17 October 2024
Old Mutual Insure
Soul Abraham, Chief Executive for Retail at Old Mutual Insure
A new learning-based initiative by Old Mutual Insure is set to transform the insurance landscape by developing 80 black graduates into skilled brokers through a comprehensive 12-month programme, with the aim of creating new employment opportunities.
“We are excited to support these graduates, starting with 50 in the initial phase and an additional 30 in the new year. Our aim is to integrate these graduates into permanent positions at Old Mutual Insure to align with their skills and experience as they progress through the programme,” says Soul Abraham, Chief Executive for Retail at Old Mutual Insure.
The business secured over R12 million from the Insurance Sector Education and Training Authority (INSETA) and the Broker Development Trust to fund the black youth broker development programme. The project is already underway, with 18 graduates having begun their practical field training in September after starting in July this year. A second cohort of 32 graduates commenced their training in September 2024. By July 2025, 50 graduates will be acquiring practical experience and stepping into permanent roles within the business’s agency workforce.
Abraham says that not only will this create employment and skills development for black graduates, but it is expected to also contribute to opportunities for women, as more than 70% of participants are female.
Old Mutual Insure embarked on an aggressive programme in 2021 to bolster its broker support to address the changing needs of the business, specifically with a focus on risk protection solutions for Commercial Small, Medium, and Micro Enterprises (SMMEs).
“We plan to develop a robust face-to-face presence with 300 brokers by the end of 2025. However, we recognise the challenges posed by a scarcity of skills and high turnover rates, often due to agents lacking basic competencies or relevant sales experience. This initiative will help support our business goals and ensure that we are helping to address the skills shortage within the industry, while at the same time creating employment opportunities,” Abraham explains.
Statistics South Africa reports an overall unemployment rate of 33.5%, with youth unemployment at 60%. Abraham highlights that there are a shortage of skilled youth entering the job market. “Given the number of unemployed graduates in our country, there is a clear need for practical work experience,” he notes.
“This initiative offers hands-on experience in customer engagement and servicing, with supervision throughout the process. Graduates will also have the chance to develop their own customer portfolios, supported by our resources and market access during and beyond the programme. This approach ensures they are not just graduates, but industry-ready professionals prepared for long-term success within our workforce,” he concludes.
