1. Women in Insurance (WIN) MDP Business Impact Project

2. Group Members Sovashni Hefele - Sanlam Jane MacIntosh - African Life Swazi Mpungose - Old Mutual EB Corinne deVilliers - Swiss Re Rosebud Mgada - Momentum Collective Benefits

3. Problem Statement South Africa has a fairly sophisticated financial services industry selling to a largely unsophisticated market – consumers need to be educated with regards to financial matters – they need to be financially literate. This education should start at the school level.

4. Is the market unsophisticated? Perceptions and misperceptions of LSM 5-8 market (R2 500 – R5 000) What does sophistication mean? What is this market’s perception of our ‘sophisticated products’?

5. The realities of what is happening in this market Innovative Stokvels Grocery Clubs Burial Societies Some ‘misuse’ & misconceptions Differing levels of knowledge & understanding.

6. Challenges facing the Industry Access to financial products Cost of products Mistrust

7. Existing alternatives Product Education Literacy Challenges facing the Industry

8. Research conducted: Current S.A. Initiatives International Financial Literacy Initiatives Australian landscape United States perspective Other Industries Goldfields – HIV / AIDs Education Vodacom – Cellular technology

9. SA interventions - lessons learned Government intervention Consolidated effort Interventions through product and brand marketing are short-lived

10. Literacy begins with the youth Competency based approach Is the market unsophisticated? SA interventions - lessons learned

11. Strategic Objectives Industry Consolidation Consumer education Financial education for children Professional financial advice

12. Objective 1: Project Management Team South African Competency Model Gaps identified and communicated 0.2% after tax profits:  0.1% = centrally managed fund  0.1% = own initiatives aligned with S.A. Competency Model Industry consolidation

13. Educational campaigns  Incorporate into television programmes  Media interventions Visible and ongoing national financial literacy campaigns Trained community leaders to provide free training to community members Objective 2: Consumer education

14. Included in television programmes for pre- school ages Financial literacy incorporated into the school curriculum (Std Bank Foundation) Exhibitions / presentations on Insurance & financial wellbeing at school career days Objective 3: Financial education for children

15. Professional Financial Advice Objective 4: FAIS compliance Assessed on the job

16. CampaignsCampaigns Training Training Time frame 2004 2005 2006 2007 2008 2009 1. Industry Consolidation 2. Consumer Education 3. Fin educ for children 4. Prof Financial Advice Project Team SA Model Communicate Availability of material. T.v. Presentations Spend 0.2% Normal Curriculum Assessed on the job FAIS Prof Financial Advice

17. Team Learnings Professional and personal learnings

18. Questions?