Consumer Education Projects

The Consumer Education Projects

Consumer Education Projects

The Consumer Education Projects

In 2020, SAIA conducted its Consumer Education Strategy review, whereby its consumer education focus areas and beneficiary target market has been revised:

New focus Areas:

  • Using insurance products to secure your possessions and assets for improved financial well-being (Risk Management),
  • Effective policy management for policyholders, and
  • Engaging with the non-life insurance industry (Products & Services).

Consumer Target Group:

  • Young Adults -   focuses on financial literary, which includes initiates on the non-life insurance products and services targeted at young adults (includes students in tertiary institutions and working young adults, mainly those in their first formal employment).
  • South African Households – Focuses on risk management (which includes asset maintenance and risk transfer) and insurance policy management, targeting household participants holistically, which youth, adult parents and pensioners living in households. 
  • SMMEs – focuses of enterprise risk management and non-life insurance products to SMMEs for the target group as defined in the FSC.

Current Consumer Education Initiatives

Know Your Cash   – An initiative targeting young adults and delivered through multiple platforms that includes radio, social media and face-to-face interventions.

Radio Programmes – Consumer education interviews on different national radio station, giving preference to the use of local languages to disseminate content for the target market segment.

Building Resilient Business – SMME initiative delivered through presentations in SMME EXPOs and face-to-face/online session  on enterprise risk management and insurance products for business.

Next of Next Week – Tv series providing educational tips on financial literacy, covering both budgeting and financial risk mitigating concepts.

However, SAIA remains adaptable to changes in the industry that may require consumer education interventions. Other previous SAIA Consumer Education initiatives included the Managing My Finances and SOS Financial Literacy High school and Youth Project with the Department of Basic Education  Veldfire project    which provided consumer fire risk mitigating intervention in areas most vulnerable to veldfire in the Western Cape and KZN; and participates in topical consumer radio and tv programmes.

All the projects rolled out under the initiatives are evaluated by independent Monitoring and Evaluation specialists for impact analysis.

According to the amended FS Series 500 of the Financial Sector Code – Socio Economic Development and Consumer Education Scorecard – the annual value of all Qualifying Consumer Education contributions by the measured entity as a percentage of Net Profit After Tax (NPAT). The SAIA Code of Conduct recommends that members contribute a minimum of half (0.2% of NPAT)  of their Consumer Education target spend to the SAIA Consumer Education Fund. Participating in an industry-wide initiative allows for scaling of the funds, resulting greater reach and impact for the beneficiaries.