This week marked 125 years of Metropolitan being in business and the insurer held an event in Rosebank to mark this occassion. In an interview with Personal Finance, Metropolitan CEO Peter Tshiguvho said stokvels were an untapped market.
“Personally, I belong to a stokvel. There are people who are members but are unemployed, it’s not like an insurance policy where if you do not pay your premium for three months, it will lapse. You can still catch up in a stokvel.
“When we say we want to have a policy in every emerging market, that for me is informed by understanding that there is an untapped market. And now this untapped market, how do we solve it?
“As a black leader, I cannot sit here and expect other people to solve these issues. I know where I come from. I know these people. Someone who’s sitting in the boardroom cannot solve this for me without a better understanding.”
He said his vision was for Metropolitan to get into many households as possible.
“We need to co-create solutions with this market. By so doing Metropolitan becomes part of this community that I'm talking about. Our products will have to change," he said.
He said being part of a stokvel had enabled him to get a glimpse of the untapped market.
“With the knowledge that we have, it is an opportunity for us to now educate the market, understand the market, and also create the solution together.
“We will create unity, that’s how we’ll see the numbers growing. That’s how we’ll be here for the next 125 years. But we’ve made the right decision to ensure that Metropolitan remains in business. That’s my vision,” Tshiguvho said.
Tshiguvho said recently Metropolitan had moved its offerings to the digital space.
“The digital offering gives me pride. When you have a claim, you normally have to go to a branch. No you no longer have to do that. You can send a WhatsApp to a given number and share your policy number.
“We can verify this with a different database, and we can assist you. All of these different innovations we are bringing forth. They help us to create or improve efficiencies, and when you improve efficiencies, you improve your profitability,” he said.
PERSONAL FINANCE