Due to South Africa’s prohibitively expensive private medical care, an increasing part of the country’s population is compelled to rely on the public healthcare system. Numerous measures have been launched to cut the country’s private healthcare costs, but none have generated substantial results. Sanlam’s endeavor to provide affordable and flexible healthcare services comes at a time when most South Africans are in desperate need of affordable private healthcare.
Sanlam says it intends to fill a gap in the industry by offering inexpensive, flexible, and individualized healthcare solutions through its newly founded subsidiary, Sanlan Health Solution. According to the group, this is a deliberate move to join the South African private healthcare industry aggressively with a range of new products and collaborations.
According to Sanlam, the necessity for cheap healthcare in South Africa was highlighted by the COVID 19 pandemic, which left many South Africans stranded and unable to access medical treatment due to South Africa’s excessive private health care fees. This motivated the institution to devise strategies for providing affordable, competitive, and flexible health care to the country’s general population.
In a statement, Paul Hanratty, CEO of Sanlam Group said,“Unfortunately, many South Africans have found themselves unable to afford the prohibitively high costs of most medical aids. At Sanlam, we are led by a singular purpose – to help Africans live with confidence – and our clients’ health is vital to their ability to live with confidence and resiliently build wealth. With this in mind, we have made the decision to significantly upweight our health focus.”
Hanratty further indicated that Sanlam intends to introduce new products through this new initiative that the majority of players in the private health industry do not offer. These include healthcare options that will be made available to South African employers and consumers based on their health requirements and, more significantly, their financial position. “Our range of healthcare solutions will allow South African employers and consumers to select the solution that best meets their health needs and financial situation. We also intend to become a catalyst for innovation in the space that will help drive down the cost of access to healthcare.”
Sanlam says it will collaborate with Bonitas and FedHealth, with whom it currently works on other products. Sanlam characterized its two medical aid partners as innovative and adaptable, with a brand and product portfolio that complement Samlam’s.
“We will provide our clients with the option of switching between medical aid plans. Our goal is to inspire people to live their best and healthiest lives possible by empowering them to make wise wellness choices.” Sanlam’s Chief Executive: Life and Savings, Jurie Strydom, stated.
Sanlam’s new affordable offerings include Sanlam Primary Care, a low-cost primary health insurance plan, as well as Sanlam Gap, Sanlam Primary Care Clinics, Sanlam Occupational Health Services, Sanlam Employee Assistance Programme, and Sanlam Executive Care.