March 2025 Second Edition
Welcome to Matters of Mind (MM)
March 2025, Second edition
Heraclitus, a philosopher living over 2500 years ago, is credited with the saying that the only constant in life is change, but in today’s world what consumes us is the uncertainty that comes with it. For governments and institutions, however, policies founded on good principles can hold the line in times of turbulence.
This newsletter highlights how adapting to change is essential for survival, but it also shows us the rationale of keeping things the same as in the SA interest rate staying at 7.5% or being more disciplined as reflected in Lloyds’ underwriting and positive annual results – to name just two instances.
Please listen to the podcast or read the transcript of Adam Grant interviewing Erin Meyer on decoding cross-cultural communication. Grant’s podcasts are based on the premise that “great people do not think alike; they challenge each other to think differently.”
When last did you have a conversation that challenged your thinking? Or your habits?
“When you are finished changing, you are finished.” Benjamin Franklin
Enjoy the read!
MM editorial team
Economic Matters
Finance minister suggests co-operation with private sector to tackle growth problem
Enoch Godongwana has stressed the financial sector’s responsibility as custodian of consumers’ savings as he addressed attendees at the FSCA conference. 2.5min read
Statement of the Monetary Policy Committee
A cautious policy approach amidst global as well as local uncertainties has resulted in keeping the repurchase rate at 7.50%. An essential 4min read painting the full picture of the elements at play in arriving at this decision.
Protectionism has a long history in the US – so its return should not be all that surprising
An important read to deepen your knowledge of the origin of protectionism in the US, how it has become a driver in the current trade tariffs’ war and why “open economies” will be negatively affected. 4.5min read
Financial Services Industry
Sanlam Umbrella Fund appoints first female Chairperson
The Sanlam Umbrella Fund announced the appointment of Jolly Mokorosi as its new Chairperson, effective April 1, 2025. This transition marks a pivotal milestone for the Fund, with Mokorosi becoming the first female to hold the position. The appointment also underscores both the Fund and Sanlam Corporate’s unwavering commitment to championing empowerment, transformation, and future-focused leadership. 2min read
Sherry Sibeko appointed as Executive Head for Personal Lines
Miway’s CEO, Burton Naicker, welcomed the appointment, stating: “Sherry brings a dynamic mix of leadership, industry expertise, and a real passion for delivering great customer experiences. She understands the evolving needs of policyholders and has a track record of driving meaningful change. We’re thrilled to have her on board and look forward to seeing how she shapes the future of our personal lines business.” 2min read
Top insurance chief to head back to school after Old Mutual exit
Williamson, 54, joined the company in 1993 and took the helm as CEO in 2020. He will take early retirement by the end of August and focus on passion projects for the remainder of his working life. His plans include studying non-executive directorship at France’s INSEAD business school from November to March, before returning to drive innovation in some areas of interest. 2min read
Diversity and Inclusion
Decoding cross-cultural communication with Erin Meyer (transcript and podcast)
When talking and working with people from different cultures, sometimes meanings and intentions can get lost in translation. Erin Meyer is an expert on how we communicate and collaborate differently around the world. She and Adam discuss how cultural norms affect honesty and assertiveness, unpack the science behind some common American stereotypes, and identify strategies for understanding and bridging cultural divides.
This is an incredible read and/or listen. One can only learn from this podcast so try to fit it in your schedule. 35 minutes
Life Insurance
Why the future of life insurance lies in prevention – not only protection
While life expectancy lengthens, improving the quality of those years is imperative. This is a challenge that not only healthcare systems grapple with – it also extends to life insurers.
The article answers the question of how future-forward life insurers are adapting to people living longer. 3min read
General Insurance
The proposed value-added tax (VAT) increase in the Budget tabled in Parliament will significantly increase the cost of short-term insurance in South Africa, potentially leading some to abandon coverage altogether. 2.5min read
Insights from the South African Funeral Industry Summit 13 Feb
The discussions addressed key issues such as regulatory compliance, fraud prevention, digital transformation, and the future of payment solutions. This article highlights some of the critical takeaways from the summit. 3min read
AI and Machine Learning in Insurance Analytics
A podcast covering how the process of underwriting which was the domain of the expert underwriter is now integrated with technology. It also covers the impact of a regulatory change in the UK on new policies and renewals to curb “price-walking” which in time could influence the SA market. 16min
Premium Growth Is Good but Disciplined Growth Is Better: Lloyd’s Execs
Lloyd’s executives said the market has continued to demonstrate its value to stakeholders by delivering 6.5 percent premium growth while maintaining underwriting discipline.
The figures are staggering. You will learn that they achieved an underwriting profit by demonstrating a combined ratio of 86.9%. Find out more about a combined ratio here. 3min read
Health Insurance
SA research grants potentially on hold, says leaked NIH memo
The latest NIH memo lists South Africa, along with China, as a “country of concern,” saying “it is the policy of the NIH not to prioritise diversity, equity and inclusion research programmes, gender identity, vaccine hesitancy, climate change or countries of concern, e.g. China or South Africa.”
Tough times ahead not only for SA scientists but for all scientists and global citizens. 4min read
What will happen if Trump cuts the US’s Global Fund contributions? We work it out
A third of the Global Fund for HIV, TB and Malaria’s money comes from the United States. The other contributions come from other wealthy governments and philanthropic organisations. In turn, the Global Fund helps poorer countries, like South Africa, to pay for its HIV, TB and malaria programmes.
Get the latest on what the US congress has passed regarding the Global Fund, who else contributes to it and how much, as well as the consequences for global health if funding is reduced. 5min read
Hopes pinned on major TB vaccine study launched in Paarl
A glimmer of hope, more, amidst the devastating withdrawal of US funding. 4min read
‘Money tossed away’: Ways IFA clients can save medical aid costs
IHS brokerage’s David Narun explains how some medical aid options can be a waste of money, how to reduce late-joiner penalties and how to make use of ‘hidden’ gap cover benefits. 3min read
The paradox of weight loss: why losing pounds may not always lead to better health
Many studies have explored the relationship between weight changes and mortality, as well as mortality in obese people with heart disease. These studies often suggest that excessive weight is unhealthy and that people with obesity and heart disease should lose weight.
Read how this paradox is being challenged by the findings of recent research of eight thousand participants over as many as nine years in some cases. 4min read
Dissolving NHS England will ‘benefit patients’ – Prime Minister
We have included this article for the benefit of understanding the complexities of managing a healthcare system which have to be continually assessed and evaluated. 3min read
Banking
Discovery Bank CEO Hylton Kallner on tech, AI and the future of banking
Kallner, an actuary who joined Discovery in its early days as a medical insurance company and who has held various senior leadership roles over the years, tells TechCentral editor Duncan McLeod about the group’s decision to launch a bank when it did. He shares how the business is doing – spoiler: it’s trending well ahead of schedule – and what comes next.
37 min podcast or you can watch it on YouTube.
Nedbank in AI push after completing R11.7bn IT refresh project
Big-four bank Nedbank has completed its “Managed Evolution” IT modernisation, after nine years. Nedbank’s goal was to replace legacy systems with more modular, cloud-based and application programming interface (API)-driven architecture to improve efficiency, scalability and innovation.
3min read
PayShap prompts SA banks to cut instant payment charges
South African banks have largely slashed their instant payment charges following the introduction of PayShap to the local market. This is according to the Solidarity Research Institute (SRI) Bank Cost Report for 2025, which has just been released. 2.5min read
Investments
Momentum buys stakes in three IFA firms
The investments strengthen the group’s advice offering and will boost collaboration among Momentum’s various units. 2.5min read
FSCA: Financial services firms are going through ESG ‘paradigm shift’
The regulator has some work to do before the industry can make progress on incorporating sustainability considerations in investments.
Bringing the realities of ESG investing home to roost. However, it looks like SA is not going to dismiss climate change as a myth in the financial services sector. 3min read
DeepSeek, Nvidia and the AI race that’s shaping the future
The AI revolution is well under way and two companies – DeepSeek and Nvidia – stand out among those competing to lead it. Outside the financial world, the story might seem distant – but it really does have consequences for everyone. It comes down to why investors are paying so much attention to AI, and how this competition could affect the technology we use daily.
Putting AI into perspective and how investments and innovation jointly shape the future. 4.5min read
Retirement / Pensions
An FST case that highlights the importance of understanding pension advice
A pension fund member found he could not backtrack on his one-third cash withdrawal decision after funds had been used to purchase a life annuity. 2.5min read
Are two-pot funds really going towards debt repayments?
Half of Alexforbes’ members confirmed that fact, while Discovery Corporate and Employee Benefit found its members were withdrawing funds to settle short-term debt or pay for car or home loans.
As this article reveals there are other ways that we can ascertain where the withdrawal money is going, it will take time, however, before these trends begin to show. 3.5min read
About YOU
How to protect your eyes in the digital age – expert in eye and vision science
As our reliance on digital devices for work, education and social interaction intensifies, so too does the risk to our ocular health.
4min read with two short videos which intensify the message.
While We Sleep, Our Mind Goes on an Amazing Journey
Our floodlit society has made sleep deprivation a lifestyle. But we know more than ever about how we rest—and how it keeps us healthy. This story appears as a feature in the August 2018 issue of National Geographic magazine.
Advice on writing through uncertainty
This blog can be applied to any project or task that we have to do but which through the uncertainty of our environment and our tendency to procrastinate inhibit our progress. This article tackles why we procrastinate and how to use the fears associated with uncertainty to our advantage. 4min read