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- Part of Old Mutual\u2019s plan involves selling a broader array of financial services to its 6 million customers in South Africa, where it makes 80% of its earnings. Local insurers and banks, including Sanlam Ltd. and Standard Bank Group Ltd., are all fighting for clients to beat a recession in their home market.<\/li>\n<\/ul>\n
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- \u201cIn the South Africa market we still see quite a number of pockets of growth.\u201d<\/li>\n<\/ul>\n
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- \u201cThere\u2019s a big opportunity to utilize what we know from customers to provide a really meaningful, wider offering. There\u2019s many that probably last bought something from us 10 or 20 years ago because of the nature of our businesses.\u201d<\/li>\n<\/ul>\n
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- The insurer\u2019s main battlegrounds for the next 10 years include more cost savings, expanding and defending market share in South Africa, turning around its operations in East Africa, and investing in technology.<\/li>\n<\/ul>\n
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- Business has improved each month since hitting their lows in April.<\/li>\n<\/ul>\n
![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2020\/11\/Cheapest-Insurer.jpg\")
<\/a><\/p>\nGoing Digital<\/strong><\/p>\n
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- The 175-year-old firm is in talks with fintech players to create an ecosystem that will make it easier for customers to add more products.<\/li>\n<\/ul>\n
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- It\u2019s also working on taking its entire business digital, has already deployed 151 robots to cut processing times, and equipped advisers with the technology they need to function when they can\u2019t physically meet clients.<\/li>\n<\/ul>\n
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- The insurer has partnered with Amazon Web Services to modernize its technology, launched a fresh website and a new app.<\/li>\n<\/ul>\n
CEO Transition<\/strong><\/p>\n
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- \u201cIt\u2019s been a strange transition\u201d with the change from interim CEO to having the job permanently.<\/li>\n<\/ul>\n
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- The announcement was made on a Friday and he officially started on the Monday, July 6. But nothing much had changed.<\/li>\n<\/ul>\n
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- \u201cAll the meetings are the same, the diary is already set up in advance. Your time horizon does shift slightly in having confirmation it\u2019s a longer-term appointment, so that\u2019s been good.\u201d<\/li>\n<\/ul>\n
- The announcement was made on a Friday and he officially started on the Monday, July 6. But nothing much had changed.<\/li>\n<\/ul>\n
- \u201cIt\u2019s been a strange transition\u201d with the change from interim CEO to having the job permanently.<\/li>\n<\/ul>\n
- The insurer has partnered with Amazon Web Services to modernize its technology, launched a fresh website and a new app.<\/li>\n<\/ul>\n
- It\u2019s also working on taking its entire business digital, has already deployed 151 robots to cut processing times, and equipped advisers with the technology they need to function when they can\u2019t physically meet clients.<\/li>\n<\/ul>\n
- The 175-year-old firm is in talks with fintech players to create an ecosystem that will make it easier for customers to add more products.<\/li>\n<\/ul>\n
- Business has improved each month since hitting their lows in April.<\/li>\n<\/ul>\n
- The insurer\u2019s main battlegrounds for the next 10 years include more cost savings, expanding and defending market share in South Africa, turning around its operations in East Africa, and investing in technology.<\/li>\n<\/ul>\n
- \u201cThere\u2019s a big opportunity to utilize what we know from customers to provide a really meaningful, wider offering. There\u2019s many that probably last bought something from us 10 or 20 years ago because of the nature of our businesses.\u201d<\/li>\n<\/ul>\n
- \u201cIn the South Africa market we still see quite a number of pockets of growth.\u201d<\/li>\n<\/ul>\n