SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED QUALIFICATION: 

Higher Certificate in Short-term Insurance 
SAQA QUAL ID QUALIFICATION TITLE
118276  Higher Certificate in Short-term Insurance 
ORIGINATOR
Moonstone Business School of Excellence (PTY) Ltd (previously known as PSG Konsult Academy) 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
-   HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Higher Certificate  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
ABET BAND MINIMUM CREDITS PRE-2009 NQF LEVEL NQF LEVEL QUAL CLASS
Undefined  120  Not Applicable  NQF Level 05  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Reregistered  EXCO 0821/24  2021-07-14  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This qualification does not replace any other qualification and is not replaced by any other qualification. 

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The purpose of the Higher Certificate in Short-term Insurance is to equip learners with the knowledge, skills, attitudes and values that are required to operate ethically and responsibly in the highly regulated financial services industry. The qualification aims to build on the knowledge and skills required by employees in short-term insurance who have achieved an NQF 4 Qualification and to enable learners to progress to a further qualification. The focus of this qualification is on information gathering, analysis, evaluation, presentation, and the ability to apply knowledge of short-term insurance to solve problems within a familiar context.

Learners will be able to identify a client's needs through a comprehensive risk analysis process and who are capable of developing a risk management plan that will assist the client to mitigate, avoid or manage the identified insurance risks.

Rationale:
The demand for more Service Providers to offer this qualification was identified by the Insurance Institute of South Africa (IISA) who approached the institution in this regard. Opinion research conducted by the institution and the IISA among its target market revealed that there is sufficient need within the South African context for a qualification of this nature.

The curriculum has been structured in line with the requirements of IISA's professional designations. Learners who complete the Higher Certificate in Short Term Insurance, and who also meet the experience requirements may apply for the designation of IISA: Licentiateship (LIISA).

The qualification will meet the needs of matriculants wanting to enter the Short-term insurance industry and existing employees practicing in the Short-term insurance industry who are required to obtain a qualification in Short-term insurance to comply, as required, with the Financial Advisory and Intermediary Services Act (FAIS) (Act 37 of 2002), or to upskill themselves. The qualification is aimed at Short-term insurance underwriters, representatives and employees wanting to obtain an IISA professional designation. The qualification is sufficiently flexible to accommodate learners already employed in the Short-Term Insurance sector.

The skills, knowledge, values, and attitudes acquired while completing this qualification can serve as building blocks for advancement in the short-term insurance arena or further graduate studies. The qualification aims to develop informed and skilled qualifying learners and can contribute to the learner's employability and marketability in the formal, financial services sector thereby contributing to the economic and social up-skilling of the South African workforce.

Since the financial services and banking industries are highly specialised, they demand a strong work ethic with the specific knowledge, skills and qualities provided by this qualification. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Recognition of Prior Learning (RPL):
The institution will use RPL to provide access to a limited number of learners who do not meet the access requirements for the qualification. Evidence can be presented in a variety of forms including international or previous local qualifications, reports, testimonials mentioning functions performed, work records, portfolios of evidence, and performance records. Such evidence will be judged according to the general principles of assessment aligned to the NQF RPL policy and, where deemed necessary, learners may also be required to complete a contextualised mathematical literacy bridging qualification for financial planning, before they may be admitted to the qualification.

Entry Requirements:
The minimum entry requirement for this qualification is:
  • National Senior Certificate, NQF Level 4 granting access to higher certificate studies
    Or
  • Senior Certificate, NQF Level 4 granting access to higher certificate studies
    Or
  • National Certificate (Vocational), NQF Level 4 granting access to higher certificate studies 
    		•

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification consists of the following compulsory modules at National Qualifications Framework Level 5 totalling 120 Credits.

    Compulsory Modules, Level 5, 120 Credits:
  • Fundamentals of Insurance, 20 Credits.
  • Risk Management, 20 Credits.
  • Legal Framework, 20 Credits.
  • Personal Insurance, 20 Credits.
  • Commercial Insurance, 20 Credits.
  • Claims Management and Underwriting, 20 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Demonstrate an understanding of the insurance industry, its history, the types of insurance available, and the influence of economics and behavioural finance on short-term insurance.
    2. Select and apply the appropriate Risk Management Strategy to a Short-term Insurance client scenario.
    3. Apply legislation, codes of conduct, and business ethics to the various stakeholders in the short-term insurance industry.
    4. Demonstrate an understanding of the legal requirements for a valid contract and the implications of contract wording in the Short-term insurance industry.
    5. Demonstrate an understanding of principles underlying Short Term Insurance: Personal Lines and reinsurance and the different products and services.
    6. Manage client relationships including maximising client retention in the Short-term insurance environment.
    7. Demonstrate an understanding of principles underlying Short Term insurance: Commercial Lines and the different products and services.
    8. Demonstrate an understanding of the claim's management and underwriting processes, and pricing applicable to Short Term Insurance. 

    ASSOCIATED ASSESSMENT CRITERIA 
    The following Associated Assessment Criteria will be applied in an integrated manner across the Exit Level Outcomes.
  • Describe the history of insurance.
  • Identify the main role-players and market participants in the short-term insurance industry and explain their roles.
  • Explain the concept of reinsurance and its application in the short-term insurance industry.
  • Discuss the basics of economics and its influence on short-term insurance.
  • Discuss behavioural finance and its effect on short-term insurance.
  • Define, classify and identify risks.
  • Evaluate risks in the short-term insurance industry.
  • Describe the risk management process.
  • Analyse a client scenario and recommend the appropriate short-term insurance solution to address the client's identified risks.
  • Discuss the legal and regulatory framework governing the short-term insurance industry, and the various role-players.
  • Explain the legal requirements in terms of Binder Agreements.
  • Explain the legal requirements for a valid short-term insurance contract and the legal capacity of contracting parties.
  • Explain the principles applicable to the law of delict as it applies to short-term insurance.
  • Discuss short-term: personal lines insurance principles.
  • Define different types of personal risk.
  • Discuss the different types of personal insurance policies and associated services.
  • Explain the application of reinsurance and the implication of contract wordings as well as the reinsurance treaties.
  • Discuss the importance of client relationship management in short-term insurance.
  • Define different types of commercial risk.
  • Discuss the commercial short-term insurance policies and associated services.
  • Discuss the scope, coverage, and limits of Short-term: Commercial lines insurance contract wording.
  • Explain the relationship between the COID Act and stated benefits insurance.
  • Define short-term insurance claims.
  • Discuss the short-term insurance claims process and the related procedures, systems, and documentation.
  • Define underwriting in the short-term insurance industry.
  • Discuss the underwriting process, procedures, and documents required for Personal Lines and Commercial Lines Insurance policies.
  • Discuss mid-term policy amendments, the processes, and procedures required for short-term insurance policies.
  • Calculate and compare the cover provided by the different types of commercial short-term insurance policies. 
    		•

    INTERNATIONAL COMPARABILITY 
    This qualification was compared with the following similar international qualifications:

    Country: United Kingdom
    Institution: The Chartered Insurance Institute
    Qualification Title: A Level 3 Certificate in Insurance
    The Certificate comprises one core unit and two optional units from the CII insurance qualifications framework, providing a minimum total of 40 credits on successful completion. This certificate is a core qualification for insurance staff working across all sectors of the industry. It provides a fundamental grounding of the key insurance principles, disciplines, products and markets, including the regulatory environment, key disciplines of underwriting and claims, in addition to popular products such as motor, household, healthcare and packaged commercial insurances and comprises the following units:

    Core Option Unit 1:
  • Insurance, Legal and Regulatory (IF1)
    Core Unit:
  • London market insurance essentials, 15 Units.
    Option 2
  • London market insurance principles and practices, 10 Units.
    Option 2 (Choose 2)
  • General Insurance Business (IF2), 15 Units.
  • Insurance Underwriting Process (IF3), 15 Units.
  • Insurance Claims Handling Process (IF4), 15 Units.
  • Motor insurance products, 15 Units.
  • Household insurance products, 15 Units.
  • Healthcare insurance products, 15 Units.
  • Packaged commercial insurances, 15 Units.
  • Customer service in insurance, 15 Units.
  • Insurance broking fundamentals, 15 Units.
  • Introduction to risk management, 15 Units.
  • Group risk, 10 Units.
  • Financial protection, 10 Units.
  • London market underwriting principles, 15 Units.
    The qualification outcomes and the key subject content is similar to the Higher Certificate in Short Term Insurance.
    There are also differences notably that the legislation and regulatory environment in the two countries differ, making comparison difficult. In addition, the new qualification consists of five compulsory modules while the Certificate in Insurance comprises of 1 Core unit and 2 Option Units based on the functions that the learner will perform in their line of work.

    Country: Australia
    Institution: The Australian and New Zealand Institute of Insurance and Finance (ANZIIF)
    Qualification Title: Certificate IV in General Insurance
    The qualification is designed for insurance professionals with up to one year of experience working in small or large insurance businesses with retail and/or commercial clients, and comprises two compulsory units and eight elective units, providing a total of 100 credits on successful completion.

    Each unit aims to develop the technical, analytical, and interpersonal skills and knowledge required to:
  • Effectively provide support in handling and investigating customer insurance claims, prepare and maintain relevant documentation, and answer customer inquiries.
    Insurance professionals can focus on specific areas they wish to develop by taking units as standalone short courses  or, if desired, units can be combined to attain the qualification.
    Compulsory Units
  • Business fundamentals for general insurance
  • Understand general insurance products and policies
    Elective Units (Choose 8)
  • Analyse insurance claims
  • Communication and negotiation skills
  • Serving the customer
  • Resolve disputes
  • Understand and apply insurance terminology
  • Manage and interpret financial results
  • General insurance law and regulation
  • Introduction to underwriting
  • Understand the core process of underwriting
  • Issues of renewal business
  • Tier 2 general insurance compliance general and personal advice
  • Provide appropriate services, advice, and products to clients
  • Establish client relationship and analyse needs

    The qualification outcomes and the key subject content is similar to the Higher Certificate in Short Term Insurance. There are also differences, notably that the legislation and regulatory environment in the two countries differ making comparison difficult. The Higher Certificate in Short Term Insurance consists of five compulsory modules while the Certificate IV in General Insurance comprises of 2 compulsory units and 8 electives based on the specific areas the learner wishes to develop. 
    		•

    ARTICULATION OPTIONS 
    This qualification allows possibilities for both horizontal and vertical articulation.

    Horizontal Articulation:
  • Higher Certificate in Wealth Management at NQF Level 5.

    Vertical Articulation:
  • Advanced Certificate in Financial Planning at NQF Level 6. 
    		•

    MODERATION OPTIONS 
    N/A 

    CRITERIA FOR THE REGISTRATION OF ASSESSORS 
    N/A 

    NOTES 
    N/A 

    LEARNING PROGRAMMES RECORDED AGAINST THIS QUALIFICATION: 
     
    NONE 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS QUALIFICATION: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.