The financial stability of the insurers is important to fulfil its role as a risk transfer mechanism and to protect the purchasers of their products. The European Union is introducing the Solvency II to modernise the current Solvency I regime and to harmonise the different insurance legislation of the members of the European Union. Solvency II introduces an architecture consisting of three pillars, with Pillar I setting the solvency capital requirements, Pillar II the governance and risk management requirements and Pillar III the reporting requirements. The South African Regulator initiated Solvency Assessment and Management for implementation in 2016 to align the South African prudential regulatory framework to meet the Solvency II requirements for third country equivalence. The problem that this study addressed is the possible effect that the introduction of Solvency Assessment and Management may have on the sustainability of short-term insurers in South Africa. The results of a empirical component of the study indicated that small and medium short-term insurers may be negatively impacted due to the costs incurred to implement and comply with the requirements of the new regulatory framework. The effect on the South African short-term industry can be that cover is concentrated among a few large short-term insurers. / Business Management / M. Com. (Business Management)

The financial stability of the insurers is important to fulfil its role as a risk transfer mechanism and to protect the purchasers of their products. The European Union is introducing the Solvency II to modernise the current Solvency I regime and to harmonise the different insurance legislation of the members of the European Union. Solvency II introduces an architecture consisting of three pillars, with Pillar I setting the solvency capital requirements, Pillar II the governance and risk management requirements and Pillar III the reporting requirements. The South African Regulator initiated Solvency Assessment and Management for implementation in 2016 to align the South African prudential regulatory framework to meet the Solvency II requirements for third country equivalence. The problem that this study addressed is the possible effect that the introduction of Solvency Assessment and Management may have on the sustainability of short-term insurers in South Africa. The results of a empirical component of the study indicated that small and medium short-term insurers may be negatively impacted due to the costs incurred to implement and comply with the requirements of the new regulatory framework. The effect on the South African short-term industry can be that cover is concentrated among a few large short-term insurers. / Business Management / M. Com. (Business Management)

This study shows that managers of short-term insurers may improve their financial results if they can identify and manage the factors that are critical to their financial results. The development and application of the concept of critical success factors are therefore used as a basis for this study. The study reviews the functions performed by short-term insurers, focusing on the effect these functions have on their cash flows. Selection and pricing of risk are discussed in detail. The underwriting cycle in South Africa, and several possible causes of the cycle are investigated. Reinsurance, claims handling and rilanagement expenses are important components of the cash flows of short-term insurers and are therefore examined in detail. The optimum risk level at various combinations of underwriting and investment income is empirically tested, using the financial results of several insurers. The study investigates different approaches to the measurement of financial success of insurers, and the return on shareholders' funds is found to provide the fairest and most reliable method. Empirical comparisons are made on the financial results of the insurers that participated in the study to distinguish between those that are financially successful and those that are not. To discover what the industry consider to be their critical financial success factors, a postal survey was done of key decision makers in the South African short-term insurance industry. Respondents identified several success factors, but did not include some success factors discovered during the review of the literature. Respondents apparently experienced difficulty in separating strategic issues from operational ones. The survey revealed that the pricing of risk is problematic for short-term insurers. The importance of the investment function is also underestimated by the industry. The study concludes that the combined systematic risk of the investment and underwriting portfolios is a critical success factor, along with the capital base of the insurer, the ability of the insurer to use the leverage provided by using policyholders' funds as free reserves and the size and direction of an insurer's cash flows. / Business Management / D. Com (Business Management)

Abstract in English, Venda and Zulu / Workplace wellness, organisational commitment and retention play a phenomenal role in organisations. Insurance companies form part of the organisations affected by retention of employees. Employees need to be physically, spiritually, socially, emotionally, intellectually, occupationally and environmentally well to perform, commit and remain in the organisation for longer. The objective of the study was to (i) establish a relationship between workplace wellness, organisational commitment and retention among employees of an insurance organisation in Johannesburg, (ii) to establish whether a relationship exists between the variables and the demographics age, gender, race groups, marital status and education levels. A deductive quantitative research method with systematic sampling was utilized to gather and evaluate the data in a sample of 726 randomly selected participants. A 22.59% response rate was obtained. The findings indicate significant relationships between the respondents', workplace wellness, organisational commitment and retention, also between workplace wellness, retention and education level. This is an indication that workplace wellness and organisational commitment has an influence on retaining employees and that employees with a level of education attest to that. No significant relations found between variables workplace wellness, organisational commitment, retention and the biographical variables age, gender, marital status, employment levels. No significant relations were found between organisational commitment and education level. The findings of this research contribute to the existing body of knowledge by providing human resource managers and practitioners with insights on specific commitment and retention strategies that will make employees commit and remain longer in the organisation. An important understanding gained on retention strategies will assist human resource managers to design relevant interventions to have committed employees and retain them. / Impilonhle emsebenzini, ukuzibophezela kwabasebenzi enhlanganweni kanye nokugcinwa kwabasebenzi kudlala indima enkulu ezinhlanganweni. Izinkampani zomshwalense ziyingxenye yezinhlangano ezithintekayo ekugcinweni kwabasebenzi. Abasebenzi kumele babe sesimweni esihle ngokomzimba, ngokomphefumulo, ngokwemizwa, ngokwengqondo, ngokomsebenzi kanye nangokwesimo semvelo abaphila kusona ukuze bakwazi ukwenza umsebenzi wabo kahle futhi bahlale isikhathi eside enhlanganweni. Injongo yalolu cwaningo kwabe (i) kuwukubheka nokuthola ubudlelwano phakathi kwempilonhle emsebenzini, ukuzibophezela kwabasebenzi enhlanganweni kanye nokugcinwa kwabasebenzi ezinhlanganweni zomshwalense eGoli, (ii) ukuthola ukuthi bukhona yini ubudlelwano phakathi kwezimo ezintathu ezishiwo ngenhla (impilonhle emsebenzini, ukuzibophezela kwabasebenzi enhlanganweni kanye nokugcinwa kwabasebenzi) kanye nezici eziphathelene nabantu ezinjengeminyaka yobudala, ubulili, uhlanga/ibala lomuntu, isimo somshado kanye namazinga emfundo. Kwasetshenziswa i-deductive quantitative research method ehambisana ne-systematic sampling ukuqoqa nokuhlola idatha kubabambiqhaza bocwangino abangama-726 ababeqokwe ngaphandle kokulandela indlela ethile ehlelekile. Kwatholakala izinga lokuphendula (response rate) elingama-22.59%. Imiphumela yocwaningo ibonisa ukuba khona kobudlelwano obukhulu phakathi kwempilonhle emsebenzini, ukuzibophezela kwabasebenzi enhlanganweni kanye nokugcinwa kwabasebenzi; futhi bukhona ubudlelwano phakathi kwempilonhle emsebenzini nokugcinwa kwabasebenzi kanye nezinga lemfundo. Lokhu kuyinkomba yokuthi impilonhle emsebenzini kanye nokuzibophezela kwabasebenzi enhlanganweni kunawo umthelela ekugcinweni kwabasebenzi futhi abasebenzi abanezinga elithile lemfundo bawubufakazi balokho. Abukho ubudlelwano obuphawulekayo obatholakala phakathi kwezimo ezinjengempilonhle emsebenzini, ukuzibophezela kwabasebenzi enhlanganweni kanye nokugcinwa kwabasebenzi kanye nezici eziphathelene nabantu ezinjengeminyaka yobudala, ubulili, isimo somshado kanye namazinga okuqashwa. Futhi abukho ubudlelwano obuphawulekayo obatholakala phakathi kokuzibophezela kwabasebenzi enhlanganweni kanye nezinga lemfundo. Imiphumela yalolu cwaningo ifaka isandla olwazini olukhona njengamanje ngokuhlinzeka abaphathi kanye nabasebenzi beminyango yezindaba zabasebenzi ngolwazi oluzobalekelela ukuthi bakwazi ukuqonda kahle amaqhingasu athile aphathelene nokuzibophezela kwabasebenzi kanye nokugcinwa kwabo emsebenzini okuyinto ezokwenza ukuthi abasebenzi bazibophezele futhi bahlale isikhathi eside enhlanganweni. Ukuqonda amaqhingasu okugcinwa kwabasebenzi kuzolekelela abaphathi beminyango yezindaba zabasebenzi ukuthi bakwazi ukwenza izinhlelo zokungenelela ezifanelekile ukuze babe nabasebenzi abazibophezele futhi babagcine emsebenzini. / Mutakalo mushumoni, u ḓikumedzela ha tshiimiswa na u dzudza zwi shela mulenzhe nga huhulu kha tshiimiswa. Khamphani dza ndindakhombo dzi vhumba tshipiḓa tsha zwiimiswa zwo khwameaho zwa u dzudza vhatholwa mushumoni. Vhatholwa vha tea u vha vhe na mutakalo muvhilini, muyani, matshilisano, mielekanyo, vhuṱali, mushumo na vhupo havhuḓi u kona u shuma, u ḓikumedzela, na u dzula kha tshiimiswa lwa tshifhinga tshilapfu. Ndivho ya ngudo ho vha u (i) thoma vhushaka vhukati ha mutakalo mushumoni, u ḓikumedzela ha tshiimiswa na u dzudza vhukati ha vhatholwa vha tshiimiswa tsha ndindakhombo ngei Johannesburg, (ii) u vhona arali hu na vhushaka vhukati ha zwishanduwaho na vhukale ha tshandukisatshivhumbeo, mbeu, zwigwada zwa mirafho, nyimele ya mbingano na vhuimo ha pfunzo. Kuitele kwa ṱhoḓisiso dzo no itwaho nga vhaṅwe kwa khwaḽithethivi na vhukhethatsumbonanguludzwa kwo shumiswa u kuvhanganya na u ela data kha tsumbonanguludzwa dza 726 dza vhadzheneli vho nangwaho nga nḓila ye zwa itea ngayo. Ho waniwa phimo ya u fhindula ya 22.59%. Mawanwa a sumbedzisa vhushaka ha ndeme vhukati ha vhafhinduli vha mutakalo mushumoni, u dzudza na u ḓikumedzela ha tshiimiswa; na vhukati ha mutakalo mushumoni, u dzudza na vhuimo ha pfunzo. Heyi ndi tsumbo ya uri mutakalo mushumoni na u ḓikumedzela ha tshiimiswa zwi na ṱhuṱhuwedzo kha u dzudza vhatholwa na uri vhatholwa na vha re na vhuimo ha pfunzo vho zwi khwaṱhisedza. A huna vhushaka ha ndeme he ha wanala vhukati ha zwishanduwaho zwa mutakalo mushumoni, u ḓikumedzela ha tshiimiswa na u dzudza, vhukale ha zwishanduwaho zwa nganeavhutshilo, mbeu, nyimele ya mbingano na vhuimo ha mushumo. Mawanwa a ṱhoḓisiso iyi o shela mulenzhe kha ndivho ya tshiimiswa i re hone nga u ṋetshedza ndivho vhalanguli vha zwiko zwa vhashumi na vhashumeli nga ha u ḓikumedzela ho tiwaho na zwiṱirathedzhi zwa u dzudza zwine zwa ḓo ita uri vhatholwa vha ḓikumedzele nga vhone vhaṋe kha, na u dzula tshifhinga tshilapfu kha tshiimiswa. U pfesesa zwi tshi elana na zwiṱirathedzhi zwa u dzudza zwi ḓo thusa vhalanguli vha zwiko zwa vhashumi u dzudzanya u dzhenelela ho teaho u vha na vhatholwa vho ḓikumedzelaho na u vha dzudza. / Business Management / M. Com. (Business Management)

This study is about the investigation of the impact of organisational culture on employee commitment during an acquisition process in an insurance organisation. A sample of 318 employees was selected from a population of +/-600 in a South African insurance organisation. The sample was categorised between employees in non-management as well as those in management positions. Managers were further categorised as junior managers and middle managers. These participants were selected based on the fact that they were not involved in the strategic decision-making processes during the acquisition. Thus they had no input in the decision making regarding the acquisition process. Employees on senior management level and above did not form part of the study because they were involved in the acquisition process's strategic decision-making. The sample was also based on employees who were already employed by the organisation when the acquisition process was finalised. The acquisition process started in 2013 and was finalised in 2017. The descriptive correlation research method was used for the study. The methodological approach adopted was the quantitative approach analysed based on descriptive statistics followed by inferential statistics using the SPSS 2017 (version 25). Analysis of data was done using Pearson correlation coefficient, regression analysis, independent T-test and ANOVA. The internal consistency of the measuring instruments was determined using the Cronbach's alpha. Questionnaires, namely the Organisational Culture Questionnaire (OCQ) and Organisational Commitment Scale (OCS), were used to measure organisational culture and employee commitment, respectively. The results revealed a high level of internal consistency across the scale and the items of the OCQ (EC & PC) and OCS variables. The conclusions of the empirical study describe the impact of organisational culture on employee commitment during an acquisition process. The empirical study indicated that the impact of preferred organisational culture on employee commitment is insignificant. However, the impact of existing organisational culture on employee commitment is significant. The findings further indicated that the dominant existing culture is the role culture whilst the dominant preferred culture is the power culture. Affective commitment was found to be dominant in terms of employee commitment. The limitations of this study are presented together with recommendations for future research. The recommendations for the profession of industrial and organisational psychology highlight pertinent aspects for practicing psychologists and managers in this field. Based on the study's findings, organisations are advised to diagnose their cultures and determine how it affects their employees’ commitment in addition to other recommendations provided. / Industrial and Organisational Psychology / M. Com. (Industrial and Organisational Psychology)

Text in English / The primary aim of this study is to determine the significance of the application of physical surveillance as a method in the investigation of insurance fraud conducted by the Surveillance Unit at the Forensic Department of Discovery Life. Various objectives were fulfilled in this study:  To explore, identify and describe the value of the application of physical surveillance, as a forensic investigation method, in order to determine the significance of this method in the investigation of insurance fraud at the Forensic Department of Discovery Life.  To determine whether the application of physical surveillance at the Forensic Department of Discovery Life is achieving its intended objective relating to the degree to which the beneficiary’s (Discovery Life) situation has changed as a result of this method.  To apply new information, acquired from the findings of this study, to further develop good practice and enhance performance in order to empower investigators at Discovery Life with new knowledge relating to the application of physical surveillance in the investigation of insurance fraud. Semi-structured interviews were conducted with forensic investigators employed at the Forensic Department at Discovery Life. The research has revealed that the majority of forensic investigators, other than the Surveillance Unit, at the Forensic Department of Discovery Life do not utilise physical surveillance during insurance fraud investigations to assist them in gathering evidence. These investigators also had a lack of knowledge and skills regarding the utilisation of physical surveillance during insurance fraud investigations and the advantages of this method during insurance fraud investigations. As a result of the non-utilisation of physical surveillance during insurance fraud investigations conducted at the Forensic Department of Discovery Life, important information and evidence with regard to the movement and actions of identified perpetrators who commit insurance fraud are lost to the investigators. However, the significance of the application of physical surveillance in the investigation of insurance fraud is emphasised by the forensic investigators attached to the Surveillance Unit of Discovery Life who utilise physical surveillance on a daily basis to investigate insurance fraud. The research has further revealed that insurance fraud is a major concern to the insurance industry, but can be mitigated through the implementation of unconventional investigative methods, such as physical surveillance, to enhance investigative capabilities. It was recommended that all forensic investigators at Discovery Life be trained in the techniques of physical surveillance to address shortcomings of general and out-dated investigation methods. / Criminology and Security Science / M. Tech. (Forensic Investigation)

Climate change has become one of the most debated environmental risks. The world is faced with the threat of weather variability. There has been an increase in the frequency and severity of extreme weather events. There is rising concern that weather losses might affect the sustainability of insurance businesses. The primary obective of the study was to ascertain the significance of changes in temperature, precipitation and wind speeds in explaining changes in weather-related claims.Furthermore the reseach had three key secondary objectives, firstly to find if changes in annual average temperature levels lead to changes in weather-related claims. Secondly to determine if average annual wind speeds lead to changes in weather-related loss .Thirdly to establish if the average changes in annual rainfall or precipitation levels lead to changes in weather-related claims. Quantitatively this study explored the relationship between climate change and weather losses in South Africa. Temperature, rainfall, and wind speed were the main weather variables analysed. Lack of properly recorded insured weather losses was the major challenge. Nonetheless, total economic weather losses were used as a proxy for insured weather losses.The analysis employed regression, cointegration and vector error correction models. Study findings showed that climate change is influencing weather losses. The existence of correlation and causality between weather variables and losses was also affirmed. Thus the insurance industry should comprehensively incorporate climate change into its business strategy to minimise exposure. / Business Management / M. Com. (Business Management)

The primary aim of this study is to determine the significance of the application of physical surveillance as a method in the investigation of insurance fraud conducted by the Surveillance Unit at the Forensic Department of Discovery Life. Various objectives were fulfilled in this study:  To explore, identify and describe the value of the application of physical surveillance, as a forensic investigation method, in order to determine the significance of this method in the investigation of insurance fraud at the Forensic Department of Discovery Life.  To determine whether the application of physical surveillance at the Forensic Department of Discovery Life is achieving its intended objective relating to the degree to which the beneficiary’s (Discovery Life) situation has changed as a result of this method.  To apply new information, acquired from the findings of this study, to further develop good practice and enhance performance in order to empower investigators at Discovery Life with new knowledge relating to the application of physical surveillance in the investigation of insurance fraud. Semi-structured interviews were conducted with forensic investigators employed at the Forensic Department at Discovery Life. The research has revealed that the majority of forensic investigators, other than the Surveillance Unit, at the Forensic Department of Discovery Life do not utilise physical surveillance during insurance fraud investigations to assist them in gathering evidence. These investigators also had a lack of knowledge and skills regarding the utilisation of physical surveillance during insurance fraud investigations and the advantages of this method during insurance fraud investigations. As a result of the non-utilisation of physical surveillance during insurance fraud investigations conducted at the Forensic Department of Discovery Life, important information and evidence with regard to the movement and actions of identified perpetrators who commit insurance fraud are lost to the investigators. However, the significance of the application of physical surveillance in the investigation of insurance fraud is emphasised by the forensic investigators attached to the Surveillance Unit of Discovery Life who utilise physical surveillance on a daily basis to investigate insurance fraud. The research has further revealed that insurance fraud is a major concern to the insurance industry, but can be mitigated through the implementation of unconventional investigative methods, such as physical surveillance, to enhance investigative capabilities. It was recommended that all forensic investigators at Discovery Life be trained in the techniques of physical surveillance to address shortcomings of general and out-dated investigation methods. / Criminology and Security Science / M. Tech. (Forensic Investigation)

This cross-sectional qualitative study explored and described the role and contribution of operational level employees towards corporate entrepreneurship (CE) in the long-term insurance sector in Johannesburg, South Africa. Individual face-to-face semi-structured interviews took place with 13 operational level employees. Data analysis was done through thematic analysis where themes and sub-themes emerged. The findings indicate that operational level employees acknowledge that CE positively influences their entrepreneurial activity within the organisation. While operational level employees implement the CE strategy, they emphasise non-engagement in the CE initiatives as one of the main barriers to contributing to CE. This study concludes that management should focus on the antecedents of CE such as management rewards/reinforcement, work discretion, organisational boundaries, organisational structure and organisational culture. / Applied Management / M. Com. (Business Management)