PARTNERING FOR SHARED VALUE - Inside Sanlam
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JULY / AUGUST 2017
Savings Month: Scan to save, fashionably p15
The role of nation states in cyber attacks p18
Meet our Group CEO Award winners p26
Sanlam crowns PA of the Year p32
Magazine for WealthsmithsTM
PARTNERING FOR
SHARED VALUE
Society
Government
External
partners
Internal
clusters
Senior and future leaders on
the power of joining forces p8
July/August 2017
top-line thinking
Ian says
contents
If you were to spoil
yourself ... p24 ‘Let’s embrace the
challenges that come our
way and see them as
opportunities to strengthen
our partnerships.’
JULY / AUGUST 2017
Savings Month: Scan to save, fashionably p15
The role of nation states in cyber attacks p18
Meet our Group CEO Award winners p26
Sanlam crowns PA of the Year p32
Magazine for WealthsmithsTM
PARTNERING FOR
SHARED VALUE
Society
Government
T
news
External
partners
Internal
clusters
he joint theme of the Senior Leadership
3 In short
Senior and future leaders on
the power of joining forces p8
Conference and the Future Leaders Conference
– ‘Partnering for shared value’ – encapsulates
What’s happening in the Group’s world and beyond OFC JulyAug v2.indd 1 2017/07/31 3:46 PM
This is the magazine what we’re about as a Group. In a challenging
for Sanlam operating environment, our role is to create shared value
strategy staff members
everywhere.
through our partnerships, for example, our initiatives
with government, municipalities and industry that aim to
8 Partnering for shared value If you have news for
us, send an email
benefit the communities in which we operate.
Senior Leadership Conference and Future Leaders In addition, by partnering with companies in selected
to insidesanlam@
Conference in Cape Town sanlam.co.za. emerging and other markets we’re collaborating to
12 SEM conference FOR SANLAM
strengthen our competitive advantage and sustainability.
A key driver of partnership is people, our most
Organic growth is a priority Chief Executive:
Sanlam Brand important asset, whose skills and concerted efforts are
13 Business transactions
Yegs Ramiah
Communications
Consultant
the source of our success. This is why reward is a pillar of
our Employee Value Proposition – it’s our way of showing
Group completes acquisition of Kenya’s PineBridge
comment Inga Bosch-Cloete
our appreciation of exceptional performance.
14 Growing stronger
Address: Sanlam Head
The Group CEO Award is one of the ways in which we
24
Office, 2 Strand Road,
Bellville, South Africa
SPF is set to reach even greater heights What Wealthsmiths™ say do this. The achievements of this year’s winners reflect
… if they were to spoil themselves their diligence, but above all highlight their positive
FOR NEW MEDIA
PUBLISHING contribution to the Group.
brand
Editor-in-Chief
people Trudie Myburgh
The prestigious PA of the Year Award was also
Content Producer presented recently to Michelle Knoetzen. The role of
15 26
Karin Burger
Editorial a PA is another example of how integral partnering is to
Saving has never looked this good Group CEO winners honoured Pieter Vermaak, business success, because it is often their supportive role
Sanlam launches a fashion accessory with Meet the winners of Sanlam’s most Aviva Singer,
a difference to tackle SA’s low savings rates Marga Scheffler, that fosters internal and external collaboration.
prestigious award Una Nieuwoudt, We’re grateful for these winners’ hard work and
16 Five heirs, a bank vault and two 29 SSUF
Ami Kapilevich
Design
Christopher Evans,
outstanding performances. Once again, thank you and
congratulations!
fortunes squandered Why preserving your retirement savings Nita Nagar
Real-life simulation by Sanlam Private Wealth makes sense Group Account Director
Tinnette Fourie
gives clients a reality check Embracing challenges
30 Exposing career opportunities
Group Creative Director
Crispian Brown
Head: Internal
Despite consumer, business and investor confidence
Sanlam partners with staff member’s foundation Communications being low, we need to remain true to the Sanlam Way and
to host career expos for learners
technology Brendan Cooper continue to be optimistic about the future of our country
32
Director:
Content Strategy and the continent. Let’s embrace the challenges that
18 Online safety
At the front line
Meet the PA of the Year winner and finalists
Andrew Nunneley
Printer
Shumani Mills
may come our way and see them as an opportunity to
strengthen our partnerships, as they’re essential factors
Cyber risk: war, crime, hacking or what?
34 Financial skills
Communications
Published for Sanlam by
New Media Publishing,
in future success and beneficial to all stakeholders, both
internally and externally.
How to prioritise debt and savings
thought leadership 19 Bree Street,
Images: Getty Images and supplied
35 Cape Town Finally, good luck to all those who’ve entered
20 Personal skills Telephone 021 417 1111 next month’s Sanlam Cape Town Marathon. If you
An outlook on the emerging markets Three steps to successful multitasking weren’t able to do so, I urge you to support our fellow
What makes Africa and other emerging markets
so attractive 36 Out and about Wealthsmiths™ and all the other runners at the Sanlam
supporter zones.
See who was where and why
22 Why corporates must act on education
How numeracy and literacy helps combat poverty
40 The back page
#ThelmaLeaks from the Dark Side
Inside Sanlam | July/August 2017 1
App of the Month
WeDo is a task management app
news
that focuses on groups (although
you can also use it alone too).
Create groups, invite people to
join, and group members can then
create tasks everyone can see.
It’s great for small businesses
and families. It features reminders
and subtasks, and you can create
recurring tasks.
It’s free in the Google Play
Store and Apple App Store.
Your Mna Nam card with embedded QR code is
included in this issue of Inside Sanlam. Find out
how to scan and save on pages 15–16. Sanlam Cape Town Marathon
Africa strikes Gold Gold
The annual Sanlam Cape Town Marathon, which takes Neethling, footballers Lucas Radebe and Mark Fish and
place on 16 and 17 September this year, is more than rugby player John Smit, who will raise awareness about standards
just a race. As of this year, it’s Africa’s only International healthy lifestyles while raising money for charity. ‘Going for gold’ has
been one of the
Association of Athletics Federations (IAAF) Gold Label Last year’s winner, Asefa Mengstu Negewo of marathon’s key goals
marathon and a certified carbon-neutral event. Ethiopia, will also be back to defend his title – wearing since its relaunch
in 2014. To achieve
‘This year we turn everything into gold,’ says André Sanlam-branded gear. In 2016 he shattered the long-
Gold certification in
Kearns, Sponsorship Manager: Group Brand. standing South African all-comers record in the 2017, race organisers
The marathon is part of a weekend festival of running, marathon when he clocked 2:08:42. had to meet a host
of requirements in
at which Sanlam’s business units will host a total of 300 By taking up the RunGreen pledge, participants can terms of:
clients and special guests. ‘We urge staff members to play an active role in environmental initiatives. • Attractiveness
bring their supporters along to the Sanlam supporter The campaign urges runners not to litter, to take • Marketing
• Athlete line-up
zones. We want all Wealthsmiths™ to jump in and along water in a reusable bottle, throw their waste in the • Technical issues
support our provisional 23 000 runners.’ ‘chuck zones’ along the route, respect the environment related to times
and results, route
A number of well-known faces will be on the route, by running for nature, measure and offset their carbon
measurements,
with race ambassador and rugby icon Francois Pienaar footprint, and support broader carbon-neutral projects. water stations,
rounding up a host of former national sports captains and Runners can also support the Greenpop tree-planting road closures,
medical services
representatives to take part in the Captain’s Challenge. project via the entry system. and doping
They include netballer Zanele Mdodana, swimmer Ryk Enter the SCTM at www.sanlamcapetownmarathon.com. requirements.
Inside Sanlam | July/August 2017 3
news Shriram Transport
Umesh among
India’s 100 most
trusted CEOs
Umesh Revankar, MD of Shriram Transport
Finance Company (STFC), was named one of the
‘100 Most Trusted CEOs of 2017’ by Asia’s leading
consulting firm, World Consultancy & Research
Sanlam Sky Solutions Corporation.
Karl is new CE
At an awards ceremony held in Delhi, Umesh
was recognised for his leadership in creating
Karl Socikwa has been appointed as the new Chief a sustainable business model for STFC, under which
Executive of Sanlam Sky Solutions. the company pioneered the organised pre-owned
Until his appointment at Sanlam he was CEO of commercial vehicle (CV) financing market in India
Transnet Port Terminals, a multibillion-rand business and grew into the largest CV financier in the country.
with about 9 000 employees. After more than three decades in this business
Karl is a qualified attorney, having started his STFC has created a strong and sustainable
Sanlam UK working career at Deneys Reitz Attorneys, now competitive advantage. The company has
Pedals for charity
Norton Rose Fulbright. In his 22 years at Transnet, developed a deep understanding of the borrower
Jonathan Polin,
CEO of Sanlam UK. he held numerous senior positions, including profile and its credit behaviour by building
Staff members in the UK are in training for the ‘Great Chief Executive of Transtel and Group Executive a scalable operating model, doing extensive
Sanlam Cycling Challenge’ in support of CASCAID, the (Commercial). He had served as CEO for seven years. research, and having strong valuation capabilities
asset management industry’s initiative to raise more Karl has also sat on various company boards, regarding pre-owned vehicles.
than £1 million for Cancer Research in 2017. including a nine-year tenure at Investec Bank Limited. Journey of Water
‘I’m honoured to
From source to tap
Over the summer Sanlam UK will be initiating a number
The group that took
of events to raise money for the cause, including bake Sanlam Emerging Markets: Cup of Nations part in this year’s receive this award,
Two claim victory
sales, sponsored walks, growing beards and making Participants in the 2017 Journey of Water once again Journey of Water.
cocktails. walked through some of SA’s water source areas to raise which confirms
Jonathan Polin, Group CEO: Sanlam UK, will lead the Two worthy overall winners in the 2016 SEM Cup of awareness of threats to water security. that we’re on
cycling team, which will cycle 1 368km across the UK to Nations competition were announced at a cocktail The walk is an initiative by the World Wide Fund for
the right path to
visit the regional offices. function held during the recent SEM Conference in Nature (WWF-SA) in partnership with Sanlam.
Cape Town. With eight of SA’s nine provinces declared disaster success. It’s a
Video conferencing Congratulations to FBNInsurance in Nigeria and zones due to the drought in 2016, the effects of water testament to the
Let’s connect Sanlam Life Insurance in Uganda for coming out stress are being felt like never before.
tops by showing exceptional performance amid ‘Our strategic partnership with WWF-SA helps us to
hard work that’s
Wealthsmiths™ will have full use of the new audio- and a challenging economic environment. contribute to water conservation efforts and encourage gone into STFC
video-conferencing (AC/VC) solution within Sanlam by This year’s competition deviated from those of greater awareness of the water scarcity challenges building a strong
end-July, giving them the tools to collaborate internally previous years, focusing on overall performance facing our country – to the long-term benefit of all
and externally with anyone, any time, any place. instead of performance per category. After reviewing South Africans,’ says Portia Bangerezako, Head of Group
CV financing
The solution includes sharing of content across the performance of all SEM’s companies across the Sustainability and one of the Wealthsmiths™ who took market in India.’ India
desktop, mobile and web clients. The solution lets you various categories, FBNInsurance and Sanlam Life part in the walk from Mabola to Pongola in Mpumalanga.
connect seamlessly in huddle spaces, conference rooms Insurance in Uganda stood out in terms of their The group of walkers, which also included celebrities About Shriram • Mumbai
and boardrooms as well as airports, or any location with consistent performance and members of the media, started the three-day walk in
internet connectivity, says Theo Mabaso, Head: End User over at least the past two
Flanking Junior Ngulube,
the Mpumalanga grasslands.
Transport Finance
Collaboration Solutions at ITISS. years. Both exceeded their
CEO of SEM, are
John Lintari, CEO of ‘On day 1 we visited the Mabola water reserve, Company
The solution upgrade enables clients to schedule budgets, retained profits and Sanlam Life Insurance which is in a protected environment,’ says Botsepegi STFC is the flagship company
Ugand (left), and Val
a meeting using Outlook calendaring. Joining a meeting achieved top- and bottom-line Ojumah, MD and CEO of Motau, Manager: Product System & Training Department of the Shriram Group, which
is as simple as pushing a button in a room or connecting outperformance. FBNInsurance in Nigeria. at Santam. ‘There we drank water directly from a has a significant presence
from your personal device, he says. natural stream.’ in consumer finance, life 1979
‘Video conferencing STFC established in
‘The process for connecting to a VC has also been On day 2 the group saw the filth and poison an insurance, general insurance, Mumbai
is the ideal tool
made simpler and more user friendly.’ to help cut travel abandoned mine releases into the surrounding water stock broking and distribution
Training is being provided at Head Office in Bellville costs, as interactive
training and content,
sources. ‘We ended the day at Bivane Dam, canoeing to businesses. It’s India’s largest 918
and Alice Lane to high VC users, VIP users, Gijima our evening accommodation,’ she says. asset-financing, non-banking branch offices
including videos,
support staff in the regions, PAs and room owners. The can be provided Day 3 started with a live broadcast from Bivane Dam financial company and a
remaining users will receive a link to the training guide, across geographies.’ by SABC2’s Morning Live. ‘We then travelled to Madaka holistic finance provider for the R158 billion
– Theo Mabaso value of assets
with Gijima support available if required. Game Ranch, where we witnessed the devastating commercial vehicle industry. managed
The first phase, completed last year, was to refurbish impact of soil erosion on our water catchments.’ It seeks to partner with small
the backbone technology in the existing VC workspaces The Journey of Water was an enlightening experience, truck owners for every possible 1,45 million+
or rooms. The current phase provides more reliable and Botsepegi says. ‘It showed me I’m ignorant as well as need related to their assets. customers
richer video technology. unaware of sustainability issues.’
4 Inside Sanlam | July/August 2017 5
news
you said
Claims process solution
SMDP innovates with In the build-up to
Sanlam’s centenary,
Sanlam Kenya The 2016 SMDP
graduates are (from we asked staff
A syndicate team from the 2016 Sanlam/Santam Senior left) Jennifer Mears of
Management Development Programme (SMDP) recently Sanlam Investments
Marketing, Zareena
members what
presented their three-phased digital solution to Sanlam
General Insurance in Kenya.
Nackerdien of Glacier
Finance, Riaan van Wyk
makes them proud
The solution is intended to transform the end-to-end of Santam Complex
Claims and Eugene
to be Wealthsmiths™.
claims processes for Sanlam’s short-term insurance Moodley of Glacier IT.
business in East Africa, using digital disruption to The group’s sponsor was The company’s open-
Johan van der Sandt,
differentiate the client experience. This will support Head: General Insurance door policy – we as staff
Sanlam General Insurance Kenya’s strategy to become West and East Africa
at Sanlam Emerging
members can engage with
a market leader in East Africa.
Financial Journalist Sanlam Trust To achieve this, the team recommended putting in
Markets. management and share our
Investigative New online will is ideas. It’s nice to have access
The 2016 Sanlam place a three-phased implementation plan, including
Financial Journalist
of the Year, Susan
a new digital platform, and automating the claims Feedback to executives because it
journalism simple and efficient
Comrie of City Press/ processes to ensure swift, prompt payouts. The team said it was
amaBhungane Centre for The solution came in the wake of the SMDP team’s ‘a massive privilege’ to assists us in providing a
be invited to present
awarded
Investigative Journalism,
with Peter Vundla,
Users of the Sanlam Trust website can now complete year-long research, which referred to a ‘massive digital their business strategy worthy Sanlam experience
a simple online form that drafts a basic will and emails it to wave’ transforming the short-term insurance and to their Kenyan
Susan Comrie of the amaBhungane Centre for
convenor of the panel of
adjudicators, and Yegs them. They can then print it out and sign it there and then. automotive industry through the internet of things,
counterparts in Nairobi, for our stakeholders, helping
having spent a full year
Investigative Journalism has been named the Ramiah, Chief Executive:
Sanlam Brand.
‘Previously a user could complete an online form that telematics and the ‘2030 digital revolution’. analysing the business. them to discover their
2016 Sanlam Financial Journalist of the Year. was first submitted to Sanlam Trust,’ says Ann Nel, Head: purpose in life.
Her exceptional investigative work in Will Operations at Sanlam Trust Will Services. ‘Sanlam Sanlam Sky Solutions
Dramatic WhatsApp Masixole Lisana
uncovering incidents of corruption and state Trust would then draft the will and send it to the client
capture as well as money laundering allegations to sign. The client would sign it and send it back to Senior Fund Accountant:
series a first Sanlam Employee
had a powerful impact on SA’s national Sanlam for safekeeping.
narrative. ‘This self-help will can result in improved efficiencies for Benefits, Centurion
Susan is also a former winner of the CNN Sanlam Trust,’ Ann explains. ‘Simple wills no longer have to Sanlam’s groundbreaking drama series Uk’shona Kwelanga
African Journalism Award, a Taco Kuiper be drafted by Sanlam Trust, freeing up capacity to focus – which could be translated as ‘The Sunset’ or ‘The Death
The lovely environment and
Award (runner-up) and the National Press Club on more complex wills, trust and estate management.’ of Langa’ – was a collaboration with top scriptwriter and
Journalist of the Year Award. The introduction of the new, simplified online playwright Bongi Ndaba and some of SA’s top actors. the awesome people I work
‘At a time when South Africa faces a myriad
The Sanlam will comes shortly after the launch of Go Cover, a But unlike a TV series, it was told through the with. I haven’t been with the
of challenges, the role of financial journalists revolutionary on-demand, accidental injury and death medium of WhatsApp in texts, photos, voice notes
in particular is important in supporting the Awards for cover app. Other online products include tax-free and video. Uk’shona Kwelanga, which ran from 5 June
company very long, and the
country in the efforts to build the sustainable Excellence investments, online retirement annuity, gap cover, to mid-July, related the tale of an SA family struggling welcome so far has been
and inclusive growth for which we must all in Financial funeral cover and unit trusts. with the emotional and financial ramifications of loss amazing. Everybody
strive,’ says Yegs Ramiah, Chief Executive: ‘The simplified online will further enhances our while planning their father’s funeral. It was filmed and
Sanlam Brand.
Journalism industry-leading suite of user-friendly digital products,’ photographed in May on location in Klipspruit, Soweto.
is helpful.
‘Reporters have worked tirelessly to bring us were says Jack Kruger, Head of Digital ‘The idea was to educate people in an experiential Ayanda Khoza
the key stories and backstories in a time where established and Design. ‘In the short period and accessible way,’ says Tendani Matshisevhe, Portfolio Manager Assistant:
South Africa found itself in deep turmoil in 42 years ago since launch, the offering already How it Marketing Manager: Sanlam Sky Solutions. ‘We Sanlam Private Wealth,
2016, socially, politically and economically.
‘While the country is currently consumed
as a platform occupies the leading online
search position in its category.’
works wanted it to be as lifelike as possible – also showing
cultural issues of deciding where to lay a loved
Cape Town
• Select your type
with the revelations that have surfaced from to recognise Clients who choose Sanlam of will – single one to rest, observing rituals and balancing the
or joint
the leaked emails that seem to connect and celebrate Trust to act as the expert • Select an demands of the modern world and tradition.’
the dots, when all is said and done, we’re
dependent on financial journalists to report
excellence executor of their estate will pay
a nominal annual fee of R57 to
executor
• Complete, print
Every episode showed the necessity of a funeral
scheme that pays out claims quickly so the family
on the implications for the country’s economy in financial cover administration costs and
and sign your
will. can focus on what’s important – celebrating the life
and on all of us.’ journalism. safekeeping of the will in a vault. of their loved one.
6 Inside Sanlam | July/August 2017 7
strategy / future & senior leaders
‘Our future success depends on how well we the changes in our operating environment. Our
partner internally. Businesses need to find value successful partnerships with Ubuntu-Botho (UB)
when they collaborate. The most important question and more specifically, African Rainbow Capital
facing us is how to make our business sustainable.’ (ARC), are key in our lives. We have a history of
success, and we’re planning to do more with ARC The theme of the Sanlam
Leadership Conferences
The role of business in society over the longer term.’
and CEO Awards
‘Internationally, we’ve seen that rising inequality was ‘Partnering for
coupled with populist politics will negatively affect the Creating value for society shared value’.
operating environment, as it mostly has destabilising ‘Our 50/50 partnership with UB through the
effects. In South Africa we’ve heard similar debates. Sanlam Foundation is key in delivering results
While we continue to grapple with key societal within the foundation. Senior Leadership
Conference
debates, we must address these issues constructively. ‘All our businesses across our footprint should be
‘The role of business is to help find solutions to encouraged to strike partnerships – internally with
these challenges. Business looks at them differently, in
terms of commercial viability, so it tends to be more
colleagues across the Group, but also externally
with local or regional entities.
360
Wealthsmiths™
Partnering for
aware of how sustainable the potential solutions are. ‘We need to positively influence our operating
‘We’ve been in a terribly turbulent time now for
about 18 months. We have to look ahead at ways to
environment, driving inclusive growth, particularly
in South Africa, as well as job creation to grow the 11
positively impact our operating environment. economy.’ countries
‘We’ve achieved limited transformation success in
shared value
SA to address the inequality gap. The widespread Outlook for 2017
corruption in the public sector, with private sector ‘The economic growth conditions will remain Future Leaders Conference
involvement, has significant destabilising effects. challenging. Consumer confidence, business
‘We’ve been very supportive of the CEO Initiative,
a key mechanism to favourably influence the
confidence and investor confidence is at a low,
and we expect the investment market volatility 260
operating environment. New terms of reference to persist in the uncertain environment. young
This year’s Senior Leadership have to be agreed with our partners in labour and ‘We remain realistically optimistic about the
Conference hosted government following the March Cabinet reshuffle. medium-term future of SA and excited about the professionals
360 Wealthsmiths™ from
‘As a business we have to acknowledge the
strength of partnerships and how this is integral to
medium- to long-term opportunity on the continent.
‘We’re well positioned for future growth.’ 9
11 countries, while 260 young the future success of our business.’ countries
professionals from nine countries
Partnership model
attended the Future Leaders ‘SEM’s partnership model has been a cornerstone of ‘We have to acknowledge the
Conference. Both events took place its success over the past decade. The key question strength of partnerships and
is how we leverage this to other parts of the Group.
in Cape Town. Several internal and how this is integral to the The SA Youth Choir
‘In the emerging markets space, we have to look at performed at the Senior
guest speakers shared insights into our two key partnerships to drive future value: Saham future success of our business.’ Leadership Conference.
ensuring Sanlam’s future success. Finances and Shriram Capital. Strong governance
has to support our various partnering initiatives.’
Internal collaboration
Ian Kirk, ‘Internal partnering [collaboration] is the best
Group CEO way to strengthen our competitive position. For
instance, we could combine the strengths of
Partnering is key to future success a number of businesses, across clusters, to offer
‘If we want to achieve our growth objectives, clients an enhanced value proposition and increase
we have to anticipate the shifts impacting our our chances of success – something that’s to the
operating environment. We should broaden and benefit of our clients and the businesses.
leverage our partnerships to influence the operating ‘Internally, three initiatives are key to our success
environment favourably for all our stakeholders. over the medium term: Sanlam Corporate, Business
This is a key mechanism we have at our disposal. Intelligence and the Central Credit Manager.’
‘We’re partnering on two levels: externally across
different industries to influence the operating Empowerment
environment, and internally across all the clusters to ‘For our SA businesses, which release capital
strengthen our competitive position as a diversified for our international growth initiatives, we have
financial services group. to consider our empowerment position given
8 Inside Sanlam | July/August 2017 9
strategy / future & senior leaders
Partnering for shared value Heinie Werth, Financial Director I believe in the resilience of the SA economy and
Highlights
About ARC: ‘We need an empowerment company consumer. We will pull through it.
to be relevant in future and to keep us one step ‘We want to really grow the business with key
ahead of the [BEE] scorecard. partnerships like BrightRock, Sanlam Reality and
‘ARC is an independent business, not others. Focus and execution are key. We need to
an extension of Sanlam. The approach is be faster and more flexible going to market with
complementary, not competitive. It’s another tool With Sanlam having new products. For millennials specifically, we
a footprint across
in our toolbox to stay relevant and it’s important to 34 countries in Africa, want to make it as easy as possible for them to
Mark Murning, make the partnership with UB/ARC work.’ and a significant do business with us.’
CEO: Sanlam Capital Markets presence in India and
‘If it’s a good idea and you collaborate, the idea gets Junior Ngulube, Malaysia, a large number
of delegates hailed Yegs Ramiah,
a momentum of its own.’ CEO: Sanlam Emerging Markets from Botswana, Kenya, Chief Executive: Sanlam Brand
Malawi, Namibia, Nigeria,
‘SEM’s business model is built entirely on ‘Sanlam talks to the entire market. We want to help
Lizé Lambrechts, CEO: Santam partnerships [on the principle that] if you want
Tanzania, Uganda,
United Kingdom, people live their best possible lives and do it in
‘Santam is much more than South Africa’s leading to go fast, go alone; if you want to go far, go with Zambia, Zimbabwe a world worth living in.
and South Africa.
short-term insurer. We safeguard what’s important a partner. ‘Societal issues are of fundamental importance
to you. That’s why we exist. ‘We don’t know everything, we need a local to business, labour and government. We’re not only
‘We deliver on our promises – we are here partner. That’s what makes this model work – that’s looking at shareholders, but all stakeholders – how
because we pay claims. And we take our true partnership. Partnerships are built on mutual to incorporate and acknowledge so many other
sustainability responsibility seriously. respect. We leave our partners to run the business, parties who have rights. We have to understand
‘We provide our clients with insurance that adds only providing support in 38 countries and what those rights are and what the outcomes
value, paying more than R16,1 billion in claims in the 90 businesses with 80 000 employees. will be. Considering other voices and rights is the
past year, keeping them safe and rewarding them ‘Now that we have the footprint, our focus must only way we can be sustainable for the future.
for staying safe. be on organic growth. Our goals are to: ‘We need to encourage a culture of critical
‘We don’t know ‘Eighty-six of the top 100 JSE-listed companies • contribute 25% of the Group’s profits by 2018 thinking, question why we do things and learn from
everything, we trust us to protect their businesses. • be in the top three in our chosen markets or niche each other. We should have an outside-in approach
‘Sanlam contributed R1 million to relief operations segments to clearly understand clients’ needs and then make
need a local
after the recent fires in Knysna. More than 22 000 • be the go-to partner for corporates and solutions for them.
partner. That’s people from communities around the country have multinationals.’ ‘Shared value has to be about job creation and
what makes participated in our fire-awareness programme. impacting the society we live in. We have the right
‘We’re partnering with 10 districts to reduce the Internal partners foundation – it’s more about our approach and how
this model work risks from fire and flooding. Our pilot project of ‘Internally, we draw on colleagues’ expertise as we do it.
– that’s true installing 1 000 smoke detectors has now expanded a key source of technical support – it has to be ‘We want to raise shared value by investing
Images: Jéan du Plessis and supplied
partnership. to include more informal settlements. a win‑win situation for all parties.’ in education. It starts with one – if we can make
‘We need to focus on value creation as part of 1 From left are financial a difference to one person, we’ll make a difference
Junior Ngulube
a broader ecosystem. We must manage risk and Jurie Strydom, journalist Bruce
Whitfield, Junior Ngulube
in SA.
disruption and enhance societal acceptance to CEO: Sanlam Personal Finance and Temba Mvusi.
‘Our brand and what it stands for resonates with
remain relevant and sustainable as an organisation ‘We’re in difficult times in the SA economy. As 2 The Senior Leadership people. The new measure for brand is how people
for another 100 years. a South African business, SPF should make sure Conference was attended experience us – where they see us, what they see us
by 360 Wealthsmiths™.
‘Internally we fully support the omni-channel it remains client focused, offering client value 3 Lizé Lambrechts doing, what we support as a brand and whether we’re
approach.’ and staying true to the disciplines of our business. shares her views. there to make a difference.’ (continued overleaf)
1 2 3
10 Inside Sanlam | July/August 2017 11
strategy / future & senior leaders transactions / strategy
Grant Davids,
Insurance Analyst at Nedbank Capital
‘In 2005 Sanlam wasn’t a clear leader in any area PineBridge acquisition completed
A
and was ignored by its peers. Today Sanlam is seen
as a top player in all segments and products and Sanlam, through Sanlam s a leading asset At the media announcement
the focal point of peer attacks. management on 13 July, Junior Ngulube, CEO
‘Winners will open new markets not reached Emerging Markets (SEM), has company in East of SEM, said the conclusion of
by current products, their distribution will appeal received regulatory approval Africa with almost the acquisition paves the way
to the younger generation and they’ll cater for 18 years’ experience in the for the Group to integrate its
to conclude its acquisition
the wider market. Winners should be able to investment sector in Kenya and asset management businesses in
tailor products. of PineBridge Investments Uganda, the newly branded Kenya and East Africa through
‘Distribution is key, [requiring] low-cost East Africa Limited (PIEAL) in SIEAL strengthens the Sanlam Sanlam Investments Kenya
distribution models and increased partnerships. 2 Group’s presence in the East Jonathan Stichbury and SIEAL.
Kenya, which simultaneously (left), CEO of Sanlam
Focus on organic
Clients want to be able to interact with an insurer African investment market. Investments East Africa, ‘The integration of SIEAL
as quickly and easily as they do with digital rebranded to Sanlam Jonathan Stichbury, CEO of shares a light moment into the rest of the Sanlam
with Junior Ngulube,
technology.’ Investments East Africa PIEAL up until now, will continue
CEO of SEM, during
Group and its subsequent
growth at
to lead the company under its rebrand will strengthen our
Robert Roux, Limited (SIEAL) Kenya. new name and brand.
the press conference
on 13 July. profile and cement our position
CEO: Sanlam Investments in institutional, affluent and
‘In a corporate, the only real advantage is to retail investment management
share value. That’s the leverage effect of great
partnerships.
‘The purpose of SI is to nurture and grow
our clients’ wealth while making a meaningful
SEM Conference across East Africa.
‘We’re excited about this and
look forward to a successful and
mutually beneficial partnership
contribution to transformation, growth and
CEOs and executives Ian Kirk, Group CEO between the Sanlam Group,
development of our economy and society. Sanlam from Sanlam Emerging ‘Even though the economic environment represented by SEM, SIEAL, our
can only be successful in a successful SA.’ Markets’ business is challenging at the moment, SEM and clients and all our stakeholders
its partnerships form an important part of here in Kenya and across the
Nersan Naidoo, CEO: Investment Core partners gathered at the the Sanlam Group. East Africa region,’ he said.
‘If business is doing well, it’s good for society and annual SEM Conference ‘With the Group’s pan-African vision, Junior concluded that the
vice versa.’ there’s a significant focus on Africa acquisition brings together
to share ideas, boost
as its future growth story remains a combination of strengths
Mcebisi Jonas, collaboration and highly attractive and presents unique and expertise, offering SEM the
former Deputy Finance Minister strengthen relationships. opportunities for the Group. platform to develop investment
‘Society needs to rise – ultimately the future is in ‘SEM needs to focus even more on products best suited to the
the hands of our citizens.’
Hosted at The Westin accelerated organic growth in Africa. This region as it continues to pursue
in Cape Town in mid- shift in emphasis will not be at the cost of its overall focus on organic
June, the conference India or Malaysia – various initiatives show growth.
Sanlam’s appetite for growth in these
was attended by 97 markets.’
delegates from across
SEM’s businesses Junior Ngulube,
CEO of SEM
Sanlam sells full stake in Enterprise Group
in Africa, India and ‘SEM’s journey up to now was largely The Group remains Strategic African Investments and contribution to the SEM cluster’s growth
Malaysia. Here are one of building its footprint and business
committed to maintaining Prudential Insurance of America. over the years.
landscape through acquisitions. The partnership between Sanlam and ‘In the 12 years since the establishment
a few highlights. a presence in the Ghanaian
‘The cluster is increasingly focusing on Enterprise Group started in 2005 when of our partnership with Enterprise Group,
organic growth within its existing partners.’ market through its partnership Sanlam acquired 100% of African Life. we’ve enjoyed a mutually beneficial
In 2010, Sanlam and Enterprise Group relationship,’ says Junior Ngulube, CEO
with Saham Finances. entered into a joint partnership to establish of SEM.
Mthuli Ncube, Managing
S
Enterprise Trustees Ltd., in which Sanlam ‘Sanlam is committed to the West Africa
Director of Quantum Global anlam Emerging Markets (SEM) held 40%. region and through our partnership with
Research Lab and Professor has sold its stake in Enterprise To expand its general insurance footprint, Morocco-based Saham Finances, we retain
Image: Onele Liwani
at the University of Oxford Life Assurance Company Limited, Sanlam also acquired a 40% shareholding in a presence in Ghana.
Image: PineBridge
‘Partnering for shared value’ is Above: Professor Mthuli Ncube, ‘Despite the real and potential risks to Enterprise Trustees Limited and Enterprise Insurance Company (EIC), one of ‘In line with our growth strategy, we will
reflected by the symbol for MD of Quantum Global Research Lab,
symbiosis – two circles overlapping addresses SEM delegates on the long- look out for, the developing markets hold Enterprise Insurance Company Limited to the largest general insurance companies in in future seek appropriate, value-accretive
to create the ‘O’ in the word ‘one’. term outlook for emerging markets. significant long-term opportunities.’ Black Star Holdings Limited, a separately Ghana, in October 2014. opportunities to further entrench our
managed account held by LeapFrog Enterprise Group made a significant presence in the Ghanaian market.’
12 Inside Sanlam | July/August 2017 13
strategy / market leadership Savings Month campaign / brand
‘Fashion is an aspirational and high interest
area, so by making our savings “tool” beautiful
Growing stronger
and teaming up with high-profile people, we’re
hoping to grab attention in a novel way.’
Yegs Ramiah
Sanlam Personal Finance has always been the solid home base
Saving has never
of the Sanlam Group – and it’s set to reach even greater heights.
looked this good
S
This July – National anlam has had widespread success
with its past National Savings
Savings Month – Month social experiments – One
Sanlam tackled the Rand Man, One Rand Family and
Conspicuous Savers – and this year’s Mna
issue of SA’s low
Nam campaign is a first of its kind globally.
savings rates by Sanlam is giving the public – and
launching a fashion
‘S
Wealthsmiths™ – tools that will allow them
PF is doing well, despite when we act, we do it well and often vary by segment, but we need to save as freely as they’d normally spend.
the tough environment. make a success of it.’ to marshal the resources and be
accessory with A limited-edition bracelet and business
This isn’t an easy Jurie says we’re now having agile enough to grow our position a difference. card – both with an embedded QR code –
year for any South some of those big moments again in each space. We’re a diversified will allow users to scan and save instantly.
Images: Getty Images and supplied
African business because of what’s with the Retail Distribution Review, business, so in order to succeed on The Mna Nam, designed in collaboration
happened at a macro and political which was one of the driving the whole we have to succeed on with one of South Africa’s top local fashion
level, but we’re performing solidly,’ forces behind SPF’s Re-Imagine a number of fronts.’ designers, Laduma Ngxokolo, is wearable
says new SPF CEO Jurie Strydom. restructuring project, as well as tech, or ‘functional fashion’, that allows an
Looking back at SPF’s the BrightRock acquisition. SPF’s Narrowing the gap ‘For SPF, instant ‘scan and save’ action.
performance over the past decade, new omni-channel strategy with ‘SPF today is one of the great the focus
consistency and discipline of the client at the core and Sanlam financial services companies in Low interest area
execution stand out, he says. ‘We’ve Reality integration could become South Africa. We’re the leader in remains The Mna Nam bracelet, ‘Talking about finances and savings can be
created by Laduma
always been focused and clear big moments too. some market segments and in on giving Ngxokolo (above right)
a low interest area for a lot of people,’ says
in what we tried to achieve, and others a close follower. I’d like to see
value to in collaboration with Yegs Ramiah, Chief Executive: Sanlam Brand. Declining savings ratio
disciplined about following things Downgrading and other us grow our leadership positions in Sanlam. ‘So we needed to include a compelling The low levels of savings in South Africa
through and doing them very well. challenges certain areas and narrow the gap on our clients. aspect to our Savings are showing no signs of improving – the
‘SPF – and the Sanlam Group Although the downgrading of South our fiercest competitors in others, As South Month initiative this average household savings ratio has
generally – has concentrated Africa’s credit rating does have or gain leadership in segments year to hook declined to -0,8%.
on being market and client consequences for the economy, and where we’re not the leader.
Africans, people’s attention. Trurman Zuma, CEO of Sanlam Savings,
oriented, which has helped us by implication SPF’s clients, as it ‘In the investment space Glacier we’re ‘Fashion is an believes the rising cost of living, desire
respond to important trends. increases the cost of debt, we’re not is one of the leading platforms and resilient and aspirational for instant gratification and social media
The establishment of Sanlam alone among developing economies our offering, which now integrates and high have all been factors in distracting people
Personal Loans and Glacier and in this regard, he says. life investment products, is unique.
we’ll prove interest area, from saving.
the acquisition of African Life are ‘For SPF, the focus remains on We want to build further scale and this again.’ so by making ‘For many people, self-worth is
Images: Getty Images and supplied
examples of big moments where giving value to our clients. As South extend our leadership position. our savings externalised to social media and material
good decisions were made that Africans, we’re resilient and we’ll ‘In the middle market we’re “tool” beautiful possessions indicate a certain level of
resulted in successful businesses prove this again.’ a leader in the retirement annuity and teaming success. This is a perception we need to
in the Group. Other challenges SPF faces space and are fast gaining ground up with high- change. Mna Nam uses influential, high-
‘I’d like to continue this emphasis are the number of regulatory, in risk products. As the number two profile people, profile South African personalities to talk
on strategic awareness. Sometimes technological and other changes as player in the entry-level market, we we’re hoping to about the need to save. The campaign makes
you need to take your time in well as tough competition in each want to close the gap between us grab attention in the fashion space a place for frugality rather
Jurie Strydom
deciding the right approach, but segment. ‘Our fiercest competitors and the leader significantly.’ a novel way.’ than excess.’ (continued overleaf)
14 Inside Sanlam | July/August 2017 15
brand / Savings Month campaign brand / SPW
Five heirs, a bank vault and
two fortunes squandered
Smart behaviour
‘Mna Nam gives people the power to choose if and
when they want to save,’ Yegs says. ‘This is vital from
a behavioural economics perspective – the easier an
action is, the more likely people are to perform it.’
Technology talks to people
on their terms and gives
access to the majority. If you ‘The
can see your contributions
campaign
are enabling a greater In a real-life simulation by Sanlam Private generation. With statistics to build resilience. Social media
goal, you’re more likely makes the saying a huge portion of this exacerbates this – our worth is
Wealth (SPW), five wealthy South African
to keep saving. fashion won’t be preserved or grown by externalised according to what
‘Sanlam is proudly African heirs were given a major reality check heirs, we wanted to understand we see online, rather than an
space a
and we are deeply ingrained when they realised their entire fortune why this keeps happening – and internalised sense of self.’
in the society of this country,’ place for what can be done to fix it.’ Marteen Michau, Head of
she says. ‘We believe we could easily be used up in minutes. According to Money magazine, Fiduciary and Tax at SPW, says
frugality
S
have the legacy, competence almost 80% of parents today there’s a need for different
and emerging-market rather than PW’s latest brand Head of Marketing and don’t believe their children are generations to hold a round-table
understanding to contribute excess.’ campaign shows Communications at SPW. properly prepared to safeguard discussion at which they share
to improving South Africa’s five offspring ‘It highlights the importance their inheritance. The Wall stories, and agree on values and
Trurman Zuma
poor savings culture. from two wealthy of expert wealth management Street Journal has echoed this long-term goals in order to create
‘It’s important for us that Johannesburg families locked for the next generation of sentiment, stating that 70% of a family manifesto and a clear
the Mna Nam campaign in a bank vault with their high net worth families and affluent families will lose their wealth plan.
goes beyond Savings sizeable inheritances laid out allows our brand to resonate wealth by the second generation ‘A large portion of wealth
Month and kick-starts in front of them in cash. with both older and younger and 90% by the third. is lost because heirs are
a crucial conversation that’ll Asked to follow prompts generations. Jamey says while there’s no unprepared to inherit. We’re
have long-term positive on a screen, the heirs ‘The topic of generational easy fix, a big part of the solution hoping our simulation will start
implications for people’s systematically throw away wealth transfer is highly lies in opening up the channels the open discussions around
saving behaviour.’ bundles of notes for taxes, relevant to our target market of communication, and having wealth that could change this.’
estate duties, start-up costs and creates the perfect those ‘courageous conversations’
for business ventures, cars, platform from which to about money from which many Family 1
How to save houses, clothes and holidays.
Within minutes, the vast
profile SPW’s extensive
offering,’ she adds.
families shy away. IT academy and cigar lounge
mogul Nomfundo is a single mom
with Mna Nam
to aspiring fashion designer Lwazi (18,
majority of the fortunes Social media influence left) and Kwanda (13), who wants to
are ‘spent’, leaving them Courageous Psychologist Angela Hough- become a soccer star.
• Visit youtu.be/GSZTCb_m5ZQ
The Mna Nam bracelet and limited-edition card design
facing the prospect of a far conversations Maxwell agrees. ‘What’s needed
Images: Getty Images and supplied
more modest lifestyle. Jamey Lipschitz, Head of is a dialogue around family
especially for all Wealthsmiths™ have an integrated
QR code linked to a WeChat Savings Wallet, powered
Wealth Management at SPW, values and stories in general, with Family 2
by Standard Bank. To start saving with Mna Nam by
Generational wealth says the world is about to wealth being just one aspect of Go-getter dad Stanley failed twice
before his jacuzzi business took
transferring funds into your Savings Wallet, follow the
transfer see the largest ever inter a larger conversation,’ she says. off, and incessantly spoils his three
‘The simulation provides generational transfer of wealth. ‘When children are given daughters, (from left) Lieneke (14), the
simple steps at the back of the card. baby of the family, aspirational activist
a fresh, relatable take ‘Over the next 20 years, everything too easily, the
• Download the WeChat app on your smartphone and Sheri (22) and would-be wedding
on traditional financial 500 super-rich will transfer value of money is lost, and planner Chrisley (24).
sign up.
education,’ says Anèl Grobler, about $2,1 trillion to the next there’s not enough adversity • Visit youtu.be/Nr6MWGJrbn0
• Click ‘+’ in the top right to scan the Mna Nam QR code
and tap ‘follow’.
• Click ‘save’ to get started and link your debit card.
If you don’t have a WeChat Wallet, First-hand
follow the prompts to set one up.
• Now you can start saving to your
experience
Visit www.thefamilyfortune.co.za
WeChat Wallet every time you to step into the virtual vault and
experience the future of your own
click ‘save’. wealth. You can also view the
simulation.
A limited number of Mna Nam bracelets are available
to staff. To order yours, complete the form at http://
intranet.sanlam.co.za/sites/Campaigns/MnaNam
16 Inside Sanlam | July/August 2017 17technology / online safety
Retail store employees read
Many cybersecurity threats experienced by corporates a ransomware demand for
the payment of $300 worth
and individuals originated as large-scale nation state of bitcoin on company
computers infected by the
operations – and Sanlam is also at risk of being targeted. Petya ransomware in Kiev,
Ukraine, on 28 June.
Cyber risk:
agreements and support. So it’s very much longer sufficient to simply build a firewall
The an issue for an organisation like Sanlam.’ or defence system. The constantly evolving
Dark This means nation state-sponsored arms race of malicious code means these
war, crime, hacking
cyber weapons are now available for would be breached by a significant attack.
Web ‘sale’ to anyone interested, regardless of The good news is that the ‘threat actors’
A term that describes motivation or skill level. For example, the actually follow a seven-step process, one
websites that exist
on an encrypted Shadow Brokers, a Russian cyber gang documented by military conglomerate
network. It can’t believed to be behind the WannaCry Lockheed-Martin and dubbed the ‘kill chain’.
or what?
be found using
traditional search
outbreak, are promising a fresh load Put simply, this involves gaining access to
engines or visited of US National Security Agency (NSA) an IT system, planting a hidden ‘weapon’
by using traditional attack tools on a monthly subscription or piece of code in it, and then activating
browsers. It’s only
accessible by means basis – like a wine-of-the-month club it to achieve specific objectives. These fall
of special software, for cybercriminals. into four broad categories: encryption,
so users and website For a price, you can buy ransomware surveillance, fraud and sabotage.
operators remain
O
anonymous or that will encrypt all files on a target’s Encrypted systems are frozen or hidden
n 27 June 2017, the world the system it would eventually cripple – the untraceable. machine or even the whole disk until they from their users, usually to extort a bribe.
experienced one of the most stuff science-fiction movies are made of. pay to release them. Surveillance involves spying on a machine to
advanced and widespread Like the WannaCry attack in May, a recent get sensitive data from it. Fraud is just fraud,
ransomware attacks in history. Trial run assault on US telecoms provider IDT relied albeit possibly automated, while sabotage is
The attack affected Ukraine’s central bank In June this year, a report analysing Crash on cyber weapons developed by the NSA about destruction, pure and simple.
and infrastructure, global advertising group Override sent out a warning to the world: that were leaked online in April.
WPP and Russian oil conglomerate Rosneft, this was not just an isolated extension of Some predictability
among others. military manoeuvres in the Crimea. It was Everything is connected The good news is that no matter what their
Images: Getty Images and supplied Sources: Businessinsider.com, pcadvisor.co.uk, whatis.techtarget.com
The ransomware, dubbed ‘Petya’, came a trial run. Future attacks are imminent So many cyber attacks are indeed just trial objectives, if the bad guys’ actions follow
hot on the heels of May’s WannaCry and will render even more well-protected runs – a sobering taste of things to come. a process, they’re also predictable. And if
outbreak, which was nipped in the bud systems vulnerable the world over. The ‘In a world where the internet of things their actions are predictable, then they will
when a junior working for a security firm hackers are getting better. (IoT) connects every object around you in be – to some extent at least – preventable.
found an unlikely chink in the code’s armour. ‘Nation states with considerable capability a communications system, these everyday ‘We’re not helpless,’ Johan says. ‘If they
But the scary thing about both attacks was are building these weapons using some of objects will have software that describes, follow a process, then we can follow a
not their enormity, but that security experts the largest teams containing the best brains, analyses, measures, passes on information process.’
knew they were coming. and being funded by serious amounts of and responds to commands. So the cyber • In our next article we’ll look into the
Since hostilities with Russia resumed money,’ says Johan Marnewick, Head of threat moves from information and the monitoring and response capabilities
when Vladimir Putin invaded the Crimean Group IT. organisational realm to the physical and that form the core of Sanlam’s cyber
Peninsula in 2014, Ukraine has experienced a It’s tempting to dismiss these incidents potentially personal,’ Johan says. resilience strategy and meet some of
series of cyber attacks that have shut down as large-scale global issues that couldn’t Sanlam’s cyber warriors.
significant portions of its power utilities and possibly affect your average Sanlam Television attack
plunged its capital, Kiev, into a blackout.
The first assault, in December 2015, is
employee or client. Isn’t comparing an
international cyber attack with a local
The ‘All smart TVs run software. Your home
could therefore be attacked via your
famous because it was the first cyber attack company’s cybersecurity the same as internet television set. Recently, a group hacked into
to specifically shut down a public power comparing a Syrian missile strike with of things a self-driving car and even demonstrated
grid. A year later the grid went down again, a street mugging? The IoT is the that they could make the brakes fail.
network of
and this time the code used was far more ‘At the moment, when cybercriminals Johan Marnewick
connected objects
sophisticated and deadly. Cyber weapons on the Dark Web that can collect target a hospital, for example, it’s usually
While the first attack gained remote Not quite, according to Johan. ‘These cyber and exchange data the hospital’s information systems getting ‘For an organisation like
using embedded
access for hackers to manually sabotage the weapons get leaked into the Dark Web, sensors, such as hacked. But what would happen if an Sanlam, it’s no longer
grid, the second, dubbed Crash Override, where almost anyone can access them. Polish Prime Minister Beata Szydło holds a press vehicles, lights, individual’s life support was compromised?
was automated and autonomous, with an In fact, an entire economy has been built
conference about the Petya ransomware attack refrigerators and This is the future, and it’s downright scary.’
sufficient to simply build a
in Warsaw on 28 June. Poland was among the other appliances.
invisible script gathering information inside around them, complete with service-level countries hit by the recent attack. For an organisation like Sanlam, it’s no firewall or defence system.’
18 Inside Sanlam | July/August 2017 19You can also read
