BIPSA was formed by professionals within the Insurance Industry who saw a need for transformation of the insurance industry and development of black professionals within the Insurance industry in the various sub-industry groups including short-term, long-term, employee benefits, risk management, health, pension administration, investment and specialized risk.
The association is and will remain non-racial, the main focus, however, being Black professionals due to the shortage of skills amongst the Black professionals within the industry and little or no development of Black Professionals.
An investment portfolio set up by an insurer in which the investment returns are smoothed over time. Investment returns are distributed via a bonus declared yearly by the insurer. In good years, some of the returns are held back as reserves that are used to supplement returns in bad years.