Sanlam re-brands to better reflect core business values
Humans associate certain thoughts and emotions towards a certain brand. They identify with that brand and assign certain amounts of trust and peace of mind towards it accordingly. The re-innovation of an iconic brand is a long well thought-out process which takes a lot of planning and discussion.
Off the back of its 96th birthday celebration, Sanlam, one of South Africa’s oldest insurance companies, has launched its refreshed new brand in an effort to more accurately portray its vision of being a fully diversified financial services group.
A fresh look for a fresh approach
As part of the refresh, Sanlam’s iconic logo has been updated and a new positioning and brand architecture developed.
Yegs Ramiah, Chief Executive of Sanlam Brand, explains, “As a major South African listed entity, it is crucial that Sanlam remains a competitive financial services group which contributes significantly to the South African economy. As such, we believe it is important to periodically invest in the Sanlam image and renew the energy of our brand. A robust brand contributes to stronger business performance which is ultimately to the benefit of employees, clients and shareholders.”
One of the main objectives of a brand is to capture the essence of what the business is, and this was the major purpose of the new branding with particular focus on the payoff line. Ramiah adds that the new pay-off line, Wealthsmiths, is a simple description of what Sanlam does and what it believes in.
“It represents the company’s pragmatic approach to doing things. It also represents the company’s appreciation for the raw materials, clients money, with which the company works. Wealth does not come easy, and Sanlam takes its role in this process seriously,” says Ramiah.
One brand to define them all
In the past, Sanlam had a specific sub brand for each of its individual businesses in order to create a culture of entrepreneurship within the company. The use of one flagship brand for all of its individual brands will help the public to identify with the company and will communicate the company’s offering in a simpler and more unified way.
“We will now go to market with a set number of expertise fields: insurance, financial planning, investments, retirement and wealth. This will make it easier for consumers to navigate the business and allow us to demonstrate the breadth of the group’s offering,” she adds.
Sanlam Group Chief Executive, Dr Johan van Zyl, says the public’s acceptance of the new brand will be positive.
“Our business has expanded and diversified over many years, with our footprint now spanning over 15 countries across five continents, offering expertise and experience to our partners, world class products and services to our clients and growing value for our shareholders. Intrinsic to this growth and our satisfactory performance over the years is a strong focus on our strategy as well as one of our most valuable assets, our brand. The exercise to revitalise our brand is in line with the progress we are making as a company and as our business diversifies, it is important for us to ensure that our brand continues to reflect the essence of what we are and what we do. The time has come for us to tell our story with conviction and pride, and about how we are ensuring the sustainability of this business into the future.”
Targeting a diverse market
Although always operating within the life insurance market, Sanlam has targeted a wide audience as the company evolved. You can follow this link to view a comprehensive time line on the company’s expanding target market. However, it is important to take note some of the developments in the company since 1997.
In 1997, Sanlam Personal Portfolios entered the market as a linked investment service provider and entered into agreements with offshore fund managers. In 2000, Sanlam started to target the affluent market through a joint venture with Macquarie Bank of Australia.
2005 was the year in which Sanlam focused on further extending its international footprint. The company acquired a 26% stake in Shiram Life in India, a majority stake in Channel Life as well as a stake in African Life Assurance. The last acquisition was an important step in gaining access to business partners in Ghana, Tanzania, Zambia, Kenya and Botswana.
Since these deals, the company expanded into Uganda, Malawi, Nigeria and Mozambique as well as South East Asia with a business partnership in Malaysia.
Advisers still remain key
As with any rebranding, a key part of Sanlam’s thought process was to re-design the brand with the adviser in mind. Advisers still remain a key part of Sanlam’s business model as they are the key people who will be selling Sanlam’s products.
Sanlam may actually be able to target yet another market with its new pay-off line. Modern day clients are becoming more educated on the financial services industry and are looking for a insurer who can engage with them and respond to their unique coverage needs.
Editor’s Thoughts:
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