The ongoing technological revolution is altering the way people live, work and relate, and the threat of disruption through a Fourth Industrial Revolution will affect our current and future clients, employees, partners and other stakeholders. Digital capabilities are therefore critical to transforming our business for client-centric growth. We focus on innovation across our products and services, distribution channels and back office processes. Digital innovation is a key focus area and our approach is threefold:
We have identified disruptive threats and the Fourth Industrial Revolution as one of our strategic risks. We also recognise cyber-risk, which includes the various risks related to digitised information, the supporting information technology infrastructure and increasing digitisation of all channels. Read more about how we are mitigating our strategic risks and leveraging opportunities.
The Sanlam design studio was established in Sanlam Personal Finance to provide a working and accelerator space for cross-functional teams in Sanlam to achieve the following:
We are the first South African insurer to join Plug and Play, the world’s largest global innovation platform, as a core insurtech partner. Sanlam Personal Finance aims to use Plug and Play to enhance the delivery of intermediary value-adds by using digital technology. This is based on clients’ requirement to switch seamlessly between their intermediary and Sanlam according to circumstances – in response to which, Sanlam Personal Finance has developed numerous new solutions that demonstrate digital innovation at work.