The alliance will enable Allianz and Sanlam to combine their existing and future operations in 29 African countries, becoming the continent's largest non-bank financial services provider. By merging Sanlam's expertise on the continent with Allianz's global capabilities and insurance solutions, it intends to expand the life and general insurance penetration, accelerate product innovation and promote financial inclusion in high-growth African countries.
"In accordance with our enterprise strategy of expanding our leadership position through scale and new partnership models, Allianz is pleased to accelerate its growth in this critical region through a partnership with the undisputed market leader," said Christopher Townsend, a member of Allianz SE's board of management.
"Sanlam's strengths enable us to expand our local footprint and market penetration. The joint venture enables us to develop leadership positions in Allianz's major growth markets." Additionally, Sanlam shares our firm values, our mission of protecting the future for our clients, and our generational approach to growth in new areas."
Allianz and Sanlam anticipate that the combined entity will rank in the top three in most markets. It will operate and have a combined total group equity value (GEV) of more than 33 billion South African Rands (about €2 billion). Namibia will be included in the united entity at a later point, but not South Africa.
Sanlam group CEO Paul Hanratty stated that the transaction would bolster the company's leadership position in several critical markets that are critical to the company's objective of building quality and scale in Africa.
Sanlam group CEO Paul Hanratty stated that the transaction would bolster the company's leadership position in several critical markets that are critical to the company's objective of building quality and scale in Africa.
The chairmanship of the joint venture partnership will rotate every two years between Allianz and Sanlam, with a CEO to be chosen in due course. Additionally, the agreement is subject to several antecedent conditions, including receiving relevant approvals from competition authorities, financial/insurance regulatory agencies, and any customary restrictions applicable to Sanlam and/or Allianz in each region.
Briisk would like to congratulate both powerhouses on their partnership and look forward to much-needed insurance penetration in emerging markets.
Briisk is a high-growth technology company. Our core service is an instant transaction platform for digitising the insurance and financial services sector.
> Digitising Insurer products & services > Connecting to Scalable distribution channels > Engaging with Uninsured & underinsured customers > Policy production flow End to end.
Insurance is fundamental to our lives, offering protection and security when the unexpected strikes. This article will explore the different types of insurance and their vital roles. We will also delve into insurance history, including the Great Fire of London and the influential figure often credited as the father of insurance, Elizur Wright. Additionally, we will […]
The insurance industry, often referred to as the backbone of financial security, serves as a safeguard against uncertainties and risks that life throws our way. As we examine the current state of the insurance industry, it becomes evident how important insurance really is. The industry is undergoing a transformative period due to emerging technologies and […]
Insurance companies face the challenging task of effectively managing massive amounts of data while striving to enhance operational efficiency and provide exceptional customer experiences in today's fast-paced and data-driven world. An effective response to this problem is a cloud-based platform. Interestingly, the insurance sector has seen a notable shift in perception as insurers and their […]
Insurance intermediaries connect customers with the right products in the rapidly evolving business landscape. However, intermediaries face numerous challenges, including time-consuming administrative tasks and the need to stay productive in a highly competitive market. Fortunately, introducing insurance technology has started a paradigm shift, empowering intermediaries to automate processes, increase productivity, and ultimately boost business revenue. […]
The insurance industry has traditionally been known for its slow, manual processes. But with the advent of new technologies, there is a growing trend towards digitisation and automation in the industry. In South Africa, underwriting management is undergoing a digital transformation, and new technology in the market disrupts the way things are done. Automated Underwriting […]
What is payment technology? Payment technology is a system that digitally coordinates financial transactions between two parties using APIs. This is referred to as an electronic payment which can be facilitated via Payment Service Providers (PSPs). What is a PSP? “Payment service providers are an important part of the payment ecosystem. For any business that […]
Allianz, one of the world's largest insurers with a century-long foothold in Africa, has joined forces with Sanlam, the continent's largest non-bank financial services company. The alliance will enable Allianz and Sanlam to combine their existing and future operations in 29 African countries, becoming the continent's largest non-bank financial services provider. By merging Sanlam's expertise […]
In this interview, Rahul Khajuria, Vice President of Kotak Mahindra Life, talks about the full-stack Briisk Instant Transaction Platform. Kotak Life successfully introduced an innovative on-demand micro life insurance in rural India, to promote financial inclusion in emerging markets. We spoke with Rahul Khajuria, Vice President of Kotak Mahindra Life, about how they used the […]
InsurTech firms are having a transformative effect on the insurance industry. Studies show that at least 86% of insurers think their revenues will be at risk from future technological disruption – and perhaps nothing demonstrates this better than the rise of game-changing InsurTech. So what caused the rise of InsurTechs? And why was it essential? […]
This interview with our founder and joint CEO Hanno van Aarde is about the challenges that brokers face in the digital age and solutions to bring about digital transformation. We are especially looking at how due to the COVID-19 pandemic and the ensuing lockdowns the modern insurance broker has to find digital ways of how […]