Sanlam to lower costs in digital drive for greater market share
CEO Paul Hanratty says Sanlam will deploy capital ‘judiciously’ in digitalisation drive that also seeks to lower costs
Sanlam, Africa’s largest insurance group, plans to make greater use of digital channels to rollout its products as it seeks to lower its cost base and shift to a more efficient distribution model to grow market share.
The financial services group, which owns about 61% of insurer Santam, will deploy capital “judiciously” within its existing businesses to grow organically rather than pursue acquisitions, CEO Paul Hanratty told Business Day. Hanratty spoke after the group delivered its full-year results showing profit slumped 60% in the 12-months to end-December as the impact of Covid-19 offset growth in new business volumes during 2020...