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INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION February 2013.

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Presentation on theme: "INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION February 2013."— Presentation transcript:

1 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION February 2013

2 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION HOW DID IT ALL START 1845 Scotsman John Fairbairn founds The Mutual Life Assurance Society of the Cape of Good Hope with no initial capital other than the premiums of its first 166 policyholders. IN UNCERTAIN TIMES A CERTAIN FRIEND 1870 Old Mutual's emblem is designed by board chairman Charles Bell. The interlocking anchors represent mutual strength Group life assurance is introduced. The first clients are the Cape Railways and the Johannesburg post office Old Mutual's Art Deco head office in Cape Town opens; at 96.8 metres the tallest man-made building in Africa at the time 1

3 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION 1954 Old Mutual issues its millionth policy 1,000,000 Old Mutual Group Schemes starts operations as a result of a merger between OM Voluntary Groups and the Colonial Mutual (South Africa) of Australia Old Mutual is demutualised Old Mutual is listed on the London, Johannesburg, Zimbabwe, Malawi and Namibia stock exchanges. Listing price is 120p (R11.25), giving the company a market capital of £3.9bn (R36.8bn) Black Economic Empowerment deal introduced at Old Mutual South Africa, Nedbank and Mutual & Federal Ralph Mupita appointed new Chief Executive Officer of Old Mutual Emerging Markets 2012 HOW DID IT ALL START 2

4 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION Providing enhanced Financial Protection to policyholders OLD MUTUAL EMERGING MARKETS Regions South Africa AsiaLatin America New Markets Rest of Africa 3

5 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION OLD MUTUAL EMERGING MARKETS - SOUTH AFRICA Retail Mass Market (Group Schemes) MD: South Africa Marshall Rapiya Retail Affluent Mass Foundation Cluster Corporate MD: Crispin Sonn Foundation Market 4

6 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION WHO IS OLD MUTUAL GROUP SCHEMES (RMM)? Leading life assurance provider (business unit) within the Low and emerging- middle income market segments, based on market share, new business income and on-book clients. Ready customer access to products through a salaried sales force, direct marketing, alliance partners, call-centre, agency franchise and broker distribution channels. Most extensive Branch and Client Service Centre network within both the rural and urban areas of South Africa. Highly regarded brand, based on integrity, value for money and financial soundness. Through our primary partnership arrangements (iWyze & OM Finance) we offer a holistic client value proposition. 5

7 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION WHO IS OLD MUTUAL GROUP SCHEMES (RMM)? Managing Director: Crispin Sonn, reporting to Marshall Rapiya (MD: OMSA) Staff: In excess of Administrative staff situated in MutualPark /MutualPlace and throughout the 300+ Client-service and Sales branches. Joint ventures: Partnership agreements with iWyze (short-term) and OM Finance Sales: Annual New Business Premium income in excess of R2.0 billion. Each year, over assurance benefits are sold to new and existing clients via the various RMM distribution channels. Profit: Largest profit-contributor to OM South Africa 6

8 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION DISTRIBUTION CHANNELS Sales Force Foundation Direct Marketing Alliance Partners Broker Distribution 7

9 BROKER DISTRIBUTION

10 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION PROVIDING LIFE ASSURANCE TO THE MAJORITY OF SOUTH AFRICANS Broker Distribution operations commenced in 2002 OMGS Broker Distribution operates independently from the OM Broker Division (Retail Affluent) – partly due to the separate business units and partly due to the separate market segment focuses, as such, brokers must contract independently with OMGS (even if a contract is held with OM BD) We are a Retail business offering individual, voluntary assurance benefits to brokers servicing / wishing to service clients within the broad “Mass market” – ie personal incomes up to R20 000pm. In excess of broker codes on books (predominantly within the LTI Cat. B1/ B2 space) 9

11 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION PROVIDING LIFE ASSURANCE TO THE MAJORITY OF SOUTH AFRICANS * Statistics South Africa - Monthly Earnings of South Africans 2010 Total employed population of South Africa Old Mutual Retail Mass Market Employees earning less than R20 000* Employees earning less than R12 000* Employees earning less than R6 500* % falling into RMM above…? 10

12 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION DISTRIBUTION SUPPORT - PROVIDING SUPPORT, ADVICE AND SOLUTIONS In excess of forty Broker Consultants nationally to service brokers on a face-to-face basis Forty Distribution Support Administrators nationally, to ensure administrative support and business efficiencies Mutual Park-based, Contracts and Commissions Administrative support staff Regional Sales and Distribution Support Management, to ensure focus and quality of service 11

13 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION INFORMATION AT YOUR FINGERTIPS - MAKING BUSINESS EASY Average annual growth rate, since inception in 2002, in excess of 40% Average 12-month Persistency rate in excess of 70% per annum across all broker codes Daily SMS/ new business status reports Access to commission statements, New Business reports via the Internet (MyClient) or from Broker Consultant/Branch Admin Support personnel Persal Q-link system accessibility for brokers, for Affordability checks 12

14 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION On average claims are processed every month in our branches. This is more than 1.6 million clients per year. In association with Old Mutual Finance (OMF), we are rapidly expanding our Client Service capability and footprint, by offering full client service support through the OMF offices as well. This expansion currently gives Old Mutual clients access to over 300 service points. Our Provincial Broker Sales Managers have in excess of 80 years collective experience in Mass Market sales distribution. 13

15 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION TO SUM UP… OM Group Schemes has 35 years experience in providing integrity-based, industry competitive assurance products which offer low entry-premiums, comprehensive benefits and solid value for money. Non-restrictive client access to products, which the individual might otherwise, either financially or medically, not have access to. Simple new business application, client servicing and claim procedures. No extensive and time-consuming medical requirements (no automatic medical testing) for Risk assurance products. Independently managed Investment portfolio for savings business. 14

16 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION TO SUM UP… A full-house Broker support offering, from Commission Statements, New business reports, electronic notifications, business portfolio reports, Pending lapse reports to in-branch broker support facilities. Dedicated and passionate Broker Consultants, Distribution Support staff and Distribution management, nationally, who ‘get involved’ A familiar, well-trusted brand with a history of financial soundness and integrity. A Distribution business with a culture of openness, honesty and a ‘tell it like it is’ approach. 15

17 INTRODUCTION TO OLD MUTUAL RETAIL MASS MARKET BROKER DISTRIBUTION PRODUCT RANGE Education Plan Investment Plan Retirement plan Funeral Plan Accidental Death & Disability plan Value+ Funeral Plan Range Standard funeral plan range Pure Life plan Life & Disability plan Sales by volume Life Plans 16

18 THANK YOU Old Mutual is a Licensed Financial Service Provider


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