STRATEGIC PARTNERSHIPS & DIGITAL INNOVATION Jurie Strydom October 2019 Insurance | Financial Planning | Retirement | Investments | Wealth
AGENDA Digital Digital Collaboration Innovation: Innovation: with Capitec Digital Direct Intermediaries
Capitec collaboration Timeline to date: Capitec Funeral Plan Staff launch Formal RFP: Commercial Funeral terms agreed cover April June August November November May August 2016 2016 2016 2016 2017 2018 2019 Selected ‘pending Engagement 1 million policies commercial Market launch started sold terms’ System development and operational integration
Competitive advantages are present across the value chain 5 Sanlam’s VNB margin on venture is higher than our overall group margin 2 4 Excellent, face to face service Simple product with unique benefits (12 000 service consultants), low clients will understand (e.g. New born cost, paperless acquisition process benefit) 3 1 Affordable (R25 minimum premium), on balance most competitive rates in the industry Great accessibility through 850 branches and Capitec mobile App
Sales performance to date Policy sales since launch in May 2018 (in ‘000) 120.0 • Sales comfortably 102.1 96.0 100.0 exceeding target 88.0 87.9 74.2 68.9 74.6 79.0 74.0 80.0 • 1 000 000 policies 60.2 55.6 58.7 sold (cumulative) 60.0 46.7 45.4 in August 2019 40.0 31.1 • Active book at 20.0 11.9 end of August of 700 000 -
All business metrics in-line or better than expected N/A
Digital Innovation: Digital Direct
The evolution of Sanlam Indie August 2017: Indiefin MVP launched as a mobile first digital insurance offering targeting millennials
The evolution of Sanlam Indie August 2017: In 2018 the focus Towards the end In early 2019: Indiefin MVP was on building of 2018, the decision to launched as a out the product improvements & rebrand to mobile first digital feature sets, capabilities Sanlam Indie & insurance functionality & started to show adopt Sanlam’s offering targeting iterative learning positive signs of corporate identity millennials about clients product-market fit
Indie – old website (2017 to mid-2019)
Indie – rebranded (mid-2019)
Indie – 2019 sales growth Indie 2019 sales 4000 Sanlam Indie rebrand 3500 3000 Digital direct assisted sales model 2500 Further affinity and partnership 2000 opportunities 1500 1000 Can play more of a shared role 500 across the group 0 Jan Feb Mar Apr May Jun Jul Aug Sep Indiefin Sanlam Indie
Indie Risk – profile by age
Digital Direct VNB growth 70 60 50 40 R’m 62 30 20 21 10 16 5 0 2017 2018 Jun-19 2019 EST
MTN Partnership • Leverage customer affinity to MTN and trust in Sanlam brand & Fintech to deliver solutions to underpenetrated segment of the market • Cooperate to sell insurance solutions to MTN clients (LSM 6+) in South Africa • Dual branded- Sanlam & MTN • Digital distribution- self directed and call centre assisted (not cold calling) • Focus on Funeral insurance, but full suite of ‘Life’ solutions available • MTN Staff launch towards the end of Q3, market launch Q1 2020
MTN Partnership: co-branded website
DIGITAL INNOVATION: INTERMEDIARIES
What we are doing for our intermediaries – CRM solution for 250 Sanlam Consultants to manage their intermediary relationships. Improved Leads system & automated matching (client to adviser) and allocation of leads. Client Portal enhancements (allow clients to easily connect with their intermediaries and share information more effectively). Digital client engagement service for Intermediaries.
Integrated client offerings Integrated planning with Goal Manager & Linked Investment Plan Sanlam Now for intermediaries
Sanlam NOW cover platform Designed for Intermediaries - Features Integrated Mobile-first Responsive World-class UX Integrated process in design interface customer single tool between dashboard for devices navigation - Advice - Quotation - Application - Underwriting
Sanlam NOW cover platform Changing customers’ life insurance experiences. What does it enable? Simple, fast Better engage Better remote Effective Share and co- on-boarding your servicing group create journey customers presentations with customers
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