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Transformation Starts Here

ARTICLE BY

  • Letlhogonolo Tau
  • Head: Emerging Brokers
  • Santam

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Fast-tracking transformation across South Africa’s financial services sector is one of the most persistent challenges confronting industry stakeholders today. In the short-term insurance sector, the transformation objective spans multiple areas, from bridging critical skills gaps to fostering inclusivity and adapting to a technology-driven, customer-centric landscape.

As the leading insurance provider in South Africa, our vision as Santam is clear: to build a business where everyone has equal access to opportunities and growth. We, therefore, have collaborations with partners such as the Financial Intermediaries Association of Southern Africa (FIA), the South African Insurance Association (SAIA) the Insurance Institute of South Africa (IISA) and the ASISA Enterprise and Supplier Development Fund to drive the Santam Intermediary Growth and Development Programme (SIGDP) initiative.

The aim of the Santam Intermediary Growth and Development (SIGDP) initiative, which stands to benefit over 1 000 intermediaries, is to accelerate the growth of black owned enterprises, with go-to-market strategies and appropriate products, including support to ensure excellent client service. The numbers are encouraging. Through the SIGDP, Santam has grown the premium written by emerging Black brokers to R1.4 billion and the number of emerging Black brokers has risen to over 752.

Partnerships are crucial for meaningful impact

The FIA-Santam Transformation Initiative has supported 235 mostly Black FSPs (encompassing some 862 Key Individuals (KIs) and Representatives) to take up FIA membership at no cost to their businesses. Fees are fully subsidised for 12 months.

“Being a young black woman in a white dominated industry has been a motivation for me to strive to become one of the leading women in this sector in South Africa,” says Siphe Madikizela, commenting on her participation in the initiative. “I believe that I have the ability, the drive, the ambition, the analytical skills, but also the caring, nurturing side to create a sustainable environment. And with the FIA, I believe I am 10 steps closer to realising my dream.”

Emile Biko Chetty credited FIA membership with building his professionalism, knowledge and confidence as an SMME insurance broker. “Being part of a trade organisation such as the FIA gives me peace of mind, knowing that if I’m ever facing challenges or difficulties around compliance matters, regulatory industry changes and continuous professional development skills … I can count on the FIA to keep me updated.”

Through these programmes, Santam hopes to enable emerging intermediaries to build profitable and sustainable businesses. Upon completion, ongoing development and support will help to ensure continued business success, ensuring our industry remains vibrant and sustainable.

Transformation – does the short-term insurance industry have a choice?

The industry faces a talent crisis and a skills shortage. The South African Insurance Industry Survey 2023 by KPGM revealed that over 30% of skilled non-life insurance professionals are nearing retirement. These are valuable skills leaving the sector and what we do today to retain these skills in the industry will make for a more sustainable sector. With skills becoming rare and scarce, talent poaching increases as insurers look to secure the best and brightest talent for their organisations.

The insurance industry has a talent gap, and it is not a preferred career choice for young people. Most young people, especially young Black people, are not aware of insurance as a career choice and some end up in insurance by default. We need to rethink how we engage with the next generation of leaders. We need to create an environment that promotes innovation, diversity and growth, that is key to securing the future of our sector.

Digital transformation is essential too. Traditional roles and ways of doing things are changing. We need to adapt, not only to survive but also to thrive. Companies that embrace innovative technologies streamline operations, enhance customer experiences and better align with what the customer of today is looking for.

Equality in opportunity and growth

Santam’s dedication to financial inclusion means not only bringing people into the economy but also supporting them to overcome the challenges they face. Our supply chain procurement policy and enterprise and supplier development programmes are designed to offer training for small businesses and provide them access to infrastructure, markets and capital. We have also made strides in advancing our technology, enhancing operations and putting the client first.

We remain committed to creating an inclusive culture that extends to all our stakeholders, including employees, suppliers, intermediaries, communities, clients and shareholders.

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