Sanlam Uganda, one of the leading insurance providers in Uganda has announced that it is rebooting its business to become a purpose-led organisation, 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 catalyse 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.”
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.
Nicholas Lutakome, CEO Sanlam Life Uganda, said the new purpose means giving Ugandans the chance to live with financial confidence. He said 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,” he said.
In 2020, Sanlam Uganda donated Shs 285 million to the Covid-19 national task force setup to combat the deadly pandemic.