Post on 25-Dec-2015
Women in Insurance (WIN) MDP
Business Impact Project
Group Members
Sovashni Hefele - Sanlam
Jane MacIntosh- African Life
Swazi Mpungose- Old Mutual EB
Corinne deVilliers- Swiss Re
Rosebud Mgada- Momentum Collective Benefits
Problem StatementSouth 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.
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’?
The realities of what is happening in this market
Innovative Stokvels Grocery Clubs Burial Societies
Some ‘misuse’ & misconceptions
Differing levels of knowledge & understanding.
Challenges facing the Industry
Access to financial products
Cost of products
Mistrust
Existing alternatives
Product Education
Literacy
Challenges facing the Industry
Research conducted: Current S.A. Initiatives
International Financial Literacy Initiatives
Australian landscape United States perspective
Other Industries Goldfields – HIV / AIDs Education Vodacom – Cellular technology
SA interventions- lessons learned
Government intervention
Consolidated effort
Interventions through product and brand marketing are short-lived
Literacy begins with the youth
Competency based approach
Is the market unsophisticated?
SA interventions- lessons learned
Strategic Objectives Industry Consolidation
Consumer education
Financial education for children
Professional financial advice
Objective 1:
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
Industry consolidation
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
Objective 2:
Consumer education
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
Objective 3:
Financial education for children
Professional Financial Advice
Objective 4:
FAIS compliance Assessed on the job
Campa i gns
Tra i n i n g
Time frame
2004
2005
2006
2007
2008
2009
1. Industry
Consolidation
2. Consumer
Education3. Fin educ for
children
4. Prof Financial
Advice
Project Team
SA Model
Communicate
Availability of material.
T.v.
Presentations
Spend 0.2%Norm
al
Curriculum
Assessed on the job
FAIS
Prof Financia
l
Advice
Team Learnings
Professional and personal learnings
Questions?