Assess potential opportunities in the Insurance and Asset Management industry across Africa

Step played an instrumental role in assisting Standard Bank Insurance and Asset Management (IAM) to assess potential opportunities in the Insurance and Asset Management industry across 18 African economies.

Standard Bank IAM sought to gain a renewed understanding of these various markets and their potential growth opportunities. The information would enable their team to focus their attention and make informed decisions on the future Pan African IAM innovative solutions over the next several years.

CLIENT

PROJECT TYPE

Market Research and Analysis

Duration

4 weeks

INDUSTRY

Financial Services

Step worked closely with Standard Bank IAM internal teams to conduct an extensive analysis of IAM in specific African regions. Desktop research was undertaken in several areas and an informed understanding of:

  • The economic fundamentals in each country investigated (including but not limited to an understanding of sector prominence and growth, key statistics around the country and the performance of certain key indicators such as GDP)
  • The current and predicted performance of Insurance and Asset Management in each market
  • The competitor landscape in all offerings and products that are offered in the Insurance and Asset Management market
  • The current regulatory environment for both Insurance and Asset Management
  • The receptiveness of the country to innovation and the government’s role and plans in encouraging innovation
  • Any further country-specific relevant information

The critical analysis of all inputs obtained enabled qualitative insights to be gained, consequently leading to identifying and articulating areas that present growth opportunities for Standard Bank IAM in each respective country.

Step’s output took the form of a detailed presentation of each country displayed as a “country-on-three-slides”, consisting of the

  1. Country-at-a-glance
  2. Assessment of the market
  3. View of potential opportunities.

In addition, Step produced a consolidated view of IAM product opportunities which was necessary to highlight the five major product themes that emerged from the research. As a result of our work, Standard Bank IAM’s strategic focus areas were substantiated and two new workstreams, mandated to investigate further the feasibility and attractiveness of launching additional product opportunities, were initiated.

The Step team added a lot of value to our organisation through their great work ethic, willingness to collaborate with various stakeholders and high- quality research. They really went ‘all in’ to ensure we collectively delivered strategic documents that were valid, credible, and most importantly, a useful decision support. We have already engaged Step on our next project.”

LEON VERMAAK – HEAD OF INSURANCE INNOVATION, STANDARD BANK