Evolutionary Awards – Sanlam: member engagement

Category: Evolution in improving member outcomes

Describe your evolution:

Our member view has evolved from the member being at the end of a servicing request to placing the member at the centre of everything that we do, this is done with a primary aim of assisting members to achieve their best possible financial outcomes through retirement and beyond. Our member journey has evolved to drive financial awareness and wellbeing while being product agnostic.  A key lever to achieving this is having the right member educational interactive communication tools in place and driving engagement through people-enabled and digitised channels. Where there is a need to have a solution in place for the financial gap identified, a provide a seamless financial advice referral.

Through our member-led outcomes strategy, we have various initiatives in place to journey with the member from when they enter the Sanlam Corporate ecosystem, transition into active members and finally exit.

Imali Zam webinars, our one-to-many engagement webinars, aim to educate members on industry relevant topics and content identified through questions raised by members during and after sessions. The webinars also provide a platform for members to be informed on how they’re able to engage with their employee benefits, legislative changes by which they are impacted (e.g. two-pot retirement system; tax) and educating on the importance of their decisions in achieving their best possible financial outcomes. Multimedia collateral and the Sanlam “Wikipedia”; Knowledgebase, is available for consumption as and when needed, further reinforcing identified content.  The content provided to members also enhances our employee value proposition in ensuring members remain informed, ultimately giving them the confidence and knowledge to make the best possible retirement choices.

Our people-enabled capabilities provide a one-on-one engagement with skilled Retirement Benefit Counsellors. This allows the member to enquire about matters which are specific to their financial needs as it relates to their benefits and options. Our retirement benefit counsellors engage members beyond the legislated Default regulations.  They also provide members with key information to consider:

• As they join the fund
• As an active member and the behaviours they should practice in order to improve their overall retirement outcomes.  An example would be a personalised WhatsApp campaign we implemented, encouraging a review of contribution rates based on the members net replacement ratio
• On exit when resigning/retrenched and in the consequent years towards retirement
• As a risk beneficiary (i.e. death/disability beneficiary) and key considerations in the financial decisions that would need to be made from there.

Our retirement benefit counsellors also refer members to their contracted financial advisors where the need for financial advice arises. They are accessible through a multi-channel network that addresses the members holistic needs.

We also have digitised engagement capabilities that are offered through our comprehensive member portal.  The portal allows members to actively view and access their employee benefits. This allows for the real-time updating of beneficiaries and a clear view of retirement savings, investments and risk benefits, so the member is well informed.  Included in the digitised engagement is an introduction of lifestyle benefits and value-added services that enhance the member value proposition.  Our members are able to access, at no additional cost:

• Virtual Nurse/Doctor including psychologists – Optimal physical and mental wellbeing are key pillars in helping members achieve their best possible outcomes.
• Lifestyle benefits that offer discounts to travel, entertainment and shopping experiences
• Assistance benefits that range from legal, trauma and emergency assist to burial repatriation

Members are also engaged through a financial health quiz that allows them to reflect on their current financial status.  The profile generated at the end, also gives the member an opportunity to review their overall financial wellbeing and possibly put an intervention in place by being referred to a retirement benefit counsellor.

Our partnership with our contracted financial advisers ensures that members are aware of the financial advice service available to them, not solely focussed on the member’s single need at exit, but also ensuring that holistic financial planning is actioned.

The fund’s value-added services have been tailored to cater for wider financial needs; with a free credit report available to all members and access to Wealth Sense, a unique proposition focused on a member’s financial wellbeing.

Describe the impact your evolution has had in response to its identified challenges and targeted outcomes.

Achievements at FY 2023 (year on year evolution)

Multimedia Engagement:

• Sanlam Knowledgebase visits: FY 2023: 29 020 (FY 22: 12 814) [+126%]
• Benefit Statement video views: FY 2023: >13 400 views on YouTube (FY 2022: 4 000 views) [+235%]
• Imali Zam member webinar attendance:
  1. Q1: Death benefits allocation – 750 views
  2. Q2: Savings and preservation – 1 924 views
  3. Q3: Tax savings and two-pot system – 2 400 views

Financial Quiz engagements (launched June 2023)

Retirement benefit counselling engagements

Advice Framework:

Development and launch of Essential Financial Planning (EFP)  This capability provides access to a free financial plan to employees, at participating employers.  It also provides an opportunity to fill the gaps in employees’ financial plans.  This was launched in March 2023.

• EFP Plans issued = 793

2024 Observations:

• Increased digital engagements (pre-two-pot system) with most popular pages being reviewing “My benefits summary” and “Benefits”
• Incentives driving change in member behaviour – through focused member campaigns

Supporting Documentation >