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: 

Advanced Certificate in Short Term Insurance 
SAQA QUAL ID QUALIFICATION TITLE
97779  Advanced Certificate in Short Term Insurance 
ORIGINATOR
Milpark Education (Pty) Ltd 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY NQF SUB-FRAMEWORK
CHE - Council on Higher Education  HEQSF - Higher Education Qualifications Sub-framework 
QUALIFICATION TYPE FIELD SUBFIELD
Advanced 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 06  Regular-Provider-ELOAC 
REGISTRATION STATUS SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
Registered-data under construction  EXCO 0324/24  2024-07-01  2027-06-30 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2028-06-30   2031-06-30  

Registered-data under construction

The qualification content is currently being updated for the qualifications with the status “Registered-data under construction” or showing “DETAILS UNDER CONSTRUCTION” to ensure compliance with SAQA’S Policy and Criteria for the registration of qualifications and part-qualifications on the National Qualifications Framework (NQF) (As amended, 2022). These qualifications are re-registered until 30 June 2027 and can legitimately be offered by the institutions to which they are registered.

 

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.  

PURPOSE AND RATIONALE OF THE QUALIFICATION 
Purpose:
The Advanced Certificate in Short Term Insurance is primarily vocational or industry oriented. The qualification requires detailed knowledge and the ability to apply the key terms, concepts, facts, principles, rules and theories to unfamiliar but relevant short term insurance contexts, while equipping learners to undertake more specialised and intensive learning. The target market of the qualification is employees working across all sectors of the short term insurance industry.

The Advanced Certificate provides an in-depth understanding of insurance practice, both in terms of technical subject matter and overall application skills. Insurance is primarily concerned with the management of risk and learners needs to have an in-depth understanding of the risk management process, as well as the identification and measurement of risk in a client's business. The short term insurance environment is also heavily regulated and in this advanced course, learners are also exposed to how the legislation impacts management functions in a short term insurance environment. The concept of legal liability is also covered in great depth. In order to apply technical knowledge of short term insurance, learners also need a solid understanding of the impact of economics on the business environment, and more specifically how economic cycles impact risk financing decisions taken by businesses.

The qualifying learner will be able to:
  • Assess potential legal liability for a situation and recommend a suitable insurance product to address the need.
  • Apply knowledge of legislation, compliance and ethics in a short term insurance context in South Africa.
  • Demonstrate an in-depth understanding of the identification and management of risk within the context of short term insurance.
  • Display insight into the business environment as it impacts on short term insurance.
  • Demonstrate insight into the purpose and structure of short term insurance products, as well as the underwriting and claims processes involved.

    Rationale:
    The financial services industry has undergone significant changes in the past 10 years since the introduction of the Financial Advisory and Intermediary Services Act (FAIS Act), Act 37 of 2002. This Act introduced minimum qualification requirements for all levels of financial services providers and their representatives in the industry. This has led to an increase in the need for formal qualifications in the financial services field. Although a Higher Certificate in Short Term Insurance exists, there is currently no accredited Advanced Certificate in Short Term Insurance and therefore it is important to provide articulation in this field. This qualification will present vertical articulation opportunities to learners who successfully complete the Higher Certificate. The SAQA recognised professional body in the short-term insurance industry is the Insurance Institute of South Africa. This Advanced Certificate will satisfy the educational requirements for graduates who wish to apply for the professional designation: Associate of the Insurance Institute of South Africa. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Recognition of Prior Learning (RPL):
    Through RPL, learners who do not meet the minimum entry requirements can gain access to the qualification. Learners may gain credit for certain modules successfully completed elsewhere or at the receiving institution. RPL candidates must demonstrate competence in respect of certain specified knowledge, skills and/or attitudes pertaining to this qualification. The specific form of assessment to determine the extent of RPL will depend on evidence produced by each individual applicant.

    Entry Requirements:
    The minimum entry requirement is a Higher Certificate in Short Term Insurance at Level 5. 

    RECOGNISE PREVIOUS LEARNING? 
    Y 

    QUALIFICATION RULES 
    This qualification consists of six modules at NQF level 6 totalling 120 Credits.

    Modules:
  • Regulatory Environment and Liability Insurance, 25 Credits.
  • Risk Management, 25 Credits.
  • Business Environment, 25 Credits.
  • Claims and Underwriting Practice, 15 Credits.
  • Motor Insurance, 15 Credits.
  • Commercial Property and Business Interruption Insurance, 15 Credits. 
    		•

    EXIT LEVEL OUTCOMES 
    1. Assess potential legal liability for a situation and recommend a suitable insurance product to address the need.
    2. Apply knowledge of legislation, compliance and ethics in a short term insurance context in South Africa.
    3. Demonstrate an in-depth understanding of the identification and management of risk within the context of short term insurance.
    4. Demonstrate insight into the business environment as it impacts on short term insurance.
    5. Demonstrate insight into the purpose and structure of short term insurance products, as well as the underwriting and claims processes involved. 

    ASSOCIATED ASSESSMENT CRITERIA 
    Associated Assessment Criteria for Exit Level Outcome 1:
  • Knowledge of the legislative framework governing legal liability is applied to explain how legal liability arises in the context of insurance.
  • The different types of legal liability to recommend a suitable insurance product as part of a risk financing strategy are applied.

    Associated Assessment Criteria for Exit Level Outcome 2:
  • Legislation that impacts on insurance in South Africa is analysed to determine the impact and scope of its application to short term insurance.
  • The regulatory role players in the industry are identified and their roles and responsibilities are explained.
  • The requirements of relevant legislation and compliance requirements are integrated into the business of short term insurance.
  • An understanding of ethical behaviour and the way in which ethics inform behaviour in the short term insurance practice is demonstrated.
  • The relationship between ethics and compliance legislation is examined against the background of client interaction, responsible business practice and contribution to an ethical business environment in South Africa.
  • An understanding of the typical ethical dilemmas in the industry is displayed with reference to the possible reactions in such scenarios.

    Associated Assessment Criteria for Exit Level Outcome 3:
  • The risk management process is explained with reference to its role in short term insurance.
  • The relationship between risk management and corporate governance is explained.
  • The operations of a business are analysed in order to identify the risks that the business is exposed to in order to propose an insurance solution.
  • The main components of a disaster management plan are explained.

    Associated Assessment Criteria for Exit Level Outcome 4:
  • Knowledge of basic economic principles, policies and concepts is applied to identify the impact of international and local economic changes on the business of short-term insurance.
  • The distribution channels used for short term insurance products in South Africa are analysed with reference to the traditional role of the broker and broker remuneration.
  • The unique compliance nature of the short term insurance business environment is analysed with reference to the impact of the environment on traditional management functions.
  • The principles of Treating Customers Fairly are analysed and implemented in a short term insurance environment.

    Associated Assessment Criteria for Exit Level Outcome 5:
  • The risks covered by specific specialised products are identified and analysed.
  • Detailed knowledge of the structure and workings of specific specialised short term insurance products is applied to make a risk financing recommendation to a natural or legal person.
  • Knowledge of the principles and practices of underwriting and claims processes is applied in the short term insurance context.

    Integrated Assessment:
    The quality of the assessment is vital in order to provide credible certification and recognition of achievement. The institution makes every effort to ensure credibility in assessment through the application of clear and rigorous procedures and practices. These procedures and practices are controlled by the principles of fairness, validity, reliability and practicability. By implementing these principles, all parties concerned (including learners, employers and learning institutions) may be assured of the credibility of the assessment process. It is in this way that accurate information about the learner's performance against the assessment criteria may be provided.

    Integrated assessment is used extensively across the qualification, particularly in case studies. Self- and formative assessment takes place through case studies, assignments, including the writing of a proposal and executing a project. Summative assessments are integrated into the learning in that they take place at the end of each of the constituent modules of the qualification. 
    		•

    INTERNATIONAL COMPARABILITY 
    The underlying concepts and fundamental principles underpinning the short term insurance landscape originated from the UK and are still used to inform current international and local short term insurance practices. Further to this, the financial regulatory environment in the UK and Australia are very similar in nature to the South African regulation and local regulatory bodies often take their lead from the regulators in these countries.

    United Kingdom:
    The Chartered Insurance Institute (CII) is the leading professional body for the financial services profession and exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members, the CII is the world's largest professional body dedicated to insurance and financial services and is also one of the largest examination awarding bodies in the UK.

    The Advanced Certificate in Short Term Insurance compares somewhat in content and purpose to the Advanced Diploma in Insurance offered by the UK-based Chartered Insurance Institute (CII). The qualification provides an enhanced understanding of insurance practice both in terms of technical subject matter and application skills. The Advanced Diploma aims to develop knowledge, understanding as well as the ability to identify and apply:
  • Principles of insurance.
  • The insurance products available to advise on the client's need for risk financing.
  • The impact of different types of law.
  • Operational risk and how it is controlled.
  • Risk assessment and transferral.

    The CII's Advanced Diploma is aimed at insurance managers and technical specialists as well as employees who wish to further their careers. The qualification further assist employees to enhance their professional status as it is considered to be the professional qualification required for the designation of ACII with the CII. The Advanced Certificate in Short Term Insurance covers some of the areas covered in this Advanced Diploma, which focuses on Risk management in Insurance; Economics and business; Claims and Underwriting; Broking and distribution channels.

    Australia:
    The Australian and New Zealand Institute of Insurance and Finance is the leading membership, education, training and professional development organisation for the insurance and finance industry in the Asia-Pacific region. The Institute strive to enhance the standards, reputation and success of the industry and improve community understanding of insurance and finance.

    In Australia, the Diploma in General Insurance is a professional qualification designed to reflect team leader or supervisory roles in general insurance in a range of insurance companies. More specifically, the qualification is aimed at individuals who, amongst other things, lead a claims or underwriting team, handle complex claims, underwrite complex risks and survey risk exposure. The Diploma is comprised of 4 modules which include Underwriting, Claims Management, Risk Management and a selection of electives according to work requirements. The Diploma in General Insurance is considered as the part of the membership pathway towards the designation of Senior Associate with the Australian and New Zealand Institute of Insurance and Finance. The Advanced Certificate in Short Term Insurance covers the following areas also covered in the Diploma in General Insurance: Risk management; Claims and Underwriting; and depending on the electives selected: Liability claims and underwriting.

    Conclusion:
    As in the case of the UK and the Asia-Pacific region, the South African insurance industry is properly legislated and regulated by the Financial Services Board. The Advanced Certificate in Short Term Insurance also compares favourably with the two international qualifications insofar as their purposes and modules are concerned. Furthermore the Advanced Certificate, just like the international qualifications, fulfils the educational requirement for a professional designation of a recognised professional body. 
    		•

    ARTICULATION OPTIONS 
    Horizontally, this qualification articulates with:
  • Diploma in Insurance Studies, at NQF Level 6.
  • Diploma in Risk Assessment and Management, at NQF Level 6.

    Vertically, this qualification articulates with:
  • Bachelor of Commerce in Insurance Science, at NQF Level 7. 
    		•

    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.
     
    1. Milpark Education (Pty) Ltd 


    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.