Sanlam Uganda, one of the leading insurance providers in Uganda has today announced that it is rebooting its business to become a purpose-led organization, focused on giving millions of Africans the chance to live with financial confidence. In the next two to three years, the continent’s largest non-banking finance group plans to catalyze this purpose through an expanded product offering, data and digital transformation, empowerment, building a future-fit culture, innovation and partnerships.
While Sanlam has been on a journey to place purpose at the heart of everything it does, the advent of COVID-19 solidified the urgent need for the corporate sector to play a more meaningful role in society, by moving away from being led by profit to a place of providing empowerment and ensuring deep societal impact.
Gary Corbit, the CEO of Sanlam General Uganda, said, “The repositioning of Sanlam has come as a natural progression for us. We have built a reputable foundation in the Insurance and Investment space, with amazing long-standing clients. So, the question we need to ask ourselves is, ‘how can we be better for our customers?’ The answer is simple: Through our innovative use of artificial intelligence, a Confidence Coach chat-bot will soon be on hand 24/7 to help ensure ever-greater levels of financial literacy. Increasingly, we ought to move from independent entities and products to an integrative approach toward our client’s finances”.
“Given the uncertainty that still exists due to COVID-19, it is fundamental that we continue to fulfill our fiduciary responsibilities, adapt operations, and innovate smartly to run successfully in a shifting world. With this, we can guarantee to deliver high-quality customer service during a time when customers need it the most.”
According to the International Monetary Fund (IMF), financial inclusion is synonymous with increased economic growth, reduced income inequality and accelerated GDP growth. However, globally, more than 1.7 billion adults remain unbanked. The World Bank’s Global Financial inclusion report found the financial systems of many African countries remain underdeveloped compared to other developing economies, despite focused reforms in the last two decades.
Progress is often halted due to the digital divide, social and political instability, unemployment, and unequal opportunities for women.
The purpose ‘live with confidence’ will be brought to life through a range of initiatives, including new data- and AI-led innovations such as a Confidence Coach Chat-bot to upskill financial literacy, an Annual Financial Confidence Index to pinpoint regions where capacity building is imperative, and the launch of a financial literacy TV game show, Sanlam Moola-Money in April. Nicholas Lutakome, CEO Sanlam Life Uganda, said that, “the new purpose means giving Ugandans the chance to live with financial confidence. Sanlam Life Insurance will continue to provide solutions that are tailor-made to fit individual financial needs, lifestyles, circumstances and goals. We seek to
protect you against the sudden loss of or damage to your property and other possessions, which could place a significant financial burden on you and your family.”
Mugalya Mubbale, Country Head Sanlam Investment commented saying that, “if you might recall, of the total assets under management by fund managers in Uganda, Sanlam Investment East Africa held the lion’s share of assets under its management at Shs. 1.55trillion for the FY2019/20.”
“In the next two to three years, our journey as Sanlam, will be to catalyze our new purpose through an expanded product offering, data and digital transformation, empowerment, building a future-fit culture, innovation and partnerships,” he concluded
The Sanlam Group has long been committed to investing in Africa’s potential. As the continent’s largest non-banking financial services provider in 33 countries and counting, it invests significantly in all the communities it operates in. In 2020, Sanlam Uganda donated Ushs. 285 million to the COVID-19 National Task Force setup to combat the deadly pandemic.
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