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Women in Insurance (WIN) MDP Business Impact Project. Hola. Group Members. Hola. Sovashni Hefele - Sanlam Jane MacIntosh - African Life Swazi Mpungose - Old Mutual EB. Corinne deVilliers Swiss Re Rosebud Mgada Momentum Collective Benefits. Problem Statement.

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Presentation Transcript
slide2

Group Members

Hola

Sovashni Hefele

- Sanlam

Jane MacIntosh

- African Life

Swazi Mpungose

- Old Mutual EB

Corinne deVilliers

  • Swiss Re

Rosebud Mgada

  • Momentum
  • Collective Benefits
problem statement
Problem Statement

South Africa has a fairly

  • sophisticated financial services industry selling to a
  • largely unsophisticated market –
  • consumers need to be educated with regards to financial matters – they need to be financially literate.
  • This education should start at the school level.

Hola

is the market unsophisticated
Is the market unsophisticated?
  • Perceptions and misperceptions of

LSM 5-8 market (R2 500 – R5 000)

  • What does sophistication mean?
  • What is this market’s perception of our

‘sophisticated products’?

Hola

the realities of what is happening in this market
The realities of what is happening in this market
  • Innovative
    • Stokvels
    • Grocery Clubs
    • Burial Societies
  • Some ‘misuse’ & misconceptions
  • Differing levels of knowledge &

understanding.

Hola

challenges facing the industry
Challenges facing the Industry
  • Access to financial products
  • Cost of products
  • Mistrust

Hola

slide7

Challenges facing the Industry

  • Existing alternatives
  • Product Education
  • Literacy

Hola

research conducted
Research conducted:
  • Current S.A. Initiatives
  • International Financial Literacy

Initiatives

    • Australian landscape
    • United States perspective
  • Other Industries
    • Goldfields – HIV / AIDs Education
    • Vodacom – Cellular technology

Hola

sa interventions lessons learned
SA interventions - lessons learned
  • Government intervention
  • Consolidated effort
  • Interventions through product and

brand marketing are short-lived

Hola

sa interventions lessons learned10
SA interventions - lessons learned
  • Literacy begins with the youth
  • Competency based approach
  • Is the market unsophisticated?

Hola

strategic objectives
Strategic Objectives
  • Industry Consolidation
  • Consumer education
  • Financial education for children
  • Professional financial advice

Hola

objective 1
Objective 1:

Industry consolidation

  • Project Management Team
  • South African Competency Model
  • Gaps identified and communicated
  • 0.2% after tax profits:
    • 0.1% = centrally managed fund
    • 0.1% = own initiatives aligned with S.A.

Competency Model

Hola

objective 2
Objective 2:

Consumer education

  • Educational campaigns
    • Incorporate into television programmes
    • Media interventions
  • Visible and ongoing national financial literacy campaigns
  • Trained community leaders to provide free training to community members

Hola

objective 3
Objective 3:

Financial education for

children

  • Included in television programmes for pre-school ages
  • Financial literacy incorporated into the school curriculum (Std Bank Foundation)
  • Exhibitions / presentations on Insurance & financial wellbeing at school career days

Hola

objective 4
Objective 4:
  • FAIS compliance
  • Assessed on the job

Professional Financial Advice

Hola

time frame

Normal Curriculum

Prof Financial Advice

Spend 0.2%

Assessed on the job

FAIS

Time frame

2009

Campa i gns

Tra i n i n g

2008

2007

2006

Availability of material.

T.v.

Presentations

Communicate

2005

SA Model

Project Team

2004

1. Industry Consolidation

2. Consumer Education

3. Fin educ for children

4. Prof Financial Advice

Hola

team learnings
Team Learnings

Professional and personal learnings

Hola