Mutual & Federal Shows Number of Black Brokers on the Rise

May 11 - In 2009, Mutual & Federal insurance group decided to launch its Black Brokers Development Programme.

The idea was to improve the access of financial products to previously disadvantaged communities in the country by developing and grooming black brokers.

To date, 91 brokers have participated in the Black Brokers Development Programme.

According to the General Manager of New Markets at Mutual & Federal, Vusi Ndlovu: "Until 2008, we did not operate in the mass and foundation markets."

"We then launched this initiative to develop aspirant black brokers into full fledged intermediaries over a period of time," he said, "thus building the necessary sales capability and capacity within the short term insurance industry to service these markets."

Mutual & Federal Act as a Mentor

The insurance giant's role in this programme is that it acts as a mentor so that the participants are ensured success on their journey to becoming brokers.

Ndlovu said that the insurance group was convinced that "a mind once stretched by an idea never goes back to its original dimensions."

With this in mind, Mutual & Federal targeted previously disadvantaged entrepreneurs and groomed them through training and mentoring, thus providing them with the opportunity to participate meaningfully in the South African's economy.

"Our key motivation is clients," said Ndlovu. "They need to be serviced by seasoned professionals who can best help them meet their requirements."

Identifying Potential Markets

Mutual & Federal's role is to identify potential markets and direct newly trained brokers to approach these markets.

In time, brokers learn how to identify their own markets and find their own business.

"So far, Mutual & Federal has developed male and female brokers, across personal and commercial lines, in Johannesburg, Pretoria, Durban, Cape Town and the Eastern Cape," said Ndlovu.