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Skip Navigation Linksreaching-the-uninsured Reaching the Uninsured

Reaching the Uninsured

Risk protection gaps, underinsurance and a lack of insurance can lead to many households and businesses having to take on all or most of the financial risk when it comes to unexpected losses. In response, Santam develops and implements products to reach the emerging market through appropriate channels and in alignment with the Financial Sector Code’s targets and criteria.

Examples of Santam’s Business-Specific and Targeted Consumer Financial Education (CFE) Initiatives

To reach the uninsured Santam drives targeted CFE initiatives for individual and commercial clients to enable access to financial services. This means:

  • Transferring knowledge and skills to consumers, future consumers and potential consumers to enable them to make more informed decisions about their finances and lifestyles for individual well-being and the public good.
  • Developing consumer knowledge and understanding of the financial sector and its products and services.

Santam has reached approximately 1 million people via its CFE awareness initiatives, with a further 3 000 reached through interactive initiatives. Examples of these initiatives include:

Championed by the National Treasury, MSWSA is a public awareness campaign that enhances financial literacy by taking financial education into communities. Expert advice is delivered by qualified professionals to help people make more informed financial decisions and take control of their finances. Santam is a proud participant of MSWSA, which took place in October 2018 in Alexandra, Mamelodi, Tembisa and Soweto and included free educational workshops, talks at community centres, exhibitions as well as information hubs.

Santam Specialist, a Santam business unit, partnered with The Box Shop to provide CFE for entrepreneurs situated within the Vilakazi Street precinct of Soweto. This initiative was expanded to include a new outlet in the Jabulani precinct. The service offers interactive teaching and covers concepts such as the basics of financial planning, business budgeting, insurance DOs and DON’Ts and the risks faced by entrepreneurs.

Santam’s strategic focus on upskilling and educating small business owners extends into the agricultural market. The cluster’s partnership with the African Farmers’ Association of South Africa (AFASA) gives Santam access to 50 000 emerging farmers.

Santam engaged with the South African National Taxi Association (SANTAC) regarding a taxi insurance solution for the more than 7 500 taxi owners in South Africa.

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