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Market-leading and Value-for-money Solutions

Key Performance Indicators

Negative persistency experience of

-R91 million (2018: -R45 million)

In-force policies lost for risk, savings, life investments and closed book

5,3% (2018: 5,4%)

Our focus on client-centricity is a major factor in our success to maintain good persistency under challenging economic conditions. We use expected policy surrenders and lapses to identify emerging trends as input to new product development, product repricing and claims management.

Case Study:

Capitec Collaboration Unlocks Value for Clients

The success of the funeral product launched in partnership with Capitec in 2018 exceeded all expectations – an example of a product that provides access through a responsible solution for clients. Key success factors are:

  • A simple product with unique benefits that clients understand
  • An affordable solution with some of the most competitive rates in the industry
  • Great accessibility through 850 branches and the Capitec mobile app
  • Strong face-to-face capability with a low-cost, paperless acquisition process
  • SPF leverages our insurance experience and competence to offer clients real value

We continuously engage with Capitec to improve the operational efficiency of our existing venture and propose new opportunities to collaborate.

Sanlam Sky commissioned research in April 2019 to compare the Capitec funeral plan to other competitor plans in the funeral insurance market. The aim was to establish whether the funeral product is competitive in terms of premiums and benefits. The research concluded that overall, the Capitec funeral plan is significantly cheaper than most competitor products across the different policy bundles.

More Value from Sanlam Reality

Sanlam Reality is South Africa’s second largest loyalty programme. The lifestyle and rewards programme is available to all Sanlam and Santam clients and members of Bonitas Medical Fund, Fedhealth Medical Aid, Barloworld Medical Scheme and Nedgroup Medical Aid Scheme. Sanlam Reality members get special offers on selected Sanlam products, save money on wellness, travel and entertainment, and are rewarded for financially responsible behaviour by earning tier points.

In 2019 the Sanlam Money Saver credit card was launched to encourage financially responsible behaviour through saving. It is the only credit card to give clients up to 5% as a cash-back bonus at no extra cost. This offers significant value as most loyalty cards yield less than 1% for 80% of members. Fees are also kept as low as possible and credit is offered up to 55 days’ interest free. There are no caps, tiers or levels of discounts depending on a member’s status. The card offers a simple way to get maximum cash-back. Read more about financial inclusion through the Reality Access programme in the Sanlam Corporate 2019 Cluster Report.

Managing the Cost of Cancer

Cancer can be expensive to treat with high associated costs. To avoid financial distress, clients must be able to compare benefits and choose the right cover.

SPF launched a new cancer campaign that shows how cancer affects the whole family, while providing insight into the hidden costs of living with the disease. The digital campaign is based on real-life experiences.

The Sanlam Cancer Benefit has been designed to specifically reduce the long-term financial impact of cancer on the family by providing:

  • Comprehensive cover for cancers, tumours, leukaemia and lymphomas
  • 100% cover for all stages of specified aggressive cancers
  • Comprehensive cover for early cancers
  • A lump-sum cash payout, which can be used for expenses like out-of-pocket medical costs, complimentary therapy and dietary supplements
Sanlam Life Insurance is a licensed financial service provider.
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