"We are pleased with the outcome of the verification audit, as well as our progress towards setting a leading example within the industry," says Lehlohonolo Mokomela, group head of transformation at Momentum Metropolitan.

"Transformation continues to be an important business priority for Momentum Metropolitan. Following last year's results, we concentrated on empowerment areas within the group, as well as strategic initiatives that we believe will make a positive difference to our industry," adds Mokomela.

In 2019, Momentum Metropolitan became the first major insurance group to reach Level 1 B-BBEE. This rating applies to all companies within the group, including the client-facing brands:
  • Metropolitan
  • Momentum
  • Multiply (its rewards and lifestyle wellness programme), and
  • specialist brands including Guardrisk and Eris Property Group.
In maintaining its Level 1 status, the group has focused on elements that will deliver transformation.

These include:
  • improving the racial and gender diversity of the Momentum Metropolitan board of directors
  • appointing black and African people at senior management level
  • improving skills development expenditure on African people at executive and senior, middle and junior management level, and
  • procuring expenditure on black suppliers — particularly black women suppliers.
"Our skills development expenditure on learning programmes for African people across all management levels increased. Had it not been for the sluggish economy, we would have been in a position to absorb more unemployed people from our learnership and internship programmes," says Mokomela.

The group says that youth employment and financial education continued to be a priority. The group's focus included increasing support of youth development initiatives, building strategic partnerships with organisations with a similar focus and proven sustainability, as well as aligning the CSI strategy solely to youth employment.

Additionally, the group increased its support of small and black-owned businesses by directing more procurement spend towards black women-owned businesses and providing greater access to empowerment financing and business development support.

"We are mindful of the added focus that will be required once the improved three-year targets for Preferential Procurement come into effect on Tuesday, 1 December 2020," says Mokomela.

"These include increasing:
  • preferential procurement
  • skills and supplier development of Qualifying Small Enterprise 
  • skills and supplier development of Exempt Micro Enterprise-empowered suppliers with 51% black ownership, and
  • larger entities that are 51% black-owned on a flow-through basis," Mokomela adds.
"We will continue our focus on transformation in order to further effect social change within our organisation and in South Africa," Mokomela says.

"Retaining Level 1 status shows that we are moving in the right direction and focusing our energies on the critical areas that require attention. We also know that, while we have achieved some success, there is more work to be done to further transform our business," says Hillie Meyer, Momentum Metropolitan Group CEO.

"We will continue to work hard to be an active player in creating a transformed industry. I thank our board, staff, suppliers and all stakeholders who continue to share our vision and support making a positive difference in our country," concludes Meyer.

For more information, visit www.momentum.co.za. You can also follow Momentum on Facebook, Twitter or on Instagram.