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Sanlam, one of South Africa's largest life assurers, has appointed management consultants TBOI to help it restructure its distribution capacity. Sanlam is going through a major internal restructuring to turn the sprawling conglomerate into a more efficient financial services company.
TBOI's Cape Town-based operation TBOI NMG Africa will help the life company create and implement a new marketing infrastructure. TBOI has already completed the first phase of the process which focused on understanding client's needs. The group is now working on developing a new structure for distribution. The project is expected to continue until at least 1999.
Once the group's internal restructuring is complete, Sanlam will decide how to follow its domestic rivals Liberty Life and Old Mutual into the international market.
Due to stiff competition in established markets such as the US and UK, the group is exploring the possibility of developing business in Latin America and South East Asia.
Sanlam group chairman Marinus Daling expects these markets to take off over the next 10 years but warns that they will require considerable marketing expertise and technological development.