In a strategic move to bolster the financial services sector, specifically within the short-term insurance industry, Santam Limited, South Africa’s premier general insurer, has launched the Santam Bursary Programme.
This initiative is a critical part of Santam’s Skills Development Academy aimed at nurturing a pipeline of highly skilled professionals equipped with both technical acumen and leadership qualities.
What is the Santam Bursary Programme?
The Santam Bursary Programme is designed to cultivate a steady stream of capable and high-calibre graduates. By focusing on essential technical skills and enhancing behavioural and leadership competencies, the programme ensures that participants are well-prepared to make significant contributions to the industry and the broader South African economy.
Fields of Study
The Santam Bursary Programme supports studies in critical fields that are pivotal to the advancement and resilience of the financial services sector, particularly in the short-term insurance industry. Here’s a deeper look at the areas of study eligible for the bursary, each chosen for its role in filling the skill gaps in the industry:
- Actuarial Science: Actuaries are crucial in insurance, providing assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. Students pursuing actuarial science will learn to predict and manage risks, an essential skill in the insurance sector.
- Agriculture: Agriculture students supported by the Santam Bursary will focus on agricultural risk management—a critical area for insurance in regions dependent on agriculture. Understanding weather patterns, crop yields, and agribusiness economics enables better management of agricultural risks.
- Underwriting: Underwriting is at the core of insurance, involving the evaluation of risks involved in insuring people or assets and determining policy terms and premiums. Students in this field will gain insights into risk assessment, policy drafting, and the financial principles that underpin robust underwriting practices.
- Hydraulics: Although not immediately obvious, hydraulics plays a significant role in insurance, especially concerning civil and hydraulic engineering, which deals with water-related infrastructures like dams and flood control systems. Knowledge in this area is crucial for assessing risks associated with water systems and infrastructure.
- Insurance Assessment: Students specializing in insurance assessment are trained to evaluate the value of items to be insured and the risks associated with insuring those items. This field combines elements of law, economics, and finance, providing a holistic view of the insurance process.
This targeted approach helps build a robust talent stream, directly addressing the skill shortages within the crucial sectors of the economy.
Who Can Apply?
The programme welcomes applications from students who will be in their second, third, or final year of undergraduate studies, or those pursuing an Honours degree in the next academic year.
Eligible fields of study include:
- Actuarial, Data Analytics, Data Sciences, Statistics
- Agriculture
- Civil, Geomatics Engineering
- Insurance Technical Accounting, Economics, Finance, Mathematics
- Reinsurance, Risk Management, Underwriting
Bursary Coverage
The Santam Bursary provides comprehensive financial support covering:
- Registration and tuition fees
- Accommodation costs (including deposits and administrative fees)
- Learning materials (books, e-manuals)
- Laptops
- A monthly allowance
- Travel and transport allowance
Selection Criteria
Selection is primarily based on academic potential and a demonstrated motivation for a career within Santam. Applicants must have achieved an average of 65% and above in their current degree and the latest examinations.
How to Apply
Interested candidates must complete their applications online by the 30th of September, 2024, to be considered for the 2025 academic year. It is important to note that only South African citizens are eligible to apply.
The application period is open from the 1st of May and closes on the 30th of September annually. Applicants are advised to read through the instructions on the Santam bursary application page carefully before starting their application.
Related: 10 Bursary Interview Preparation Steps for Success
Participating in the Santam Bursary Programme not only provides financial support but also opens doors to career opportunities within one of the most influential companies in the insurance sector.
It is an excellent pathway for young, ambitious individuals to start a promising career equipped with the right skills and support. Apply now.