Sanlam poaches top talent
Sanlam has hired MMI’s Momentum Corporate division CEO, Thinus Alsworth-Elvey to head its special projects division. Liberty chief marketing and communications officer Sydney Mbhele will be joining Sanlam as its new brand executive.
Sanlam has hired MMI’s Momentum Corporate division CEO, Thinus Alsworth-Elvey, to head its special projects division.
Liberty chief marketing and communications officer Sydney Mbhele will be joining Sanlam as its new brand executive.
Sanlam’s announcement follows a statement issued by MMI on Wednesday morning saying Alsworth-Elvey had resigned with effect from March 31 and that it is in the process of appointing his replacement.
A third appointment announced by Sanlam is the promotion of the HR officer of its investment group division, Jeanett Modise, to HR executive of the overall group.
All three will be members of its group executive committee.
“These appointments will bring increased diversity to the group and they affirm that our commitment to transformation is both at a business and executive level,” Sanlam CEO Ian Kirk said in the statement.
“We are also continuing to grow and attract top talent that is required for us to execute our strategy and meet the demands of the market opportunities and new initiatives for which we are gearing up.”
Sanlam has been flourishing in a market where shrinking disposable income is forcing consumers to review their life insurance costs. In the 10 months to October 2018, it increased new business volumes by 3% while other insurers’ remained under pressure.
Sanlam’s market share increased from just 14% about 14 years ago to 21% by the end of 2017 while MMI and Liberty lost 7% and 4% respectively, according to the latest market share monitor by global financial services firm UBS.
MMI and Liberty are in the midst of strategy overhauls to focus on their core markets and products while Sanlam is expanding its footprint to new markets across the globe. The acquisition of Saham Finances in September 2018 will give it a direct presence in 33 African nations.
THESE WILL BRING GREATER DIVERSITY AND AFFIRM OUR COMMITMENT TO TRANSFORMATION AT EXECUTIVE LEVEL