Sanlam joint venture to innovate group risk solutions
05 September 2007 | People and Companies | News | Sanlam
Sanlam Group Risk, a division within Sanlam Employee Benefits, announced today that it had entered into a joint venture with two key industry professionals to form Infinit Group Risk Solutions. This is Sanlams first foray outside of traditional group risk insurance. The new company will target the middle- and top-end of the retirement fund market and aims to become the "private bank" of group risk consulting.In a slightly staid group risk market, long characterised by commodity product offerings, Infinit promises to offer clients solutions that go beyond being either commodity or differentiated. In addition, Infinit will consult to clients exclusively through a select network of brokers.
Infinit will be 51 percent owned by Sanlam and 49 percent by Alan Robertson and Jennifer Masterson, founders of the two fastest growing group risk insurers in South Africa respectively. Sanlam Group Risk will underwrite and administer the business secured by Infinit.
Paul Myeza, Managing Director of Sanlam Group Risk said that the mutually beneficial relationship will give Infinit access to the vast experience and strength of Sanlams underwriting and administration. "At the same time, Sanlam Group Risk will gain exposure to the differentiated products market for the first time and we can do this without changing our existing traditional death and disability benefits. Effectively, this innovative new offering will increase our exposure to the middle and higher end of the market which requires tailor-made benefits linked to their retirement solutions."
Veterans Robertson and Masterson have outstanding track records in consulting and delivering new products and concepts to the market. Said Robertson, "Sanlam is the ideal partner because not only is it a respected brand and household name, it also has a solid reputation in this market. This relationship will effectively afford Infinit instant credibility."
The specifics of the product range will be finalised and ready for launch in October 2007. "In keeping with the private banking philosophy, Masterson said it is our intention to provide brokers and clients with the best combination of value and service."
