Perseverance pays off: meet Siphesihle Ngcingwana – one of the leading ladies in South Africa’s reinsurance industry

The global call for diversity and inclusion, particularly in male-dominated industries such as the financial service sector, has amplified significantly over the last decade. This shift has given rise to many more opportunities for women to step into positions of prominence, find their voice and bring their unique perspective to the boardroom. Their success stories are fuel and inspiration for the next generation of aspiring women professionals.

A multi-talented powerhouse

In this time and age, many women juggle workplace and homelife responsibilities. This “ability to wear many hats,” is one of the benefits that a uniquely female perspective brings to her role, according to Siphesihle Ngcingwana, Head of Reinsurance Buying at Santam Re & International. “In my role as a leader, this has helped me be sensitive to the needs of my team, adjust quickly to new situations and get things done,” she says.

As Head of Reinsurance Buying, Siphesihle is responsible for collaborating with internal and external stakeholders in ensuring that sufficient and sustainable reinsurance protection is purchased for the Santam Group. The reinsurance industry’s main objective is to provide insurers with enough buoyancy to sustain their operations through periods of high volatility and high risk, allowing them to absorb large claims without jeopardizing their financial viability.

Broadly speaking, Siphesihle’s main objective is therefore to protect Santam’s solvency levels and reduce the volatility of losses incurred from the groups’ underwriting activities. On a more granular level, she is responsible for ensuring that Santam’s reinsurance placements are not only in accordance with the group’s risk appetite, but that they are also well-structured, appropriately worded, and priced fairly.

The building blocks of a thriving careerSiphesihle started her post-matric academic journey at Stellenbosch University, where she enrolled for a BCom: Mathematical Science degree. While pursuing her undergraduate degree, she was awarded a bursary by Aon South Africa, to complete her BCom Hons: Financial Risk Management degree at Stellenbosch. Following the completion of her Honoursdegree, she undertook a two-year graduate training programme at Aon where she was introduced to the reinsurance industry

Siphesihle spent the next two years working in the retail and commercial broking space, where she learned the fundamentals of insurance and the economic importance of the industry. She went on to qualify as a Certified Actuarial Analyst with the Institute and Faculty of Actuaries.

This year marks Siphesihle’s 7^th year at Santam. Since joining the group, she has risen steadily through the ranks, beginning with a position as a Reinsurance Underwriting Analyst which provided her with the opportunity to apply her mathematical and statistical abilities. With reinsurance being an international business, she has had the privilege of travelling to parts of Africa, Asia and Europe. This has helped her to step outside of her comfort zone and broaden her horizons on both personal and professional fronts.

Small team, big impact

Speaking to some of the challenges she faces in her role, Siphesihle says, “We are a relatively small team and each of us play a critical role in making us a success. If any one of us is out of action, particularly during a busy renewal season, it means that we need to be prepared to cover what is often a heavy load.”

A practical way to overcome this challenge is by applying a systems approach – by understanding how the system works, each member of the team can assist where needed. Siphesihle adds, “There are many internal and external stakeholders to work with, so that is never easy. We overcome this challenge by continually building our relationships with them. This facilitates open and honest communication which helps us understand how best we can serve them.”

Career success and motherhood

Like many women who achieve just as much on a personal level as they do in their careers, Siphesihle  is also a mother. The concept of work-life balance has therefore been a key focal point in her journey. Not working after 6PM (except during peak periods) and not checking emails while on leave are two of the ways in which she has managed to juggle her many responsibilities. Her upbringing is what has encouraged her to create a healthy balance between work and life. She says, “My parents created a safe, supportive, loving and nurturing environment for me and my sister. They were intentional about ensuring we had strong bonds with our extended family members as well. Upon reflection, this gave me the tools to succeed in my adult life.”

Although admittedly, she says that there’s no ‘perfect formula’ for maintaining the balance, she certainly has the grit and determination to keep going and keep growing. Sharing some words of wisdom for women entering the industry she simply says that: “We are the product of our habits. Build the habit of perseverance.”