The funeral industry is undergoing a profound transformation, shaped by evolving societal values, technological advancements, and a growing desire for more personalised and meaningful experiences. As traditional ceremonies evolve, so too must the way financial service providers support families in planning for these significant life events.
At Sanlam, we believe in the power of relationships, the value of face-to-face interactions, and the irreplaceable role of financial advisers in guiding customers through this journey. However, we also recognise that digital transformation presents valuable opportunities to enhance accessibility, efficiency, customer experience and outcomes.
While we firmly believe in the value of in-person financial advice, we also recognise the benefits of digitalisation. “Technology is not here to replace advisers but to enhance the customer experience and improve efficiency,” says Gazi. “It allows us to streamline administrative processes, making it easier and faster for advisers to assist clients.”
Online platforms provide customers with access to policy details, claims processes, and financial planning resources at their convenience. Furthermore, technology enables us to expand our reach, ensuring that even customers in remote areas receive the guidance they need, ensuring that everyone is included.
“Data-driven insights also allow for a deeper understanding of customer preferences and trends, helping us refine product offerings and improve service delivery,” Gazi adds. “The key to success lies in balance; using technology to strengthen, rather than diminish, human connections.” By integrating digital advancements thoughtfully, we ensure that the role of the adviser remains at the heart of customer interactions.
Sanlam’s acquisition of Assupol marks a significant step in expanding our footprint in the insurance market. “Assupol has built strong relationships with South Africa’s working-class communities, which aligns well with our adviser-led approach,” says Gazi. “This acquisition allows us to reach more customers, particularly those who rely on trusted advisers to navigate their financial planning.”
With Assupol’s deep expertise in insurance, we are in a better position to offer a broader range of products tailored to the unique needs of diverse communities. Additionally, the merger of technological capabilities between the two entities will drive efficiency, making servicing customer smoother for our advisers. “This acquisition is about ensuring that more South African families have access to quality advice and insurance solutions, delivered through the trusted relationships they value,” Gazi concludes.
Rising inflation and the increasing cost of living in South Africa have significantly affected funeral expenses. The latest Consumer Price Index (CPI) stats continue to reflect the steady rise in the cost of essential goods and services and funeral-related costs are no exception. This places additional financial pressure on families who may already be struggling to cover daily expenses. In turn, this also adds to the responsibility of financial advisers, who play a crucial role in ensuring that this burden is alleviated by helping customers secure appropriate coverage and plan ahead.
“Inflation is making it increasingly difficult for families to afford dignified funerals, highlighting the importance of thorough financial planning,” says Gazi. “To help address this challenge, we continuously assess and adjust benefit amounts to ensure policies provide adequate coverage as costs rise. We also encourage our advisers to check in with clients at least once a year to ensure their cover remains appropriate for their needs.”
We are also broadening the scope of covered expenses, ensuring that essential services such as transportation, catering, and memorial services are included in funeral policies. By offering flexible payment options, we make funeral cover more accessible to a wider range of income groups. Financial needs analysis, where policyholders pre-plan and pre-pay for funerals, have also become an increasingly viable solution. “Locking in current prices ensures that a family’s wishes are honoured without financial strain at a later stage,” Gazi adds.
As the funeral industry shifts towards more personalised and meaningful experiences, financial service providers must adapt. Consumers are increasingly seeking policies that allow for customised funeral planning, offering flexibility in service providers, venues, and additional benefits. The growing interest in alternative burial methods, such as green burials and cremation, also reflects evolving societal values. At the same time, economic pressures require funeral insurance providers to continuously evolve their offerings to keep pace with inflation and changing financial realities.
“We remain committed to our adviser-led approach, ensuring that customers receive expert guidance while also embracing digital innovations to improve accessibility and efficiency,” says Gazi. “We are not just selling policies; we are helping families prepare for one of life’s most difficult moments with dignity and financial”.
By combining the irreplaceable role of human advice with the efficiencies of digital tools, we are setting the standard for customer-centric financial solutions. In an evolving insurance landscape, our ability to adapt while staying true to our core values will ensure that more South African families receive the support they need when they need it most. And ultimately, through expert advice and financial planning, we enable our customers to live with confidence.
