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Women in Insurance (WIN) MDP Business Impact Project

Women in Insurance (WIN) MDP Business Impact Project. Hola. Group Members. Hola. Sovashni Hefele - Sanlam Jane MacIntosh - African Life Swazi Mpungose - Old Mutual EB. Corinne deVilliers Swiss Re Rosebud Mgada Momentum Collective Benefits. Problem Statement.

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Women in Insurance (WIN) MDP Business Impact Project

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  1. Women in Insurance (WIN) MDPBusiness Impact Project Hola

  2. Group Members Hola Sovashni Hefele - Sanlam Jane MacIntosh - African Life Swazi Mpungose - Old Mutual EB Corinne deVilliers • Swiss Re Rosebud Mgada • Momentum • Collective Benefits

  3. Problem Statement South Africa has a fairly • sophisticated financial services industry selling to a • largely unsophisticated market – • consumers need to be educated with regards to financial matters – they need to be financially literate. • This education should start at the school level. Hola

  4. Is the market unsophisticated? • Perceptions and misperceptions of LSM 5-8 market (R2 500 – R5 000) • What does sophistication mean? • What is this market’s perception of our ‘sophisticated products’? Hola

  5. The realities of what is happening in this market • Innovative • Stokvels • Grocery Clubs • Burial Societies • Some ‘misuse’ & misconceptions • Differing levels of knowledge & understanding. Hola

  6. Challenges facing the Industry • Access to financial products • Cost of products • Mistrust Hola

  7. Challenges facing the Industry • Existing alternatives • Product Education • Literacy Hola

  8. Research conducted: • Current S.A. Initiatives • International Financial Literacy Initiatives • Australian landscape • United States perspective • Other Industries • Goldfields – HIV / AIDs Education • Vodacom – Cellular technology Hola

  9. SA interventions - lessons learned • Government intervention • Consolidated effort • Interventions through product and brand marketing are short-lived Hola

  10. SA interventions - lessons learned • Literacy begins with the youth • Competency based approach • Is the market unsophisticated? Hola

  11. Strategic Objectives • Industry Consolidation • Consumer education • Financial education for children • Professional financial advice Hola

  12. Objective 1: Industry consolidation • Project Management Team • South African Competency Model • Gaps identified and communicated • 0.2% after tax profits: • 0.1% = centrally managed fund • 0.1% = own initiatives aligned with S.A. Competency Model Hola

  13. Objective 2: Consumer education • Educational campaigns • Incorporate into television programmes • Media interventions • Visible and ongoing national financial literacy campaigns • Trained community leaders to provide free training to community members Hola

  14. Objective 3: Financial education for children • Included in television programmes for pre-school ages • Financial literacy incorporated into the school curriculum (Std Bank Foundation) • Exhibitions / presentations on Insurance & financial wellbeing at school career days Hola

  15. Objective 4: • FAIS compliance • Assessed on the job Professional Financial Advice Hola

  16. Normal Curriculum Prof Financial Advice Spend 0.2% Assessed on the job FAIS Time frame 2009 Campa i gns Tra i n i n g 2008 2007 2006 Availability of material. T.v. Presentations Communicate 2005 SA Model Project Team 2004 1. Industry Consolidation 2. Consumer Education 3. Fin educ for children 4. Prof Financial Advice Hola

  17. Team Learnings Professional and personal learnings Hola

  18. Questions? Hola

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