SanlamAllianz Ghana: Merger, Innovation and Insurance Leadership in Ghana

In this interview, Mabel Nana Nyarkoa Porbley discusses the transformation of SanlamAllianz Ghana, formerly Sanlam Ghana, following the Sanlam Allianz merger and rebranding in 2024. The merger between Sanlam Ghana and Allianz Africa created a stronger Pan-African insurer operating across 26 countries, positioning the group as the largest Pan-African financial services group on the continent.

The interview explores how SanlamAllianz Ghana moved from 21st to 8th position in the highly competitive Ghana insurance market, highlighting its growth strategy, underwriting strength, customer centric insurance strategy, and focus on becoming a top-three insurer. Operating in both life insurance Ghana and general insurance Ghana, the company offers a broad portfolio including motor insurance Ghana, marine insurance Ghana, aviation insurance Ghana, D&O insurance Ghana, and professional indemnity Ghana.

Innovation and inclusion are central themes. The company introduced the Pay and Drive product Ghana, a flexible 7-day motor insurance solution developed through an aYo insurance partnership Ghana, as well as SME Guard insurance Ghana, a pre-underwritten solution supporting SME insurance Ghana and microinsurance Ghana. Through bancassurance Ghana and multiple insurance partnerships Ghana, SanlamAllianz strengthens distribution.

The discussion also addresses insurance regulation Ghana, including the insurance law Ghana 2021, compulsory marine insurance Ghana, and the role of the National Insurance Commission Ghana. Broader themes include insurance inclusion strategies Ghana, digital insurance Ghana, ESG insurance Africa, sustainable insurance Ghana, IFRS insurance reporting, and financial literacy Ghana programmes aimed at closing the protection gap Ghana.

Sanlam Allianz Ghana has received recognition including Ghana Club 100 ranking and the African Insurer Trophy at the AFIS Awards, reinforcing its position as a leading African insurance industry player.

When we last engaged with you, the company was operating as Sanlam Insurance Ghana and was recognized as a strong local player. It has since transitioned to SanlamAllianz. Could you please walk us through this transformation and the key developments behind the transition?

We met in 2019. At the time, I had just joined Saham Life Insurance Ghana Ltd, and Sanlam Life Insurance Ghana Ltd had acquired a significant portion of Saham. Later that year, Sanlam completed the acquisition of the entire Saham Group, so we began resetting the business and introducing the Sanlam brand.

Four years on, we fully rebranded as Sanlam in the market. Then the shareholders of Sanlam and Allianz decided to merge. In 2024, we rebranded again after merging the two businesses in Ghana into SanlamAllianz, which is the brand you see today.

You have achieved a remarkable progression from 21st position to 8th in 2024. Could you share the key strategies and initiatives that drove this significant performance improvement?

Credit must go to the team. I do not think I did it alone. We were strategic about it. We knew where we were going and were very deliberate about moving the business forward. Sanlam had a strategic goal of being among the top three, and ideally number one, in every market in which it operates. That was essentially the foundation of everything we did from a strategic perspective. We reviewed our systems, strengthened our product offering, and, most importantly, focused on our people. We ensured that we had the right capabilities in place across all these areas to support the growth trajectory we were aiming for.

It has not been easy. The journey has been demanding and required significant effort. However, it has been fulfilling to go through that process with the team, all sharing a concerted vision of where we are headed, and everyone putting their hands to the wheel to deliver on our strategic objectives for our shareholders.

Could you provide an update on the current status of SanlamAllianz, particularly with respect to its product offerings, market positioning, and overall operational performance?

We have now stabilised following the merger and integration process. Bringing together two organisations is never straightforward, particularly when there are different cultures, people, systems, products and customer bases to align. We spent the last year and a half working on this.

The merger was completed on 1^st July 2024, and we officially became Sanlam Allianz. Over the period, our focus was on stabilising the business and ensuring a seamless integration. This involved making sure that we had people in the right places, since we were selecting from two companies. and consolidating multiple systems. We had about eight systems to merge between the two organisations. To deliver the highest standard of service to our customers, our back-end infrastructure needed to be strong, reliable and fully integrated.

We have invested significant time in strengthening our technological capabilities and positioning the business to deliver the level of service we aspire to provide.

At Sanlam Allianz, the customer is central to everything we do. The customer sits at the heart of every integration decision, and we consistently assess how each change will impact their experience.

We have now reached a stage where the business has stabilised and entered a new phase of growth. Since late last year, we have seen clear progress in terms of product, systems, customer experience, and our ability to engage partners and deliver what they seek, whether from a digital perspective, product expertise, or experience.

One of the benefits the merger brought us was the union of two giants: Allianz, a global leader, and Sanlam, a Pan-African leader. This partnership provides substantial international backing and expertise, which strengthens our operations in the Ghanaian market. We believe we are in the right position for growth and to serve our customers effectively.

What were the strategic reasons behind the merger with Allianz, and how has this shaped the future direction of SanlamAllianz moving forward?

As you know, Allianz is a global giant, and Sanlam has operated on the African continent for over 100 years. Allianz has also been present for more than a century. The rationale behind the merger was to create a leading financial services insurer or provider on the continent that would bring together the expertise of both. The aim was to support Africa’s growth trajectory.

This merger was more a marriage of complementary capabilities. Sanlam brings deep local knowledge, longstanding experience in African markets and a strong understanding of regional dynamics. Allianz contributes extensive global expertise, international best practice and worldwide operational experience.

You cannot get anything better than local and global expertise coming together to form the synergy we now have within the SanlamAllianz business. The objective was to establish a leading insurance provider in Africa that not only understands the unique needs of African markets but is also supported by world-class global expertise.

The African flavour is not always found on the global stage, yet the global stage is needed to support what is unique to Africa. That is what the merger set out to achieve.

Does this mean SanlamAllianz operates beyond Ghana? Could you elaborate on the company’s presence in other markets and the scope of its regional or international footprint?

No, it is not. We currently operate in 26 countries across Africa, with approximately 52 business units. In most of these markets, we provide both life and general insurance services.

In Ghana, for example, we operate Sanlam Allianz General Insurance and Sanlam Allianz Life Insurance. You will find a similar structure in almost all the countries where we are present. As a result, we are a leading Pan-African insurer and currently the largest Pan-African financial services group operating on the continent.

Let’s turn to the Ghanaian insurance market. From your perspective, how would you describe the current state of the market, and what key trends or dynamics are shaping its development?

The Ghanaian insurance market has evolved significantly over the years I have worked within it. Awareness among the Ghanaian population has increased, and there is now a greater understanding of the value of insurance. However, this improved awareness has not fully translated into higher insurance uptake.

Several factors contribute to this gap, including issues of trust and limited disposable income. In many Western markets, insurance is prioritised alongside essential monthly expenses. In Ghana, however, insurance often becomes a secondary consideration after other essential commitments have been met. it is often considered only after other essential commitments have been met.

That said, both the regulator and the government have supported the market significantly. A new insurance law came into force in 2021, introducing additional compulsory insurance requirements. Commercial fire and professional indemnity have been made mandatory. Marine insurance has been made mandatory as well, and effective 1 February this year, all imported cargo must be covered by local marine insurance. However, supervision to ensure compliance is sometimes lacking, which undermines the regulation.

I know that the National Insurance Commission (NIC) is working towards stronger collaboration with other government agencies to enhance monitoring and enforcement mechanisms.

There is also growing emphasis on inclusion within the industry, particularly targeting lower-income segments through microinsurance and digital solutions. We are seeing increased innovation in digital products and inclusive offerings. The regulator has established a regulatory sandbox, separate from the mainstream approval process, to accelerate the piloting of new insurance products.

The industry is undoubtedly progressing. However, it remains highly competitive and extremely price-sensitive, which makes it difficult for players.

In the general insurance segment alone, 25 operators compete within a relatively small market, while there are 20 operators in life insurance, which is a lot. This level of competition has led to undercutting in some cases, affecting profitability and long-term stability. We have discussed this many times, and the regulator has indicated its intention to address this issue more firmly. We hope to see that happen.

In terms of competitive advantage, how is SanlamAllianz differentiating itself and maintaining a strong position relative to its competitors?

Quite a lot. As I mentioned earlier, the two major brands bring significant strength to our position in the market. They provide strong financial backing and capacity, which enhances our credibility and stability.

Secondly, when you have over 200 years of combined insurance experience in the market, you naturally understand one or two things better than your competitors. We are well known for our strong underwriting capabilities and our ability to underwrite very large commercial risks that others in the market may not have the capacity to handle.

At SanlamAllianz, we place the customer at the centre of everything we do. From that foundation, we build our solutions. Our objective is to ensure that whatever we offer is driven by the customer’s needs, not by solutions we have predetermined for them. When you take that approach, you connect with customers on an emotional level rather than simply selling a product. That is what we are striving to achieve.

We have also identified market segments that other insurers may not be focusing on. Through strategic partnerships, we are able to reach these underserved markets and develop new segments within the Ghanaian market.

You mentioned your product line in general terms earlier. Could you give us a more detailed overview of the specific products SanlamAllianz offers, and explain who your target customers are?

Our customer segments are quite diverse, and we use multiple distribution channels to reach them effectively. These include agents, bancassurance partnerships, and brokers.

Through bancassurance, we work with banking partners to distribute our products. In fact, we believe we have one of the highest numbers of such partnerships in the market, with about seven banking partnerships currently in place.

We also collaborate with brokers, who serve as key distribution partners. Depending on the channel, specific products are offered accordingly. For example, bancassurance primarily focuses on retail products or personal lines, which are well-suited to banking customers.

Motor insurance is a general product that everyone in the market offers. However, we have introduced an innovative solution aligned with our focus on customer centricity and inclusivity. It is called the Pay and Drive product. This product allows you to buy cover for as little as seven days. You do not need to pay the full amount upfront if you cannot afford it. Normally, you must pay before receiving cover, and many people, particularly in the lower income segments, are unable to afford the full amount for comprehensive or even third-party insurance. With this product, you can purchase cover digitally. We have partnered with aYo, so you can simply go onto the platform and buy cover for seven days, ten days, or fifteen days, depending on what you can afford at any given time.

We have also developed a product for SMEs, focusing again on inclusivity. It is called SME Guard, and it is a pre-underwritten product that considers all the risks a small business is likely to face. We have provided cover for stock, liability, theft, and flood, all combined into one package. This means you do not need to buy separate products to obtain that protection. This makes it simpler, more accessible, and more affordable for SMEs.

Beyond our inclusive offerings, we also operate strongly in commercial lines. As I mentioned earlier, we are particularly strong in marine and aviation insurance, providing coverage across both sectors.

We also cover liability for corporates, including Directors and Officers (D&O) insurance, which protects directors against liabilities they may incur in the course of their fiduciary responsibilities.

In addition, we offer professional indemnity insurance. This is available to a wide range of professionals. For example, media practitioners, nurses, lawyers, and other professionals can obtain coverage to protect themselves against claims arising from professional negligence or errors in the course of their work.

Overall, we offer a broad portfolio of products. Our approach is that if a risk can be managed, we will design a product to cover it, manage it, and provide it to you.

Could you highlight any current projects, programs, or initiatives that SanlamAllianz is actively working on, and how these initiatives are shaping the company’s growth and customer engagement?

Last year, we began working on two key initiatives. The first is a financial literacy programme. As I mentioned earlier, although many people are aware of insurance, we believe there is still a limited understanding of how insurance directly impacts financial stability and growth, whether for individuals, SMEs, or corporate organisations. To address this gap, we launched a financial literacy campaign primarily targeting SMEs. We took a very foundational approach. In some cases, we started with the basics, teaching concepts such as what capital is, what risk means, what investment entails, and how to keep proper financial records through bookkeeping. These fundamentals are essential because when business owners understand them, they are better positioned to appreciate and utilise insurance effectively. Without that understanding, many are unlikely to see the value of taking up cover. The objective of the programme is to equip business owners with the knowledge they need to use insurance as a strategic financial tool rather than viewing it as just an expense. Last year, we rolled out the campaign across three or four regions, and we hope to expand it further.

Ultimately, this initiative is designed to bridge the knowledge gap in financial services and promote a better understanding of financial products and solutions.

The second initiative focuses on changing the way insurance is perceived and used. In the past, insurance advertising has often been driven by fear-based messaging. The narrative has typically been that if you do not take cover and something happens, such as your house burning down, you will suffer the loss alone. While that approach highlights risk, it does not necessarily inspire long-term engagement or positive association with insurance.

We are now repositioning insurance differently. Instead of focusing on fear, we are focusing on achievement and protection. When someone has worked hard to acquire an asset, whether it is a home, a vehicle, or a growing business, that represents a proud milestone. Our message is simple: if you have worked hard to attain something valuable, why not protect that achievement for yourself and for future generations? By shifting the narrative from fear to empowerment and legacy, we hope to change how insurance is viewed and adopted. The goal is to increase penetration and uptake, helping to close the protection gap I mentioned earlier.

These are two major initiatives we are currently driving. In addition, we are exploring a wide range of new products that we intend to introduce over the next year or two as part of our broader growth strategy.

We are also doing quite a lot in partnerships, identifying markets where there are gaps. Because we want to deliver solutions that customers themselves have asked for, we are not developing everything on our own. That is where partnerships come in. Together, we create products that customers have requested, making it easier for them to take them up.

This is different from simply developing a product and saying, “We have this, it will do A, B and C for you.” Instead, we are focusing on giving real insurance solutions rather than just insurance products. That is the direction we are pursuing going forward.

Following the transition in 2024, where do you envision SanlamAllianz in the next five years in terms of market position and overall growth? Could you also elaborate on the company’s long-term vision, including the goal of reaching the top five in the industry?

Yeah, we wanted to be in the top five when we spoke in 2019. We are now in top eight. So our objective is, like I said, Salaam Alliance has a strategic objective to be number one in every market or at least be in top three. And that’s where we want to go.

In fact, that’s where we are going, not wanting to go. So in the next five years, even if we are not in top three, we want to be closer to top three. And our target is still top five in the next three to five years.

We would want to be a future-ready entity and a company that the customer resonates with, our employees resonate with the business, because at the end of the day, I mean, you can’t do much. All the things I was talking about, it’s not systems that are going to do it, it’s people. So we want to be the employer of choice in the markets where people admire and would like to work with us to allow us to be able to achieve that strategic objective with the right people, given the customer what we need, the customer is looking for an insurance.

And again, I mean, be a major driving force for the inclusive insurance component that we are looking to expand going forward.

As a final, more personal question, could you share your leadership philosophy and the principles that guide your approach to business and decision-making?

For me, particularly in the corporate space, failure is not part of my vocabulary. That does not mean I will never fail. It simply means that when failure happens, it is not something we dwell on. Instead, we pick ourselves up, identify the lessons, find solutions, and move forward. I am aware that my team may sometimes feel that I push them very hard. That is because I believe we have no excuse to achieve our goals. We will make mistakes, but when we do, we learn quickly, adjust, and keep moving. The results we are working toward are still ahead of us, and that is where our focus remains. This can sometimes be negative, as it puts a lot of pressure on my team and me. I recognise that, and when necessary, I acknowledge it and apologise, and we move on. However, when the results come, everyone feels fulfilled and proud of what we have accomplished together. In those moments, the intensity makes sense.

Over time, as people work with you and begin to understand your vision, they see the purpose behind the pace. I am fortunate to have a team that truly understands this. They often tell me my pace is very fast, and I am trying to slow down, although that is not always easy. What matters is that they understand where we are heading and how we intend to get there. They have been incredibly supportive.

Ultimately, none of what we have achieved would have been possible without the team. And beyond that, I believe there is an invisible hand guiding us. I attribute our success to God as well, because without that guidance and grace, none of this would have been possible.

Moving from 21st to 8th position is a remarkable achievement. Has this progress been recognized through any awards, accolades, or industry recognition?

In 2024, we entered the Ghana Club 100 and ranked 64th as a business. We were also honoured with the African Insurer Trophy at the AFIS Awards 2025 in Casablanca.

On a personal level, I have also received a few recognitions over the period, about three or four awards, although I do not recall all the specific titles at the moment.

We have received quite a few acknowledgements for our work over the period, and we can only be grateful.

Overall, we have received several recognitions over time, and we are truly grateful for them. For me, especially, these achievements are more about the team than about any individual. I am deeply thankful to the team, because none of this would have been possible without their dedication and commitment.

Before we wrap up, is there anything we haven’t covered that you would like to highlight or discuss further?

The business environment today is far more complex than it used to be. With rapid advancements in technology and AI, as well as shifting geopolitical dynamics, it has become increasingly difficult for businesses to plan with long-term certainty. As a result, we no longer rely heavily on five-year business strategies. Instead, we focus on two to three-year strategic cycles that allow us to remain agile and responsive.
In Ghana, for example, currency fluctuations and inflation have made long-term planning difficult. Recently, we have seen some stability, which is good for business, but even then, you cannot be sure what will change, and that impacts strategy significantly.
Because of this, we are approaching our business from a sustainability perspective. Environmental, Social, and Governance (ESG) considerations are now central to how organisations operate, and from an International Financial Reporting Standards (IFRS) standpoint, ESG disclosures are increasingly required as part of audited financial reporting. As an insurance company with international shareholders, we have been incorporating ESG principles for several years, even before some of the regulatory requirements were introduced.

Our view of sustainability goes beyond emissions reduction or reduced paper usage. We are examining how and where we invest, the types of products we offer, and the risks we are willing to underwrite. For example, if a business activity involves practices such as child labour, we will not provide cover, because doing so would indirectly support that activity.

We are also considering how to sustain the business locally and ensure sustainable profits for shareholders and stakeholders.

At the same time, sustainability also means ensuring the long-term viability of the business locally. We are focused on generating sustainable profits for our shareholders while creating value for all stakeholders.

The road ahead is long, but every journey begins with the first step. I believe we are on the right path.