Sanlam Business Model Canvas

Independent brokers and IFAs give Sanlam access to corporate and affluent segments across its 34-country footprint, tapping an institutional and HNW client base that complements direct channels. Aggregator platforms expanded digital reach in 2024, improving price transparency and contributing materially to online leads and application volumes. Incentive-aligned agreements focus on persistency and quality submissions, while structured training and digital tools boost case quality and compliance.

Reinsurers (global premiums ~$330bn in 2024) and co-insurance expand capacity and reduce capital volatility; bancassurance cuts CAC ~30% and pilots show ~40% cross-sell uplift; fintechs/cloud (global cloud spend ~$600bn in 2024) speed STP, onboarding and fraud detection; regional JVs across 34 markets accelerate entry, claims fulfilment and embedded protection.

Fast, fair claims handling is core to Sanlam’s retention strategy, with digitized FNOL, fraud analytics and straight-through processing cutting cycle times and dispute rates. Digitization initiatives in 2024 saw many insurers report ~70% improvements in speed-to-pay and customer satisfaction. Policy administration enables timely endorsements, renewals and beneficiary changes while service KPIs (turnaround, claims accuracy) drive NPS and persistency.

Underwriting, pricing and ALM drive profitable growth across life, health and P&C; Sanlam manages over R1 trillion in assets (2024) with ORSA-led capital planning, digitized claims cutting speed-to-pay ~70% and modular products embedded in partner journeys to shorten time-to-market.

Sanlam's strong solvency cover (around 2.0x in 2024) underpins growth, supports guarantees and with‑profits liabilities and enables strategic capital allocation. Robust liquidity buffers (circa R30bn) absorb claims spikes and market shocks while preserving client confidence. Integrated investment platforms deploy AUM of about R1.2 trillion efficiently across mandates. Investment‑grade ratings (A‑) lower reinsurance and funding costs.

Sanlam’s R1.2tr AUM and recognised brand across 34 countries drive distribution and pricing power; solvency cover ~2.0x and liquidity ~R30bn support guarantees and shock absorption. Core talent—actuaries, underwriters, portfolio managers and advisors—plus CRM, APIs and data lakes enable scale and personalised retention. Investment‑grade A‑ rating and R1.1tr administration scale lower funding and operating costs.

Sanlam’s pan-African footprint spans 30+ markets, combining on-the-ground teams that adapt to regulatory and cultural nuances. Local underwriting and claims hubs in core jurisdictions improve relevance and turnaround times. Regional scale lowers unit costs and deepens product suites, while cross-border capabilities support multinationals operating across 20+ African jurisdictions.

Sanlam bundles life, health, general insurance and wealth under one advice-led platform, managing roughly R1.2 trillion AUM in 2024 to deliver coordinated, modular solutions and loyalty savings. Pan-African scale (30+ markets, cross-border capability in 20+ jurisdictions) lowers unit cost and improves local relevance. Strong capital/reinsurance (backing ~R1.3 trillion in 2024) and faster claims turnaround support dependable payouts.

Dedicated key-account and broker-management teams service corporate clients and intermediaries, leveraging Sanlam Group scale (around R1.2 trillion assets under management in 2024) to allocate specialist underwriting and claims resources.

Strict SLAs, real-time dashboards and underwriting clinics have shortened placement cycles and improved hit-rates, while co-marketing and training programs expand distribution capacity and lift product quality.

Continuous feedback loops from brokers and corporates feed product upgrades and pricing refinements, driving retention and higher-margin business.

Sanlam (106 years in 2024; AUM ~R1.2tn) combines face-to-face and digital advisors to drive long-term retention, cross-sell and referrals. 24/7 portals and bots handle ~70% routine queries, cutting service costs up to 30% and boosting engagement 20–40%. Proactive lapse prevention and rewards reduced cohort lapses by up to 15% in peer programs.

Bank branches and apps embed protection at point of need, driving credit life and savings wrappers that align directly with lending and deposit products; bancassurance channels account for about 40% of life premiums globally (McKinsey 2023). APIs power fintech and super-app placements, with open-banking integrations exceeding 70% in leading markets (2024 Open Banking Monitor). Leveraging existing bank customer bases lowers CAC by a material margin versus direct channels.

Sanlam uses a multi-channel model: 7,000 tied advisers and local branches deliver branded advice and compliance; independent brokers/IFAs access affluent and corporate clients; bancassurance and APIs embed protection at point of need; direct digital platforms drive quote-bind-claim and STP. Training, CRM and co-developed propositions boost conversion and lower CAC.

Package policies for property, liability and employee benefits tailored to SMEs and mid-market firms, with cashflow-friendly premiums and embedded risk services; advisory support for compliance and continuity and fast claims to keep operations running — addressing needs of the global SME sector, which comprises about 90% of businesses and provides roughly 50% of employment (World Bank data).

Mass retail demands low‑ticket protection and mobile onboarding; digital channels drove >40% of new retail acquisitions in 2024. Affluent/UHNW need bespoke wealth, trust and confidentiality; Sanlam reported ZAR 1.2 trillion AUM in 2024. SMEs seek package policies and fast claims; corporates require captive solutions and multi‑country placement across 34 African countries.

Operating and technology expenses at Sanlam—staff, systems, data and cloud—sustain scale while modernization initiatives in 2024 target lower run-rates through platform consolidation and legacy retirement. Cybersecurity and compliance tooling remain essential to protect client assets and regulatory standing. Ongoing process automation reduces per-unit costs and supports margin improvement. Investments prioritize cloud-native platforms and data governance to enable scalable growth.

Claims and benefits are Sanlam’s largest cost driver with FY2024 payouts of R67.4bn; distribution and acquisition costs were R9.1bn in FY2024, with ~12% of that spent on affinity/platform access. Operating, reinsurance and regulatory costs compress deployable capital and raise ongoing OPEX.

Planning, advisory and wrap-platform charges form core recurring revenue for Sanlam, supported by R1.2 trillion in client assets under management (2024). Model portfolios and discretionary mandates attract incremental, higher-margin fees that lift overall advisory income. Transparent pricing and detailed platform reporting improve retention and reduce churn. Active cross-sell across insurance, lending and investment products raises wallet share and client lifetime value.

Recurring premiums from retail, SME and corporate policies are Sanlam’s core revenue, supported by group AUM of about R1.2tn and recurring premium inflows >R30bn in 2024. Asset-management and platform fees on ~R1.1tn AUM diversify fees while persistency >80% sustains lifetime value. Investment, performance and profit‑sharing income add cyclically to net revenue.