Cape Town, 24 March 2026: AI has parabolic potential in the insurance industry and should be a strategic priority driven by the C-Suite, says Sanlam. The diversified financial services group has appointed its Group Chief Technology & Information Officer, Theo Mabaso as Group Chief AI Officer on its Group Exco. In the role, the senior executive will ensure Sanlam drives AI as a defining factor for differentiated competitiveness, efficiency and resilience.
The appointment marks a significant step in Sanlam’s strategy to embed artificial intelligence across its businesses, from underwriting and claims to advice and client engagement, while ensuring strong governance and ethical oversight. While Sanlam has already seen success in the application of AI across the Group, this move creates dedicated focus, embedded measures and revised capital allocation.
Mabaso, who still serves as Sanlam’s Group Chief Technology and Information Officer, has played a central role in modernising the Group’s technology and building the foundations for AI adoption. In 2025 he also served as a member of the B20 South Africa Digital Transformation Task Force responsible for ensuring that digital technologies become a driver of inclusive growth across the continent.
Paul Hanratty, Sanlam Group CEO, says of Mabaso’s extended role, “AI has moved beyond experimentation. It is now central to how financial services companies compete, innovate and deliver to their clients. At Sanlam, we aim to maintain and strengthen our position as a digitally enabled insurance market leader in Africa, and in fast-growing markets in Asia. With Theo’s appointment, we are ensuring that artificial intelligence is developed responsibly and used to strengthen our competitive muscle, innovation and enhanced customer experiences across the organisation.
“AI will have a major impact on Sanlam’s drive to help our customers live with financial confidence. It will expand access to financial tools, insights and advice, make financial knowledge more accessible and financial products more affordable,” says Hanratty.
Turning Data into Better Outcomes
Mabaso says insurance presents unique opportunities and responsibilities when it comes to AI. “Insurance is, in many ways, a data business masquerading as a financial one. We hold deep, trusted data that spans lifetimes. Artificial intelligence allows us to synthesise that knowledge in previously impossible ways, industrialising our ability to deliver better products, superior advice, and ultimately better financial outcomes.
“In our industry, the stakes are high. AI influences decisions that affect people’s financial security for years, sometimes decades. That means machine operable accuracy, codified controls, digitally executable fairness, explainability and robust oversight must always come first.”
With the latest frontier model releases, inference costs falling, orchestration tooling maturing, and multi-agentic systems entering enterprise production, Sanlam expects AI at scale to have a strong impact in underwriting, claims processing, client engagement, product development, revenue generation, and just about everywhere in the organisation”
Scaling AI Responsibly
Creating a dedicated Group-level AI leadership role ensures innovation across Sanlam’s businesses remains coordinated and aligned with long-term strategy.
“As AI adoption accelerates, the strategic risk is no longer premature adoption. The risk is structural drift – falling behind while competitors compound capability – and teams without alignment or shared standards,” Mabaso says. “This role, and artifacts such as AI’s manifestation in the Group’s 2030 strategy, the office of AI, AI control tower, and our nerve centres ensures we are scaling AI in a disciplined way, with clear priorities, strong governance and a focus on delivering real value for clients.”
Strengthening Adviser–Client Relationships
Sanlam also sees AI as a tool to strengthen, rather than replace, its extensive adviser network.
“The foundation of financial advice requires a human touch,” Mabaso says. “What AI will do is to collapse the end to end administrative and burdensome cycle times and materially change the human in the loop operating economics, allowing advisers to use their time where they add the most value – their clients.”
Mabaso concludes, “Across the Group we are moving from optional innovation to industrial operating model transitions, from AI exploration to competitive leverage, and we believe AI is poised to drive growth in Africa and in developing markets. It is a once‑in‑a‑generation opportunity to scale financial tools across borders and continents, unlock inclusive growth, and ensure millions are included in the digital economy.”