We further subscribe to the independent Ombudsman of Long-Term Insurance’s (OLTI) Long-Term Ombudsman Scheme. Our long-term insurance policyholders can lodge a complaint with the OLTI for resolution. The OLTI publishes industry complaints data for all subscribers in their annual report. This information is available on their website at www.ombud.co.za.
Our ability to fulfil clients’ needs is at the core of their confidence in us. Failure to meet clients’ needs has broader implications for them, as an inappropriate product or service could erode their financial soundness, stability and resilience, particularly if clients have low levels of financial literacy or are excluded from the formal economy. We therefore ensure:
Our Product Governance Framework provides guidance on how product material should be formulated. All product material goes through a sign-off process to ensure a single message is delivered to the target group to communicate product features and limitations. Our web-based marketing system provides a record of all marketing decisions, centralises all marketing data, and ensures brand and regulatory compliance on a global scale. All material must be in line with our plain language policy to ensure clear, simple language and ease of understanding.
While it is mainly the product supplier’s responsibility to ensure a product is appropriate for a particular target market, intermediaries should ensure a product is suitable for the particular client concerned, i.e. that the product is in line with the client’s needs, budget and risk appetite. Our intermediaries are therefore expected to understand for which client segments the product or service is suitable and products and services should be targeted accordingly.
We support our intermediaries with administrative guidance, leadership and advice and provide access to value-adding and competitive financial solutions. Our Product Governance Framework mandates aligning the launch of new products or services with the training of intermediaries and support staff (including call centre employees). This includes training on new regulatory reforms. Read more about the role of regulation.
Our Product Governance Framework mandates five steps to ensure a clearly defined target market is identified at the start of the product development process:
We adhere to a Product Segmentation Policy, which mandates that due consideration be given during product development to ensure all products are designed with an appropriate target market in mind. Our simplified client segmentation model ensures we understand which products are targeted for which clients, and which products and communications reach those clients.
Clients should not face unreasonable post-sale barriers, specifically:
We have a strong internal complaints management process that is governed by a Group Complaints Policy. Our internal complaints processes provide clients with the opportunity to lodge complaints with the Sanlam arbitrator. We further subscribe to the independent Ombudsman of Long-Term Insurance’s (OLTI) Long-Term Ombudsman Scheme. Our long-term insurance policyholders can lodge a complaint with the OLTI for resolution. The OLTI publishes industry complaints data for all subscribers in their annual report. This information is available on their website at www.ombud.co.za.
We define client-centricity as:
The Sanlam Way of doing business supports our client-centric approach and is embedded across the different markets and geographies within which we operate. We measure client engagement in South Africa through client experience research during all stages of the product life cycle. We conduct research among clients, intermediaries and employees to measure trends in client experience. Sanlam tests client satisfaction with products and services against the South African Customer Satisfaction Index (SAcsi) and Ask Afrika Orange Index.
In 2018, Sanlam Personal Finance enhanced its value proposition and launched new financial solutions that meet clients’ needs and expectations.
The Advanced Leadership Certificate in Design Thinking offers Wealthsmiths™ a learning experience that draws on the latest trends, research and methodologies to devise fast, innovative and cost-effective solutions our clients really want. The pilot programme began in February 2018 and was presented over 10 months to 34 delegates from across the Group.
Through the BI Programme, Sanlam Personal Finance will combine technology, people and processes to better analyse data and enhance decision-making. Positive outcomes will include creating better client experiences, improving operational efficiency and reducing the risk of ageing technology.
Fedworx BlueStar’s integrated offering enables BlueStar advisers to take care of their clients’ financial and health needs. The collaboration will enable us to integrate and cross-sell products that meet our respective clients’ needs – saving them money they could potentially use to expand their financial portfolio. The offering features comprehensive lifestyle and medical aid benefits, giving clients the opportunity to earn Sanlam Reality points, move up on the tiering system and unlock even more discounts and benefits on other Sanlam products
According to the latest South African Consumer Satisfaction Index, Sanlam’s Reality rewards programme scored highest on the satisfaction index.
The results of our 2017 Treating Customers Fairly (TCF) Study indicate that our employees are on track in terms of treating clients fairly.
TCF is an outcomes-driven approach to regulation that is designed to ensure regulated financial institutions apply specific standards of fairness to their clients. Most importantly, TCF fairness spans the entire life cycle of a product – from design through to advice and aftersales service. TCF identifies six specific fairness outcomes:
We are a pioneer in incorporating the client view into our governance structures. The Sanlam Customer Interest committee was initiated in 1998 as a Board committee and has since then broadened its mandate in terms of Treating Customers Fairly (TCF) Regulations. Its scope encompasses the entire Group as it provides guidance to the Board on strategic issues relating to clients. The committee reviews and monitors all strategic client-related decisions. These are closely aligned with the six fairness outcomes of TCF.
Our latest entrenchment index score is available for 2017 and we achieved 77 out of a total of 100 indicating that: