A licentiate member (LIISA) is a practicing professional who identifies client's needs through a comprehensive risk analysis process and, with a holistic view, develops a risk management plan that will assist the client to mitigate, avoid or manage the identified insurance risks.
The LIISA will then arrange an insurance policy for the agreed risks to be insured. The insurance policy is monitored and reviewed regularly to ensure that any assets or additional insurance risks are addressed and that any external changes that might affect the insurance risks are considered.
Licentiates can work in either a sales, underwriting, claims, risk management or intermediary capacity, or a combination of these.
These are professional members, who carry an insurance qualification at NQF Level 5, which makes them proficient in general insurance practices and able to:
- Identify and analyse risks about the client’s risk exposure in order to develop a risk management strategy.
- Collect details of clients’ existing insurance cover and consider the implications of changes to insurance cover.
- Recommend insurance solutions for personal clients and general commercial entities.
- Provide clients with general risk management advice to mitigate, avoid or manage risk.
- Manage, advise on or negotiate general insurance claims.
- Facilitate an informed discussion on the workings of an insurance contract and the roles and responsibilities of both the insurer and the insured.
- Ensure the legislative, regulatory and compliance requirements of the financial services industry in providing a safe financial platform for clients.
- Understand the boundaries between specialist insurances and general insurance offerings and when to refer to a specialist for consultation and recommendations.
- Understand the workings of the insurance industry at a micro and macro level, and identify global issues that will have an impact on the sector.
A licentiate of the IISA holds one of the following recognised Level 5 insurance qualifications:
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