The recurring premiums sub-cluster is responsible for all recurring premium risk and savings business.
Included in the sub-cluster are: Sanlam Individual Life (traditional recurring premium risk business), Sanlam Savings (traditional recurring premium savings business), Closed Book, BrightRock, MiWayLife and Indie.
Single premium sales to the recurring premium client base is also included in this sub-cluster.
Sanlam now has two product offerings to suit any risk insurance need – Matrix and BrightRock. Supported by Sanlam’s technical expertise and capital, BrightRock is showing accelerated growth. Several further initiatives are underway, including the development of an investment product line and the launch of a focused BrightRock tied agency force.
Sanlam Now was launched towards the end of the year as a complete online acquisition process for three Matrix Express products. We also launched a cashback benefit on income protector and the Cumulus Echo Centenary Special in June to coincide with the Sanlam Centenary celebrations.
MiWayLife made good progress in refining its model to ensure sustainable growth.
Indie is now regarded as one of the best digital insurance platforms in the market. Our digital distribution allows a client to buy an Indie policy in under 10 minutes through multiple channels, including face-to-face, directly via our website or on partner websites and platforms. However, sales conversions are still lagging targets. Indie’s core strength lies in its design capability and speed of execution. This increasingly positions Indie as a platform for digital engagement under the Sanlam brand. It has also become evident that a partnership approach is critical for success. We secured such a partnership with Bonitas, whereby SPF will be providing and enhancing the Indie value proposition to Bonitas clients through direct and intermediated channels.