Transformation
The SAIA Transformation department strives to provide the non-life insurance industry with thought leadership within the transformation space and promote industry strategic alignment with the social consciousness of the society we serve. The department also strives to find alignment between industry and relevant regulatory frameworks governing transformation within the South African context such as B-BBEE Act, Insurance Act, Amended FSC, EE Act, SDL Act etc. This is done through:

The SAIA Transformation department strives to provide the non-life insurance industry with thought leadership within the transformation space and promote industry strategic alignment with the social consciousness of the society we serve. Therefore, the primary objective of the department is to assist members with industry initiatives that support member compliance with the FSC , thereby contribution toward accelerating Transformation of the Financial Sector.
The department also strives to find alignment between industry and relevant regulatory frameworks governing transformation within the South African context such as B-BBEE Act, Insurance Act, Amended FSC, EE Act, SDL Act etc. This is done through:
- Playing an active role in representing the industry in dialogues that will influence the future transformation landscape of the financial sector.
- Identifying transformation developmental opportunities within which our members can participate as individual entities or collaboration efforts.
- Adopting and implementing industry flagship transformation projects to improve beneficiary reach through resource scaling, thereby improving developmental impact.
Therefore, SAIA Transformation department follows a formal governance structure as approved by the SAIA Board in engaging with both internal and external stakeholder on issues impacting transformation of the industry and its contribution toward acceleration transformation of the financial sector. Below is the current SAIA Transformation governance structure, with any alteration requiring approval by the SAIA Board.
SAIA views the acceleration of transformation of the non-life insurance as a key priority and this is supported by the industry as evidenced by our focus on the five key priority areas identified and approved by the SAIA Board. These are:
Ownership
By promoting black participation in the shareholding of the entities within the industry and encouraging consideration for alternative market entry through the cell captive model or obtaining micro-insurance licences. It is also SAIA’s intention, through the Transformation department, to promote conversations around the development of black-owned, non-life insurance companies and facilitate discussions around the required funding and conducive regulatory frameworks with impacted external stakeholders.
Management Control and Skills Development
Representation of black participants in the organisational management structures play a critical role in advancing the broader objectives of the industry transformation and its contribution toward transformation of the financial sector. This is achieved through the identification of industry skills development opportunities and encouragements of transformative practices in member recruitment and employee retention processes. SAIA is also continuously assisting members in identifying industry skills gaps and engaging with appropriate professional bodies and training institutions to forge a partnership that will assist the industry in attracting and retaining the required skills.
Preferential Procurement and; Enterprise and Supplier Development (ESD)
The non-life insurance industry has a unique role to play in advancing transformation through Preferential Procurement opportunities and Enterprise and Supplier Development (ESD). Our strategy is to identify transformation gaps within the core procurement supply chain to the industry and provide responsive solutions to drive and promote equitable procurement allocation by our members. Currently, there are two SAIA Transformation and Sustainability forums, established to look at opportunities for the specific insurance claim services at an industry level. Through the transformation department, SAIA is continuously looking into other commodities that may need similar attention for transformation purposes for the industry.
Financial Inclusion
Financial inclusion remains a key component of advancing the development of our society and promoting economic growth. Through a good understanding of the financial sector products and services; and availability of the appropriate products, the consumers are placed in a better place to make informed financial decisions and access appropriate products to satisfy their financial needs.
SAIA has placed enormous focus on ensuring that appropriate knowledge content is disseminated through the industry Consumer Education Fund and encouraging the development of appropriate access products in accordance to Statement FS: 700 of the FSC by our members.
Access Products
The development of appropriate Access products is critical in promoting financial inclusion, which can be measured by the level of penetration and usage of the non-life insurance products by the target market segment that would have been otherwise involuntarily excluded from accessing the products. It is, therefore, SAIA’s ambition to engage with the industry on determining appropriate Access Standards and Targets as monitored through the Financial Sector Code to promote financial inclusion.
Infrastructure
Infrastructure development plays a big part in advancing our country's social and economic development and contributing immensely to the transformation agenda. As part of the financial sector, the non-life insurance industry has a role to play in providing suitable insurance cover for infrastructure development against an array of potential financial risks.