Faculty of Commerce, Law and Management (ETDs)

Permanent URI for this communityhttps://hdl.handle.net/10539/37778

Browse

Filters

20232

Settings

Subject: search.filters.subject.Insurance sector

Search Results

Now showing 1 - 2 of 2
  • Thumbnail Image
    Item
    Organisational, training and operational strategies for the development of digital skills in insurance SMEs in South Africa
    (University of the Witwatersrand, Johannesburg, 2023) Masvaure, Tendai; Magida, Ayanda
    Many organizations and institutions have been driving the development of digital skills worldwide. This study explored the organizational and training strategies for developing of digital skills in insurance SMEs in South Africa. Despite the call by many organisations and government actions, many small to medium organizations still find it difficult to adopt digital skills. The literature review indicated that, indeed, there are various degrees of relations between digital skills development and organizational strategies. However, the applicability of these studies was limited because most of them were carried out in other industries and, in most cases, outside South Africa. The study used a qualitative research approach to deduce the impact of organisational and training strategies on digital skills development. Data was collected using interviews and a detailed interview guide from 12 interviews. The data was collected from small to medium insurance companies chosen to be part of the study using purposive sampling. The data was analyzed using thematic analysis to group the data into major themes. The findings showed that management strategies are critical for developing digital skills in the insurance sector due to their ability to control all aspects of the organization. In addition, training strategies used impact digital skills development, as do operational strategies used in SMEs. The significant findings point out that costs, management strategies, and compliance requirements influence digital skills in the sector. The study closed off by recommending that the government enact policies that make it less costly for SMEs to equip their employees, in addition, private organizations are advised to invest more in digital skills since they make operations more efficient. Lastly, the study recommends further studies be carried out on the role of digital skills on the performance of SMEs in the insurance sector.
  • Thumbnail Image
    Item
    Understanding the new international financial reporting standards: the case of IFRS 17
    (2023) Jinga, Desire Takudzwa
    The main objective of this study was to provide an exploratory basis for understanding the application of IFRS 17 by stakeholders in the insurance sector. The objectives of the study were to identify possible, effects of the implementation of IFRS 17 on the eminence of financial reporting in the insurance sector, loopholes that need to be monitored in the implementation of IFRS 17, and adjustments and adaptations to IFRS 17 to perfect financial reporting in the insurance sector. The study adopted an interpretivist philosophy and qualitative approach. An exploratory research design was used. Structured interviews were used to collect data from insurance professionals who were purposively selected for the sample. Thematic content analysis of the responses received revealed that IFRS 17 improves the quality of financial reporting through stable capital requirements for insurers, better transparency and disclosure of insurance liabilities. It also aims to make financial reporting in the insurance sector consistent and more comparable within groups. The study, which is a qualitative study based on a questionnaire, found that the main gaps are in the effectiveness of technological investments in insurers' financial reporting systems, reporting for insurance contracts paid or received before recognition, and inconsistency in the recognition of insurance income and income tax payments. The most significant adjustments relate to the initial calculation of the contractual performance margin, the recognition of insurance proceeds and related income tax charged to the policy holder, and the expansion of the definition of liabilities to cover all obligations. The study concluded that IFRS 17 improves the transparency, uniformity, comparability and consistency of financial reporting by insurance companies. It was recommended that insurance companies implement IFRS 17, conduct staff training to improve staff skills, and advocate for the implementation of adjustments to the new standard. A further