NEW STRATEGY

Sanlam banks on brand repositioning to grow revenue

In Kenya, it has announced Sh49 million for corporate software reboot

In Summary
  • The campaign will see it invest in the rollout and adoption of the brand tag line ‘Live with Confidence’ in the next two to three years.
  • The Nairobi Securities Exchange-listed firm recorded a loss of Sh78 million in 2020.
Patrick Tumbo, Sanlam Kenya CEO
Patrick Tumbo, Sanlam Kenya CEO

The continental non-bank financial services provider, Sanlam has embarked on a brand repositioning agenda expected to take two to three years. 

The multi-million initiative is expected to turn around the insurer's declining earnings, with the Kenyan entity reporting a loss for the year ended December 31, 2020. 

The Nairobi Securities Exchange-listed firm recorded a  loss of Sh78 million during the year under review, a decline from the prior year when it reported a net profit of Sh114million.

The loss was attributed to negative currency movements and the impact of the Covid-19 pandemic on the value of its assets.

To commence the rebrand,  Sanlam Kenya PLC has announced a Sh49 million corporate software reboot to transform its business to become a purpose-led organisation focused on giving millions of Africans the chance to live with financial confidence.

The campaign will see Sanlam invest in the rollout and adoption of the brand tag line ‘Live with Confidence’ in the next two to three years.

The firm plans to catalyse the rebranding through an expanded product offering, data and digital transformation, empowerment, building a future-fit culture, innovation and partnerships.

The new Sanlam brand positioning that heavily focuses on financial literacy initiatives will be headlined by Portuguese professional football manager and former player José Mourinho.

Speaking during the launch held Friday in Nairobi, Sanlam Kenya Plc MD Patrick Tumbo said the Kenyan subsidiary is joining the continent to guarantee exceptional service delivery that can allow clients to live with utmost confidence.

“For us, this is not just a catchphrase but a new normal cultural transformation that will embody our daily engagements with all our clients on both the traditional and digital service delivery platforms,'' Tumbo said.

According to Sanlam CEO Paul Hanratty said the pandemic has placed such a harrowing spotlight on how vulnerable the impoverished an across the continent.

''Everyone deserves an equal chance at living a better life, at inclusion in the mainstream economy. At the intersection of financial inclusion and financial security, you find financial confidence,''

That is where we will continue to build capacity, across Africa and beyond,'' Hanratty said. 

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 1.6 million 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.

According to Hanratty, progress is often halted due to the digital divide, social and political instability, unemployment, and unequal opportunities for women.

 True inclusion goes beyond access to banks and credit. It is about ensuring the previously marginalised have access to well-functioning financial infrastructure,'' he said.