Old Mutual Insure achieves B-BBEE Level 1

Thabile Nyaba, Old Mutual Insure’s Chief Risk Officer and Chairperson of the Insurer’s Transformation Committee

Insurer leaps three places in one year

Breaking with the incremental improvements of the past, Old Mutual Insure achieved Level 1 Broad-Based Black Economic Empowerment (B-BBEE) status. Old Mutual Insure achieved this monumental leap in just one year from level 4, by improving on all pillars that underpin the B-BBEE scorecard, but great shifts were made particularly in skills development, procurement, socio-economic development and consumer education, as well as creating access to financial services.

The B-BBEE Codes of Good Practice enable economic empowerment by driving transformation across a broad spectrum of previously disadvantaged South Africans with the aim of broadening economic inclusion and reducing inequality.

“Achieving a Level 1 B-BBEE status is unprecedented and a historic milestone on our transformation journey, especially at a time where Covid-19 is highlighting many of South Africa’s inequality challenges,” said Thabile Nyaba, Old Mutual Insure’s Chief Risk Officer and Chairperson of the insurer’s Transformation Committee.

“Despite the challenges we’re seeing around COVID-19, Old Mutual Insure remains committed to supporting a more equitable society, securing a future for all,” concluded Thabile.