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Graduates

Empower tomorrow’s graduates today

ARTICLE BY

  • Farzana Botha
  • Segment Marketing Manager
  • Sanlam Risk & Savings

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Sanlam understands that individuals who continuously invest in their education offer exponential earning potential for intermediaries. That’s why the group has introduced the Graduate Student Package with Wealth Bonus and Wealth Bonus Booster, a solution that aligns with graduates’ growth trajectories as they accumulate new wealth, assets, and debt, so intermediaries have the tools they need to serve this untapped market.

Farzana Botha, Segment Marketing Manager at Sanlam Risk & Savings, says the Graduate Student Package helps intermediaries expand their client base by addressing the graduate market’s specific requirements, including protecting their greatest asset – their future ability to earn an income – while studying. “We’ve identified a significant growth opportunity in the graduate market, which drove us to launch our tailor-made package to cater to the unique needs of graduates. The package helps them capitalise on their earning potential and protect it in the future.”

Graduates: A market with untapped potential

Botha says Sanlam recently launched the Wealth Bonus Booster for professionals and saw a substantial uptake in policies sold. This success indicated that such offerings resonate with professionals, and further analysis revealed an underserved market of graduates who could also benefit from similar products.

Recognising the opportunity to introduce an offering for this segment, the group partnered with intermediaries to provide the necessary advice and guidance to help graduates navigate their financial future. The result is the Graduate Student Package that starts from R90 per month and presents an immeasurable earning potential for intermediaries. “The affordable minimum premium on the Cumulus Echo RA together with the Graduate package offer gives access to the Wealth Bonus Booster. This empowers graduates to take full advantage of compound interest and time,” adds Botha.

Sanlam’s new Graduate Student Package differs from the Professional Student Package, which is exclusively for students studying for an NQF 8 qualification in a specified field, by covering all qualifying NQF 7 (3-year degree or 4-year diploma) students from their second year of study. Unlike the Professional Student Package, it only offers students a lump sum benefit. Graduates also qualify for Sanlam’s Cumulus Echo RA with Wealth Bonus.

A product that adapts to graduates’ evolving needs

Sanlam is one of the few, if not the only, financial services group to offer a tailored solution for this specific client base. By understanding their unique buying behaviours and priorities, the group has crafted a package that addresses their needs and stands out in a customer-centric era.

“The earning potential of graduates on the path of self-development is exponential, setting them apart from the middle or upper-middle-income segments. As graduates acquire new knowledge, their needs change rapidly, and financial products must adapt accordingly. Our offering aligns with their evolving needs, guiding them on their growth journey,” adds Botha.

The Graduate Student Package benefits young clients with risk and savings products. By meeting the qualifying criteria, clients receive added rewards to their Wealth Bonus Booster, translating to additional retirement funds or unlocking real rewards in their risk policy.

For existing clients who fit the graduate segment, intermediaries can revisit their policies, creating opportunities for upselling and cross-selling. This approach allows clients to access the Wealth Bonus Booster by meeting the minimum requirements.

Benefits of early financial planning

Sanlam says it sees immense potential in the graduate market as they represent our future leaders. By offering tailored products that cater to their unique and evolving needs early, the group aims to help them capitalise on compound interest, add more comprehensive benefits with favourable underwriting and lower risk rates, and ensure their financial planning remains relevant. As their assets and income grow, they can top up that cover at attractive rates rather than purchasing it later and increase their RA to meet their growing income needs at retirement.

By offering a tailored solution to this untapped market, intermediaries can provide essential support and guidance, helping graduates secure their financial future and achieve their goals.

“Graduates face unique challenges when they join the workforce, such as managing expenses, acquiring practical experience, and dealing with peer pressure. Adopting a well-planned financial package early on helps them stay focused on their goals and navigate these challenges more effectively,” says Botha.

“Most importantly, this early start trains them to incorporate goal-oriented financial planning into their identity, making them more proactive in addressing the actions needed to achieve their financial goals,” concludes Botha.

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