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.
Santam partners with the South African Insurance Association (SAIA) to offer consumer financial education programmes, which introduce more people to the benefits of insurance and other social investment initiatives. We target the Santam emerging client market and provide funding to SAIA to deliver consumer financial education to the public.
Our initiatives in 2019 predominantly reached small business owners and emerging farmers. SAIA targeted educational institutions, small businesses and the general public through awareness campaigns and radio advertising. We are standardising and digitising the Group’s consumer financial education training material to allow for blended learning, consistency of material and portability.
Read more about initiatives to reach the uninsured in the 2019 Santam Integrated Report.