Intermediaries in the short-term insurance market are. Intermediaries are key business partners and critical to the sustainability of our business.

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1 26 Component objective Component sub-issues Intermediaries are key business partners and critical to the sustainability of our business. Santam sells most of its insurance products through that deal directly with policyholders. To achieve profitable growth, we need to treat our fairly, invest in the future of the industry, understand potential impacts and ensure that our comply with industry standards. Maintaining equitable relationships with Grow our black intermediary base Impact of HIV/Aids on our intermediary base Intermediary compliance with industry standards Intermediaries in the short-term insurance market are pressurised from many directions. Clients are becoming more demanding as competition continues to increase from traditional and non-traditional insurance providers, and as clients become more knowledgeable about the products they purchase. At the same time, the weak business environment is causing the pool of commercial clients to shrink. These pressures directly affect ability to trade profitably. We believe that Santam can reduce some of this pressure by providing excellent service at the right price, while making it as easy as possible to do business with us. We encourage our to support, and remain loyal to, Santam by pursuing our goal of service excellence and building individualised relationships with them. Maintaining equitable relationships with Aligned to: The brand promise: Insurance, good and proper We insure with integrity Strategy Developing relevant distribution models Regulations Short-term Insurance Act, conflict of interest legislation Guidelines FSB Treating Customers Fairly discussion paper Santam policies Conflict of interests policy Focus HIGH

2 Intermediaries are key business partners and critical to the sustainability of our business. In line with our promise to insure with integrity, we are committed to doing business in a way that balances the interests of our policyholders and with our own business goals. The short-term insurance market is very competitive and gives clients a wide range of options to choose from outside of the traditional intermediary model. We are developing a multichannel delivery approach to ensure that we remain relevant to a broader market through distribution channels such as: Traditional intermediated business retaining our leadership position Specialist business extending the current footprint Affinity business creating access to new markets Direct strategic growth phase through MiWay, our direct insurance subsidiary Santam Re pursuing external opportunities in South Africa and developing markets International partnering with Sanlam and other financial services groups in developing markets These channels are essential for future growth and have very little overlap with the market we service through our. Our core business will continue relying on our network of approximately who source and manage the majority of our policyholders. Intermediaries also play a crucial role in implementing other aspects of our strategy of profitable growth, such as identifying new and emerging markets. Santam also competes for the business with the aim of being their insurance provider of choice. We do this by providing products that are best suited to clients needs, at competitive prices and through business models that enable the intermediary to grow. Intermediary commission levels are regulated and standard across the industry, while administration fees are not. This can sometimes lead to difficult competitive conditions. We choose to differentiate ourselves by providing superior service, effective risk management and by focusing on maintaining excellent relationships with our. Excellence in technical underwriting ability, business acquisition, policy administration, claims handling and client service also affect our relationship with our. When Santam s service offering is combined with the ability, we are able to keep our mutual client happy and meet their expectations. This ensures growth for both businesses and improves the relationship between the client and intermediary, and Santam and intermediary resulting in relationship excellence the basis of a sustainable and healthy business. 27

3 Stakeholders 28 Stakeholders Engagement Key stakeholder concerns Approach Intermediaries Policyholders Intermediary surveys, interactions with the Financial Intermediary Association (FIA), quarterly Focus intermediary magazine, regular interactions through relationship managers, quarterly regional intermediary forums, intermediary conferences, intermediary newsletters Client surveys, regular interactions, complaints lines, Ombud, regulators Price products competitively Provide excellent service, be it writing policies, processing claims or administration Offer products that clients want Make sure act in policyholders best interests and service quality Regulators such as the FSB Ad hoc interactions Treat clients fairly, treat fairly and ethically and make sure they are doing the same for policyholders We are consistently refining our product portfolio and pricing to make sure we stay relevant to our market while maintaining profit margins. We have processes in place to incentivise service excellence Ensuring the highest ethical conduct, complying with Short-term Insurance Act and service excellence Ensuring the highest ethical conduct and complying with Short-term Insurance Act Regulations and guidelines The Short-term Insurance Act regulates our relationship with and is enforced by the Financial Services Board (FSB). As mentioned previously, the FSB s Treating Customers Fairly discussion paper lists six key outcomes which have the intention of protecting consumers in a similar way as the Consumer Protection Act. We have received and completed a readiness questionnaire and look forward to interacting with the FSB to ensure full compliance once the guidelines are finalised. The foundation for our relationship with is built on good governance and ethical business practices. This means that our interactions must be managed in the light of the conflict of interest legislation. This has already resulted in certain changes to the way we interact with. For example, we previously invited to a single central conference where we covered travel and accommodation expenses. This could have resulted in the perception that a conflict of interest existed. We now hold several smaller regional conferences where accommodation and travel costs are for own account.

4 What we said we would do in 2011 Aspiration We are developing models to differentiate intermediary channels to better implement our multichannel approach. We will pilot some of these models towards the end of the first quarter of 2011 We will repeat our popular intermediary conferences in 2011 in a slightly different format. We aim to continue improving what we offer our with expanded services for who support us. We will be paying particular attention to that take advantage of the flexibility offered by our differentiated intermediary model. We will continue implementing our cross- and upselling strategy. We will ensure that are aware of and use the entire Santam value proposition How we manage relationships with Intermediary relationships are developed over time. They are built on trust and by being consistently visible in the intermediary s office, adding value to their businesses and by enabling them to grow. The responsibility for managing relationships with for the bulk of our policyholders falls under the broker services department, part of the broker distribution business unit. Due to the specialised nature of the business, the portfolio management and agriculture departments are the owners of the intermediary relationship for their respective businesses. Highlights in 2011 Progress Ongoing initiative We replaced our annual intermediary conference with several smaller regional conferences to make them more accessible to regional We continue to support and develop. Our differentiated intermediary model is now well established and offers a range of ways to interact with Santam. Cross and upselling progressed well this year and an internal cross-selling competition showed good results Broker Services is split into 12 regions with two heads managing the north and south respectively. This enables clearer communication with which improves speed of decision-making and access to senior management. Dedicated relationship managers (RMs) interact directly with local on a regular basis to update them on product and service developments and to obtain feedback on their service experience and market developments. Centralised contact centres provide support for services such as the provision of quotes to, policy administration, renewals and claims processing for the personal and commercial business departments. 29 FIA intermediary survey Personal category Runner-up Winner Winner Commercial category Winner Winner Winner Corporate category Winner Winner Winner

5 30 Our primary measure of how well we are meeting the needs of our is the Financial Intermediary Association (FIA) annual intermediary survey. The FIA represents the bulk of South Africa s. We are extremely proud that Santam was recognised by the FIA as the Best Short-term Insurer in the corporate and commercial categories for the third year in a row. We recognise that our performance in the personal lines category highlights areas for improvement and these will be addressed in Growth in our black intermediary base Aligned to: The brand promise: Insurance, good and proper Strategy Regulations Guidelines Santam policies Focus By better meeting policyholders needs and expectations we help our to grow their business. The relevance of our product offering and high levels of service to clients is evidenced by the improvements in conversion rates and lapse rates we mentioned in the section titled Alignment of products, processes and initiatives to client needs and expectations (page 48). We insure with integrity Developing relevant distribution models Broad-Based Black Economic Empowerment Act (BBBEEA) Enterprise development sections of the dti CoGP and Financial Sector Charter Employment equity policy HIGH It is important that we grow the number of black in our intermediary base. This will enable us to better align our distribution network for future growth in the previously untapped emerging market. Developing black is also an important part of our approach to enterprise development and black economic empowerment. Stakeholders Stakeholders Engagement Key stakeholder concerns Approach Intermediaries Intermediary surveys, interactions with the Financial Intermediary Association (FIA), quarterly Focus intermediary magazine, regular interactions through relationship managers, quarterly regional intermediary forums, intermediary conferences Help develop a representative industry Black intermediary development programme Government EEA submissions, interactions via industry bodies Promote BBBEE within the company and in our industry Insurance industry Representation on SAIA Develop a representative industry Black intermediary development programme Black intermediary development programme

6 Regulations and guidelines Our initiatives to develop and expand black in the industry arise from a sound strategic rationale. We align our approach with the enterprise development stipulations in the dti Code of Good Practice. What we said we would do in 2011 Aspiration Progress Investigate the tied agent model Funding graduates once they complete SBIDI training Engaging more black in the broader financial industry to encourage them to cross-sell shortterm insurance How we manage the development of our black intermediary base Our approach focuses on two key areas: Increasing the capacity of black by developing new black talent to enter the intermediary field or the larger short-term insurance industry through the Santam Black Intermediary Development Initiative (SBIDI) Increasing the amount of business we do through existing and new black Santam black intermediary development initiative (SBIDI) SBIDI is a joint venture between the sustainability and business development teams with the goal of actively developing black. SBIDI was launched mid-2008 and has evolved over time. The initiative takes promising black graduates (to date we have trained 112 graduates) and gives them the training they need to become successful short-term insurance professionals with the long-term view of setting up their own intermediary businesses. Further investigation showed this model is not practical. Due to legislative requirements we will not consider this any longer. This is an ongoing initiative which will be driven by the broker distribution business unit. 30 graduates targeted for graduates 160 (existing and new) Engaged with 51 of the 160 The core of the initiative is a 10-month training programme (which will be increased to 12 months in 2012) that covers: the short-term insurance industry; Santam personal and commercial product lines; business skills; career planning; and workplace experience with current that have been identified by RMs. This programme is endorsed by the Insurance Sector Education and Training Authority (INSETA) Increasing business through black We are actively working to identify additional black who are not currently selling Santam services. Our target is to have 500 black on our book by the end of 2012 (267 as at December 2011). Santam will be placing further emphasis on our 2012 programme to realise it. Highlights in 2011 Our SBIDI programme this year ran from March to September in Johannesburg, Cape Town and Durban and produced 31 graduates. This exceeded our target of Of the 2011 graduates, 11 (12 of 2010) are employed with Santam either directly in our business, through other graduate programmes, at, or in the Sanlam group. Six more graduates have been employed elsewhere. Santam s SBIDI programme gave me a vast array of skills which I use on a daily basis and helped me mature as a person. I have found the foundation of how the industry and its policies work and the ability to apply that knowledge to real life situations invaluable. The programme helped me change my way of thinking from being simply black and white to a more greyish tint. It was the perfect platform to transform from a graduate into a working professional. Talieb Mohamed, Manager, O Brien Financial Services

7 Impact of HIV/Aids on our intermediary base Aligned to: The brand promise: Insurance, good and proper Strategy Focus We insure with integrity Developing relevant distribution models LOW 32 Intermediaries are responsible for the majority of our business. Issues or developments that have the potential to negatively impact our on a large scale could directly affect our ability to reach our clients, manage our policyholders and grow our business. The South African Insurance Association s long-term assessment of the insurance industry s exposure to HIV/Aids is that there is likely to be very little impact. While we remain aware of the potential impact on our business, we assess the materiality of this issue to be low. Intermediary compliance with industry standards Aligned to: The brand promise: Insurance, good and proper Strategy Regulations Focus We insure with integrity Developing relevant distribution models Financial Advisory and Intermediary Services Act (FAIS) HIGH To most of our policyholders, our are the face of Santam. Therefore, it is in our interests to make sure that our comply with relevant industry standards, maintain a professional image and are highly competent. Stakeholders Stakeholders Engagement Key stakeholder concerns Approach Intermediaries Intermediary surveys Interactions with the Financial Intermediary Association (FIA) Quarterly Focus intermediary magazine Regular interactions through relationship managers Quarterly regional intermediary forums Intermediary conferences Help become FAIS accredited Santam offers FAIS training to our Policyholders Financial Services Board/ FAIS Ombud Voice of the Client surveys Contact centres Complaints line Regular reports Ad hoc interactions Make sure policyholders receive professional service and advice from Help the industry meet FAIS requirements Insurance industry Representation on SAIA Ensure the industry maintains high standards and a professional image FAIS training for FAIS training for FAIS training for

8 Regulations and guidelines The Financial Advisory and Intermediary Services (FAIS) Act requires financial service providers to meet the Fit and Proper Requirements under the Act and this compliance includes the writing of regulatory examinations. This is to ensure that standards are upheld in the insurance industry and consumers are offered professional advice and service. Certain client-facing employees also need to meet FAIS requirements. How we manage intermediary compliance with industry standards FAIS compliance is managed by the skills development team. Employees who fall under the FAIS Act are given training to assist them to comply with the fit and proper k A sustained intermediary base Aspirations for 2012 Sub-issue Maintaining equitable relationships with Growth in our black intermediary base Impact of HIV/Aids on our intermediary base Intermediary compliance with industry standards requirements of the Act. All employees who were required to be FAIS compliant by April 2010 met this deadline. Santam requires all primary employees that deal with clients to write the mandatory regulatory exam. We see our ability to assist our in meeting their statutory requirements as part of maintaining an excellent relationship with our distribution network. Our product training business unit provides external business partners and with training to assist them to become FAIS accredited. Highlights in 2011 Altogether 63% of client-facing employees passed the Regulatory Exam 1 (RE1) Roll out training and development plans for relationship managers Expand Santam s intermediary training programme to increase insurance industry knowledge Retain our top rating in the FIA intermediary survey in Commercial and Corporate lines and regain our top rating in the Personal lines category Continue to grow our black intermediary base to achieve the objective of 500 by the end of 2012 Obtain a 100% placement rate for graduates Low-focus item no short-term aspirations set We aim to have all client facing employees compliant by end of

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