To you, our family of intermediaries, participating employers and members, as our partners in financial confidence, we would like to say thank you for your incredible support of the Sanlam Umbrella Fund and for your belief and trust in us over the past year. We are humbled and grateful for the ongoing support which has ensured that we remain the fastest growing umbrella fund in the industry. We are more dedicated and committed than ever to partnering with you in all aspects to ensure that value and quality go hand-in-hand with the service we offer.
One of the shifts that has taken place in our industry over the last decade, is the focus on the member, with employers continuously questioning whether a commercial umbrella fund’s value-added benefits address the day-to-day challenges their employees face. Our member focus has been key to the success of the Sanlam Umbrella Fund, and we continue to innovate on our value proposition to enhance our member experience and help improve their financial and general wellbeing.
Reimagining retirement planning with free psychology service
We believe there is no health without mental health. Our country faces a mental health pandemic as serious as the pandemic that changed our lives in 2020. According to the 2022 World Mental Health Report, there were 970 million people living with mental disorders globally in 2019 and South Africa ranks particularly low on mental health. The industry needs to shift its approach to retirement fund benefits to consider members’ daily challenges. Financial stability is crucial, but so is the member’s overall well-being. A more holistic approach is not just desired but essential.
To this end, the Fund added free psychologist consultations to our existing Virtual Doctor offering. This added benefit is available to all Sanlam Umbrella Fund members regardless of their enrolment in a medical aid scheme. Launched in 2021, the free virtual doctor consultations allows our members easier, remote access to a doctor – and now psychologists – when needed. To book a virtual consultation, members simply log onto the Sanlam Member Portal or download the Sanlam Portfolio App for easy access on the go, click on the Virtual Doctor tab and are able to book a consultation with a doctor, nurse or psychologist. Members can also get sick notes, referral letters or prescriptions for medication or other investigations they need without having to wait.
Enabling financial futures through financial education
We remain committed to helping members improve their retirement outcomes. A key strategy to improving outcomes is by educating and empowering our members to use the tools available to them. For example, through “Imali Zam” (My Money) webinars, our dedicated team provides live information sessions to enable members to better understand their retirement savings, benefits and various other topics including legislative changes that affect them such as the Two-Pot system.
Building on the Imali Zam webinars, as part of our ambition and vision to enable our members to live confidently, we launched a Financial Check Quiz . The quiz is provided as a questionnaire and on completion, a basic financial wellness report is provided to the member. This initiative aims to help members look at their current financial state, compared to the possible future or desired state. Additionally, the new Sanlam Prosper member newsletter – distributed bimonthly by email – was carefully designed to incorporate multimedia elements that not only appeal to our diverse audience’s preferences, but also break down complex financial concepts into manageable, digestible pieces. The engagement stats on the first few editions indicate good performance with the click, open and click to open rates – far exceeding the industry averages across the board.
Realtime communication with members
We have also incorporated WhatsApp communication as part of our new member onboarding and lifestage experience. When new members join, they receive a message via WhatsApp giving them instant access to important Fund information, including the value added benefits and online tools available to assist them on their retirement planning journey. Through the engagement, members seeking additional information can click a “call back” button which alerts our retirement benefit counsellors to call the member. In addition, should the member need financial advice, the retirement benefits counsellor will refer the member to a contracted financial advisor.
Commitment to sustainable investments for a thriving planet
The Sanlam Umbrella Fund will soon make the Sanlam Living Planet Fund available to members as an investment portfolio choice. This Fund is managed by Sanlam Investments in collaboration with, and supported by, the World Wide Fund for Nature.
The Fund aims to provide long-term investors with acceptable financial returns within a framework that enhances environmental sustainability by redirecting investment flows towards sustainable opportunities and away from unsustainable practices. The mission is to reduce the degradation of the planet’s natural environment and to build a sustainable future in which humans live in harmony with nature.
Lastly, to our intermediaries, members and employers, we are, where we are, because of you, and with you. Thank you for your continued support and loyalty. From all of us, we wish you peace, joy and prosperity over the holiday season and into the new year.
See you in 2024.
Nzwa Shoniwa
Managing Executive: Sanlam Umbrella Solutions