Lion of Africa Insurance again awarded level 1 BEE rating

CEO of Lion of Africa Insurance, Adam Samie

Lion of Africa Insurance Company Limited (Lion of Africa Insurance) has maintained its Level 1 Broad-Based Black Economic Empowerment (B-BBEE) status.

According to the CEO of Lion of Africa Insurance, Adam Samie, the company are pleased to announce that they are still the only insurer in South Africa to receive and maintain a Level 1 status, which is largely owing to our maintained focus on skills development, preferential procurement spend and social responsibility.

“Skills development and transformation are crucial, prominent insurance providers need to review their approach to in-house training programs, in order to meet key transformation goals in South Africa’s fast-growing short-term insurance sector, especially at Senior and Executive Management levels,” says Samie.

The company was measured on the seven elements of the BBBEE Codes of Good Practice, namely ownership, management control, employment equity, skills development, preferential procurement, enterprise development and socio economic development - by the SANAS accredited BEE-Matrix verification agency.

According to Samie, the key measure of transformation success will be the manner in which government further encourages financial services companies to participate in training programmes. He adds that many local businesses currently bemoan the standard of education and graduates entering the workplace, but do very little to improve skills internally.

Samie advises all companies, especially those operating in the financial services space, to take a lot more responsibility by developing and running in-house training and education programmes in conjunction with Sector Education and Training Authorities, at both matriculant and graduate levels.

“Transformation in the private business sector should be about contributing to the broader development of South Africa’s economy through the empowerment of previously disadvantaged communities. By continuing with transformation, we begin to become in tune with the needs of the previously disadvantaged communities, and we begin to be able to develop products and services that are more suitable for these underserviced and previously marginalized communities. This may also enable us to export these products and services to other African markets and other emerging economies globally.”