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Liberty Holdings
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Place customer at the heart of our business decisions

Products designed for our customers

We offer a range of products supported by our excellent advice to help our customers make informed choices to achieve financial freedom.

As a large financial services organisation, we have a diverse customer base with differing needs. To fulfil our promises, we use a structured approach to understand and address our customers’ concerns. The Individual Arrangements and Group Arrangements structures comprise Customer Facing Unit (CFUs) together with STANLIB. They focus on individuals and groups of individuals respectively in the mass affluent, affluent and corporate markets. The Asset Management business refers to STANLIB, which focuses on high net worth individuals, institutional and international investors. We further segment the individuals’ segment into five categories as the mass affluent market is not homogeneous.

These sub-segments are:

MILLENNIALS

21-34

Millennials are focused on life experiences. Millennials express a strong skew towards investment and retirement products, with risk becoming a priority when the family arrives. They often require education and advice on how to build wealth and plan for retirement.

 

YOUNG FAMILIES

35-44

Young families are often under financial pressure with changes in life stages causing financial strain, moves to bigger homes, buying family vehicles, among others. This segment needs comprehensive risk cover, including income protection benefits.

 

ESTABLISHED FAMILIES

45-54

Established families become anxious as retirement approaches. Combining working, university-aged children and retirement planning is difficult. Flexible products are preferred to accommodate unplanned expenses.

 

MATURE AFFLUENT

55-65

Mature affluent is the wealthiest customer segment in this grid. Their focus is on creating a quality of life and planning to maintain it into retirement. These customers experience concerns over continued income and investment growth and demand product flexibility and market-related investment returns.

 

SENIORS

65+

Seniors want and need to maintain a standard of living they have worked for and security around product returns. Many are now working beyond 65 as they feel they still have more to contribute and are concerned about increasing longevity.

 

Customer relationships built on trust

We recognise that trust is built over time. The way we treat our customers across all aspects of our business is crucial to earning and maintaining their trust.

We believe that Treating Customers Fairly (TCF) is more than just a regulatory requirement, it is a core component of the way we operate. We recognise that we cannot sell products in a vacuum. Customers require post-sales support, information updates, quick response to queries, complaints and dispute resolution. They trust us to give the correct advice, preserve and grow their investments and fill the gap after a risk event. We continue to invest in simplifying our contracts and improving our technology capability to enable more extensive and efficient channels and improved support and administration capabilities.

Prior to product launches, the relevant risk officers review products, channels and support processes to ensure delivery on our marketing promise. This is backed up by extensive training, product information and sales support tools. For information on the Financial Services Board’s (FSB's) six TCF outcomes, please see: https://www.fsb.co.za/feedback/pages/tcfhome.aspx.

The SET committee, a subcommittee of the board, oversees customer fairness in the group. Customer fairness is a standing item for discussion at SET committee meetings, demonstrating the board’s commitment to treating customers fairly. Customer fairness committees, at both group and business unit levels, ensure that customer centricity is entrenched at every level of our business. The group customer fairness committee meets on a quarterly basis to review and report the group’s performance against the fairness outcomes, demonstrating our fairness practices.

 

Sustainability

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