Expert employee benefits consulting in Africa can be a tricky service for benefit managers to find. However, Asinta’s employee benefits consulting Partner VISAVIS has a network of established consultants in various African countries who help employers manage employee benefit programs on the continent.
“We act like a hub for consultants in the Americas, Europe and Asia who want to support their clients with employee benefits in African countries,” says Pedro Carranço, Chief Commercial Officer of VISAVIS. “Also, the levels of service in Africa for the most part are unlike what many clients expect. VISAVIS raises that level of service by acting as an adept intermediary.”
The Insurance Market in Africa
- Insurance premiums in Africa have continued to decline over the past eight years with an overall decline of 1%.
- Life insurance products makeup about two thirds of the market.
- South Africa makes up 44% of non-life insurance market share. The top countries for life insurance market share are Morocco at 23%, Egypt and Kenya at 12% and Namibia at 10%.
- Medical insurance is very important to most employees in Africa, with life insurance, and retirement being next in line in the order of importance.
- Insurers are now putting their clients at the center of their business by increasing the digital skills of their workforces, improving their risk management practices, becoming more efficient all while learning how to navigate increasing regulations across the continent.
Broad Market Trends in Africa
For companies looking to expand operations into Africa, VISAVIS offers several noteworthy global trends shaping the African market:
- Technological advancement – Investment in bringing technology to African citizens has been ramping up over the years, and is already impacting the future of work.
- Changes in consumer behavior – African people focus on buying quality items, A survey by the Boston Consulting Group states that, “Africans equate happiness with their ability to buy new things. This sentiment, it must be said, is common throughout the world, expressed by 72% of those in RDEs outside of Africa and by 56% of those in developed economies. But the sentiment is especially prevalent in Africa, where it is held by about 86% of the people. (In 2015, the proportion was a bit higher at 90%.)”
- Increasing urbanization and a rising middle class – Of the 30 fastest growing cities in the world, 21 are in Africa. In addition, according to Brookings, “43% of Africans across the continent will belong to the middle and upper classes, with just seven countries holding half of Africa’s population.”
- Scarce resources and climate change – In 2017 Africa experienced 9% of the natural disasters in the world with 6.6. million people impacted by them in Angola alone from 1985-2017. Climate change is also having a big impact on Africa’s people, and according to PWC, “Climate change could reduce agricultural productivity by up to a third across large parts of Africa over the next 60 years.”
Trusted, Experienced Employee Benefits Consultants in Africa
Because Africa poses several barriers for foreign investors, VISAVIS’ experience navigating these troubled waters for clients expanding operations into African countries can prove highly valuable. Key advantages VISAVIS brings to the table include:
- Profound knowledge and local experience on the continent.
- With this local knowledge, VISAVIS can identify the right people to trust.
- Portugal, where VISAVIS is headquartered, is a country with strong connections to Africa, with a huge number of Portuguese professionals who made their career on the continent.
- The ability to act as a hub to coordinate and centralize all interaction and resources. This is of paramount importance to standardize responsiveness, levels of service, and quality of information.
VISAVIS has close relationships with the owners of the largest employee benefit consultancies in the following African nations:
- Countries with a formal partnership – Angola and Mozambique.
- Countries with privileged relationship and informal partnership – Botswana, Kenya, Nigeria, South Africa, Tanzania, Zambia and Zimbabwe.
- Other countries – case by case assessment using VISAVIS’ pool of contacts throughout the continent.
If you need support with employee benefits consulting in Africa, contact Asinta and we will put you in touch with VISAVIS.