoting economic inclusion.

• Professional Development Pathways: GIFS has developed a structured pathway for professional development in the financial services sector, allowing individuals with significant industry experience to attain formal qualifications efficiently. This approach helps streamline career progression and enhances the overall skill level in the sector.

• Consumer Education: Emphasising the importance of consumer education, Kershen advocates for community-based strategies to improve financial literacy. Engaging with community leaders such as pastors and government officials can facilitate broader outreach and better understanding of insurance products and risks.

• Legislated Education: Consumer education is a legislated requirement under the Treating Customers Fairly (TCF) principles. This framework underscores the need for ongoing education to ensure customers are well-informed and treated fairly.

• Conference Reflection: The timing of the conference, following Mandela Day and amid reflections on South Africa’s democratic progress, added depth to the discussions. The conference provided valuable insights into the socio-economic challenges facing the country and the role of the financial services sector in addressing these issues.

• Global Impact: Kershen highlighted the significant global role of the financial services sector, emphasising the need for the industry to address both local and international challenges through innovation and collaboration.