Sanlam Vida Set For New Heights
Mozambican life assurer NICO Mozambique Vida has officially rebranded to Sanlam Moçambique Vida Companhia de Seguros S.A as at 27th August, 2015. This follows a 51% acquisition by insurance giant Sanlam, through its subsidiary Sanlam Emerging Markets (SEM) in February 2015.
“We applied for a name change to leverage off our new partner, Sanlam. The company has also expressed its intention to recapitalise Sanlam Vida following its recent acquisition. A second cash injection will give us the boost we need to take the business to new heights,” says Sanlam Vida CEO, Simba Manunure.
The company’s transformation emanates from a 3-5 year operations management plan between the NICO Holdings Group and human capital development organisation - the African Management Services Company (AMSCO). The partnership led to the growth of Sanlam Vida from a start-up to one of the country’s most coveted insurance companies in just 3 years.
Seconded to Nico Mozambique Vida by AMSCO in 2011 to establish operations and oversee all administrative, technical and marketing challenges, Simba Manunure has over 18 years’ experience in the insurance industry. He was later joined by a Financial Controller also seconded by AMSCO to assist with all technical operations within the company’s finance department.
“AMSCO’s development intervention was clear. We had to support the business to become competitive, and sustainable. Focus was on installing management systems, strengthening internal capacity and ultimately improving operational efficiency” says Paul Malherbe, CEO & Managing Director for AMSCO.
According to Manunure, they were quite ambitious in their approach in the first year but soon found that things were different on the ground. One of the strategies that have led to their evolution is the strong partnerships the company has built with key distribution channels such as brokers and banks. Whilst Group Life business remains the dominant source of income, plans are underway to increase sales of Individual Life business.
Despite some initial financial and market limitations, Sanlam Vida is now one of the fastest growing insurance companies in Mozambique. The company’s market share has increased significantly from 0.5% in 2012 to 5% in 2014, recording a gross premium income of US $1.8 million in the last financial year. Manunure is optimistic about the company’s growth and development and believes that now is the time to start selling and reap the rewards.
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About Sanlam Vida
Sanlam Life Insurance/Sanlam Vida began operations in June 2012. The first Mozambican company to be established solely as a Life Insurance company, Sanlam Vida currently insures over 18 000 lives. This includes both individual and group life insurance (including personal accident and savings products) as well as pension fund administration. Its major distribution channels are brokers, banks, tied agents and direct.
About AMSCO
African Management Services Company (AMSCO) is a pan African organisation that provides integrated human capital development solutions to private and public businesses across sub-Saharan Africa. AMSCO has over 26 years evolved to become the leading advisory solutions provider; working to address the issue of market systems and capacity failures through management and skills development.
For more information please contact:
Mpho Kgosidintsi
AMSCO Marketing and Communications Manager
mpho.kgosidintsi@amscobv.com
+27 11 219 5051
Sphelele Nxele
AMSCO Marketing and Communications Officer
sphelele.nxele@amscobv.com
+27 11 219 5034
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