This paper is intend to analyze insurance as a product offer by Santam Insurance a subsidiary of Sanlam a South African financial services group. In this paper we will look at a brief background of the company and its products. The current marketing strategies of Sanlam/Santam it objectives, target segments(s), value proposition and the marketing mix implementation. Furthermore we will diagnose the current marketing strategy and implementation. Finally we shall prescript solutions to the short comings that will be found during our analysis of the current marketing strategy and implementation.

1. Marketing strategy for a product/service case study; Santam Insurance 1
NEWTON BEZENG
COURSE CODE AND TITTLE: BUS 5112 MARKETING MANAGEMENT
UNIVERSITY OF THE PEOPLE
DATE: September 30, 2018

2. Marketing strategy for a product/service case study; Santam Insurance 2
Abstract
This paper is intend to analyze insurance as a product offer by Santam Insurance a subsidiary of
Sanlam a South African financial services group. In this paper we will look at a brief
background of the company and its products. The current marketing strategies of Sanlam/Santam
it objectives, target segments(s), value proposition and the marketing mix implementation.
Furthermore we will diagnose the current marketing strategy and implementation. Finally we
shall prescript solutions to the short comings that will be found during our analysis of the current
marketing strategy and implementation.
Insurance is a means of protection from financial loss. It is a form of risk management,
primarily used to hedge against the risk of a contingent or uncertain loss. The insurance industry
is divided into two categories; -Accident and health companies are probably the most well-
known, -Property and casualty companies insure against accidents of non-physical harm (Brian,
2018). Satam insurance a subsidiary of Salam finance is our case study, the case study will
enable us to analyze it current market strategy focusing on Africa where she recently acquired
one of Africa’s bigger insurers Saham Assurance. This gives Salam a bigger global coverage of
41 countries with 33 from the African continent.
In December 1917, a small group of Afrikaners and a Scotsman met in the Royal Hotel in Cape
Town to discuss the formation of a company which would later prove to have a major impact on
South Africa's economic history. The Suid-Afrikaanse Nasionale Trust en Assuransie
Maatskappij Beperk (South African National Trust and Assurance Company Limited), Santam,
was registered on 28 March 1918. Today, Sanlam is a diversified financial services provider with

3. Marketing strategy for a product/service case study; Santam Insurance 3
an extensive product offering catering for all market segments. The Group has consistently
grown its local as well as an international footprint (Sanlam, 2018).
Santam is a subsidiary of Sanlam who in October 11, 2018 acquires 100% of the capital of
Saham Finances; her acquisition deepens Sanlam’s direct presence in 33 countries in Africa
stretching from the Cape to the Maghreb and East and West Africa and 41 globally, giving it
unmatched access to the continent’s insurance market. Also Sanlam is present in India, Malaysia,
Philippines, the UK /Ireland, the US, Switzerland and Australia (Sanlam, 2018).
Between 2010 and 2015, Santam invested significantly in new technology enablers to assist
the commercial and personal business in realizing its strategy. An analysis of the benefits
delivered by these projects includes: − Optimizing the commercial lines contact centre’s
structures, processes and technology (an investment of R100 million) achieved improved
productivity through the reduction of headcount even though the volume of transactions has
increased by 21% since 2013. − Establishing a new technology foundation and the optimization
of online interaction channels for employees, intermediaries and clients over a period of five
years at a cost of R95 million. The main benefit is reduced call volumes and the ability to
maintain service level agreements (SLAs).
In other for Sanlam to implement the Santam product’s current marketing strategy Sanlam
technically base its implementation on the 4 P’s of marketing Place, price, product and
promotion. In implementing the place or coverage in October 2018 acquire Saham insurance to
expand its market to francophone Africa given a Santam direct presence in 33 countries in Africa
and 41 globally. Santam tailored it prices to suit the African market that is why it has little or no
resistance from its clients on the cost of it insurance products while follow strict regulations.

4. Marketing strategy for a product/service case study; Santam Insurance 4
In the light of product Santam offers benefits under short-term policies, which include
engineering, guarantee, liability, miscellaneous, motor, accident and health, property,
transportation, and crop policies, and contracts that could comprise a combination of various
insurance covers. The company also provides alternative risk transfer; long-term insurance
consisting of funeral policies; and cell captive facilities through Centric Insurance.
Santam uses promotion techniques such as: advertising, public relations, social media
marketing, email marketing, search engine marketing, video marketing and more. Each touch
point is supported by a well positioned product to truly maximize return on investment. Santam
also work with many service providers that offer exclusive discounts on services that will
improve the safety and security to its clients, their family and possessions.
Looking at the Sanlam current product Santam evaluation, the product’s current marketing
strategy and implementation is promising in the Africa market looking at it coverage. The
acquisition of Saham Finance expands it foot print to Sub Saharan Africa and the Maghreb zone
increasing it present in 41 countries in total. The Group has a direct stake in operations based in
South Africa, Namibia, Botswana, Swaziland, Zimbabwe, Mozambique, Mauritius, Malawi,
Zambia, Tanzania, Rwanda, Uganda, Kenya, Ghana, Nigeria, India, Malaysia and the United
Kingdom and has business interests in the USA, Australia, Burundi, Lesotho and the Philippines.
Following the acquisition of the SAHAM Finances Group, it has exposure to insurance
operations in Morocco, Angola, Algeria, Tunisia, Niger, Mali, Senegal, Guinea, Burkina Faso,
Cote D’Ivoire, Togo, Benin, Cameroon, Gabon, Republic of the Congo, Madagascar, Lebanon
and Saudi Arabia. (Saham Finanace, 2018).

5. Marketing strategy for a product/service case study; Santam Insurance 5
Santam is South Africa’s leading general insurer with a market share in excess of 22%. Listed
on the Johannesburg Stock Exchange (JSE), the Santam group provides a diversified range of
general insurance products and services in Southern Africa and internationally through a network
of 3600 intermediaries and direct channels. Now Sanlam taking over Saham finance who in turn
acquired Colina Insurance who was one of the leading Life insurers in Africa is good business
strategy for Sanlam/ Santam for the future.
With this great vision and expansion Sanlam/Santam has for Africa and the globe I have
noticed for now one business difficult to be face by their expansion and that is exploiting the
African market to it totality. It is true Africa has the fastest growing population and great
business opportunities, off course there is the need for insurance services, the question is; at what
price and cost looking at the realities doing business in the African continent. The solution to this
is for Santam/Sanlam dive very quickly into micro insurance products for the African continent.
The term "micro insurance” typically refers to insurance services offered primarily to clients
with low income and limited access to mainstream insurance services and other means of
effectively coping with risk (Micro Insurance Network, n.d.).
To conclude, it is eminent that at 100 years of Satam/Salam existence it has emerged as a
global brand as she has grabbed a bigger share of the insurance marketing in Africa. This is
through the acquisition of Saham Assurance and working with more than 3600 service
companies in the provision of the services to the African continent and the world at large. None
there less developing a more tailored insurance product to the African continent to meet up with
the financial capacity of the African man will be a plus to the growth of Satam/Salam.

6. Marketing strategy for a product/service case study; Santam Insurance 6
References
Sanlam, (October 29, 2018). About our history.
Retrieved from; https://www.sanlam.com/about/Pages/history.aspx
Saham Finanace, (October11, 2018). All systems go for major Sanlam Emerging Markets deal.
Retrieved from; http://www.saham.com/sites/default/files/Press%20announcement.pdf
Micro Insurance Network, (n.d.). Key concepts
Retrieved from; https://microinsurancenetwork.org/microinsurance/key-concepts
Brian, B. (July 25, 2018). How does the insurance sector work? Investopedia.
Retrieved from; https://www.investopedia.com/ask/answers/051915/how-does-insurance-
sector-work.asp
Annexes
https://www.santam.co.za/media/4134/strategic-overview.pdf